Nigerian management consultancy partners with Dutch firm to serve the insurance sector

06 April 2018 Consultancy.africa

Responding to an increasingly stringent regulatory framework in the insurance industry, Nigerian strategy solutions firm H. Pierson has forged a partnership with Dutch insurance solutions firm SecondFloor. The partnership will focus on offering ‘risk-based Supervisory Compliance Consulting,’ among a range of other services. 

The insurance landscape in Nigeria is facing increased regulation. With the largest population as well as the largest GDP in Africa, the country is home to nearly 100 million financially eligible adults, most of whom are young and on the threshold of entering the financial system.

In essence, the country’s financial sector is growing in tandem with that of the rest of Africa, but the regulatory framework remains outdated, subjecting financial institutions to major risks. In response to an increase in the reported cases of fraud, government agencies are prioritising the regulation of the financial sector, including the insurance segment through the National Insurance Commission (NAICOM).

H. Pierson, a Nigerian consulting firm, has been prompt to respond to this scenario. The firm has been operational in Nigeria for over 25 years, offering solutions in the risk management, human resource management, and strategy domains. Among the more prominent consulting firms in Nigeria, H. Pierson employs more than 60 professionals, and works with major industrial segments in the country and in its neighbouring regions, including power, oil & gas, financial services, and manufacturing.

H. Pierson + SecondFloor

The firm is now hoping to consult in the insurance sector through its risk management vertical, to help companies with compliance in the new regulatory scenario, as well as with the initiation of solvency proceedings. Alongside its expertise in risk and compliance, H. Pierson will be aided in this endeavour by the extensive experience in the insurance sector held by SecondFloor; a Dutch company with which the firm has now forged a partnership.

Based out of Amsterdam, SecondFloor is a consulting firm that offers IT-based solutions and products in risk management, but with a specific focus on the insurance segment. The firm’s operations are pan-European in their scope, and include the development of flagship products to help with compliance.

In its ten years of experience, SecondFloor has helped insurance firms to comply with the Solvency II Directive, which stipulates a harmonised set of regulations for the entire European Union. This experience is of particular relevance to the partnership with H. Pierson, given the pair’s focus on compliance.

In a statement, H. Pierson said, “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.”

The statement added, “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, 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.”

Mercer and Alexander Forbes launch Arrive financial services programme in Kenya

05 April 2019 Consultancy.africa

Pan-African financial advisory firm Alexander Forbes has entered into a partnership with global health and wealth management consultancy Mercer to develop a financial solutions programme by the name of “Arrive” for individuals in Kenya as well as across the entire continent.

While foreign investment has been on the rise in Africa – given that the region boasts a substantial and young population and a number of resource-rich economies that are looking to diversify – a number of firms have struggled with developing products and solutions that are suitable across the wide variety of economies and cultures on the continent.

Several consulting firms have rushed in to support with this integration process, and the Arrive programme is designed with precisely such an objective in mind. The programme – to be developed jointly by Alexander Forbes and Mercer – is designed to help international firms with tailoring solutions across African markets.

Mercer and Alexander Forbes launch Arrive financial services programme in Kenya

The solution will take into consideration the various regulatory and economic conditions of each country, while endowing its services with knowledge from international best practices in the domain of health, wealth and career management. The collaboration comes at a time when firms across Africa are struggling with digital and regulatory disruption.

Mercer has come to be increasingly active in supporting this transition across the continent, through a number of collaborations. Just earlier this year, the firm announced a strategic partnership with Learning Organisation in Ghana to offer comprehensive HR solutions in the country.

Commenting on the partnership, Peter Botha, CEO of Mercer Africa said, “With Arrive employers can enjoy improved efficiency, easy decision-making and affordability from a single point of contact while enabling employees to arrive at financial well-being, a rewarding career and better health throughout their life journey.”

Dawie de Villiers, Group Chief Executive at Alexander Forbes added, “Because each country has its own regulatory and benefit rules, it makes it difficult for multinationals to standardise benefits when operating in multiple jurisdictions and countries.”