A Netherland-based company, Second Floor SA, is partnering one of Nigeria’s management consulting firms, H. Pierson Associates, to leverage its risk practice to support the Nigerian insurance sector on risk-based supervision compliance and initiation of Solvency According to a statement obtained on Sunday, this is in line with the National Insurance Commission’s regulatory requirements for insurance firms in Nigeria.
“The collaboration between the two firms offers the insurance sector risk-based Supervisory Compliance Consulting, Governance Risk and Compliance and Capital Management Consulting, Own-Risk Self-Assessment tools as well as the GRC and Solvency II Tools,” H. Pierson stated.
It stated that SecondFloorSA is a leading GRC and Solvency II solutions provider in Europe, adding that the company was serving about 20 per cent of the European insurance market and supporting over 500 solo entities.
According to the statement, SecondFloor has great experience working for European insurance regulatory authorities and operators in driving risk-based supervision and solvency II migration.
It noted that H. Pierson on the other hand had spent a major part of its 28 years providing strategis, end-to-end risk management consulting, capacity building and risk-culture transforming solutions in the Nigerian market.
“On the partnership’s tools offered to clients which are said to be low-priced models with free trial flexibility, this is believed to be key for Nigerian companies that are in a cost-conscious mode,” H. Pierson added.
The statement described the partnership as a welcome development, which would change the face of the industry in Nigeria.
“This partnership is a very welcome development as combining the joint expertise of H. Pierson and SecondFloor will serve to further strengthen insurance companies, the regulatory landscape and the insurance sector in general,” it stated.
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