Yemisi Izuora
A leading Netherland-based company, Second Floor SA, is collaborating with one of Nigeria’s foremost management consulting firms, H. Pierson Associates, to leverage its risk practice to support the insurance sector on risk-based supervision compliance and initiation of solvency II.
This is as the Nigeria Insurance Commission (NAICOM) prepares to roll out the regulatory requirement for insurance companies in Nigeria. Insurance sector is the most populous sector at the Nigerian stock market.
The collaboration between the two firms, offers the Insurance sector Risk-based Supervisory Compliance Consulting, GRC and Capital Management Consulting, Own-Risk Self-Assessment (ORSA) Tools as well as GRC and Solvency II Tools.
Second Floor SA is a leading governance risk and compliance (GRC) and Solvency II solutions provider in Europe. It serves about 20 per cent of the European insurance market and supports over 500 solo entities.
Second Floor has great experience working for European Insurance regulatory authorities and operators in driving risk-based supervision and solvency II migration.
Pierson, on the other hand, has spent a major part of its 28 years in providing Strategy, end-to-end risk management consulting, capacity building and risk-culture transforming solutions in the market.
Pierson noted that the partnership’s tools offered to clients will be low priced model with free trial flexibility; this is believed to be key for Nigerian companies who are in a cost-conscious mode.
Market analysts described the partnership as a welcome development which will change the face of the insurance industry.
According to analysts, the partnership is a very welcome development as combining the joint expertise of H. Pierson and Second Floor will serve to further strengthen insurance companies, the regulatory landscape and the insurance sector in general.