A Netherland-based company, SecondFloor SA, has is in partnership with one of Nigeria’s consulting firms- H. Pierson Associates, leveraging on its risk practice to support the Nigerian insurance sector on risk-based supervision compliance and initiation of Solvency II .
In a statement to announce the partnership, H. Pierson Associates disclosed that SecondFloor SA’s expertise in Governance Risk and Compliance (GRC) and Solvency II in Europe, will enhance the partnership and purpose.
It added that SecondFloor has great experience working for European insurance regulatory authorities and operators in driving risk-based supervision and solvency migration.
“H. Pierson on the other hand has spent a major part of its 27 years in commitment to providing strategy, end-to-end risk management consulting, capacity building and risk-culture transforming solutions in the Nigerian market.
“SecondFloor’s collaboration with H. Pierson is offering 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 and Software, “ the company added.
According to the company, the partnership offers to clients software on a low pricing model and free trial flexibility, which is key for Nigerian companies that are in a recession-imposed cost-conscious mode.
“Their great low price starts from 495 Euros per month. SecondFloor serves about 20 per cent of the European insurance market, support over 500 solo entities, have over 2,000 users, and offer both Cloud and Server options of the software.
Already, some insurance companies have described the development as positive because the joint expertise of H. Pierson and SecondFloor will serve to further strengthen insurance companies, the regulatory landscape and the sector in general.