The smart insurer on a revolutionary mission – Tope Smart, MD/CEO, NEM Insurance

Nigeria’s insurance sector has gone through its highs and lows over the years, yet standing strong as the bedrock of the nation’s economy. This is happening with the help of passionate and dedicated insurers who are revolutionising insurance to the admiration of people who initially considered it as a waste. But among the few revolutionists in the sector, Mr Tope Smart, the Group Managing Director/Chief Executive Officer of NEM Insurance stands tall.

With Smart at the helm of affairs, it is not surprising that NEM Insurance is today one of the strongest insurance companies, not only in Nigeria but also in Africa. Under his leadership, NEM has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its former subsidiary, NEM Insurance (Ghana) Limited in May, 2009.

A seasoned underwriter and marketer, Smart started his insurance career with the firm of Everyman Insurance Brokers, Abuja in 1987. The management of the company later discovered the abundance of talent in him and was recommended to head the Abuja branch of the firm but he left for Nigerian-French Insurance Company Limited in 1989 in order to widen his experience. While there, he served the company in various capacities and rose to the position of Head of Marine Unit before leaving for Perpetual Assurance Company Limited as one of the pioneer management staff in 1991.

He became the Assistant General Manager (OPERATIONS) of the Company before leaving to team up with Vigilant Insurance Company Limited as the General Manager/Chief Executive in 1995 and was later confirmed Managing Director of the company in 1997. With the successful completion of the recapitalization exercise in 2007, he was appointed the Managing Director/Chief Executive Officer of the new NEM Insurance Plc, a position he held until April, 2009

Mr. Smart is currently the Group Managing Director/Chief Executive Officer of the Group, following his increased responsibilities and the company’s expansion into the West African Sub-region with the successful registration of NEM Insurance Company (Ghana) Ltd, a subsidiary of the Group in May, 2009.

He did not just get into the insurance business by accident, but as a result of his uncommon trait of treading where others dread. In his words: “I am an adventurous person. After my secondary school, while thinking about what discipline to pursue, I was attracted to insurance because it was not a common discipline like accounting, medicine or law. When I stumbled on insurance, I decided to give it a try. I later found out that only the University of Lagos offered a degree in Insurance as of then and that made me to develop more interest. I felt there was something special about the course that only one university in Nigeria offered it.

“While I was in the university, the head of the insurance department did not believe in the insurance industry in Nigeria. Anytime he lectured us, he always made reference to insurance companies in Europe and North America but not the ones in Nigeria. While this was on, I kept telling myself that I had a lot of work to do in rectifying the image of insurance in Nigeria because even my HOD didn’t believe in it. While others were contemplating on whether to change the course or not, I was very resolute in staying in the department and made a difference; and here I am”.

His combination of passion with hard work saw him ascend to the zenith of insurance practice in Nigeria and his efforts was further crowned last year when he was elected as the 23rd Chairman of the Nigerian Insurers Association (NIA), the umbrella body of insurance companies operating in Nigeria. In his acceptance speech, Smart said he would adopt a policy of ‘Insurance First’ to lift the business and image of insurance in Nigeria, as well as protect the corporate interest of member companies of the NIA. “My agenda would be anchored on the basis of Insurance First and NIA First. I promise to lift the image and business of insurance in Nigeria to the next level. We need to leverage on the experience of the industry to achieve the necessary result as well as collaborate with other arms of the insurance industry and relevant stakeholders outside the industry to move our market forward” he said.

And since that time, Smart has embarked on the journey of changing the face of insurance in Nigeria. According to him, the topmost agenda is to add value to the industry. “The industry has some image problems and some people don’t believe in insurance. So, one of the things we are trying to tell the members of the public is that insurance has come to stay and we have value that can be added to their lives. Also, we can better their lot and make things easier for them. We basically want to create an environment where people believe in insurance. We want to instil confidence in insurance in the hearts of the general public so that they can have enough trust in us to bring their valuables for insurance”.

Mr Smart believes that insurance restores people to where they were before a loss occurred; hence people need to trust the insurance industry, so that when an unfortunate incident happens, the insurance industry will come to the rescue. For him, more awareness is needed to let Nigerians understand this and current efforts are beginning to yield positive results. “With the kind of education we are giving and the kind of awareness programmes that we are putting in place, a number of Nigerians are rising up to the occasion. Many people are taking a serious look into the insurance industry, unlike what obtained in the past. I think the number of Nigerians who believe and have confidence in the insurance policy is rising every day” Smart noted.

In recognition of his exemplary leadership and his invaluable contributions to the growth of insurance in the country, Mr Smart was last year crowned the ‘Insurance Personality of the Year’ at the Nigeria Finance Innovation Award. This was one of many laurels to his name as he continues drive innovations in the insurance sector. With the likes of Smart in the arena, the future of insurance in Nigeria is looking brighter and brighter by the day.