NEM Insurance: New power house in insurance services

…We’re passionate about adding value – Tope Smart

KELVIN EGERUE

NEM Insurance Plc’s imposing head office located at 199 Ikorodu Road; Obanikoro Lagos is as attractive as the message which the company set out to convey. The message is that NEM Insurance Plc is the preferred choice of the insuring public. The message is indeed in consonance with the mission of the founding fathers of the company which is to build a customer-satisfying insurance institution that is passionate about adding value to the interests of all its stakeholders with particular emphasis on the insuring public.

The truth is that no person passes on Ikorodu Road without turning to admire the work environment of NEM Insurance. No person does business with NEM Insurance without wanting to do more with the company. That is the power in building a catalogue of satisfied clients.It was Theodore Roosevelt who, in his speech delivered in 1933 said that “No man needs sympathy because he has to work. Far and away the best prize that life offers is the chance to work hard at work worth doing “.

This appears to be the bedrock upon which NEM Insurance Plc has come to stand considering that the stakeholders in the company have long realized that it takes diligent work culture for institutions to entrench themselves in the minds of the public. NEM Insurance is by every standard a good brand when it comes to matters concerning insurance, investment and risk management in Nigeria. The same can be said in Ghana where NEM Insurance has extended its footprint.

NEM Insurance Plc is a company with a very long and enduring history. It is a company built on trust and goodwill. The company’s past is as treasured as its future. Those who have had the good fortunes of using the products and services of NEM Insurance are known to have always made repeat purchase, an indication that they were satisfied with their first slot. That makes business sense. It is this level of dedicated followership and patronage that have continued to sustain the company through its many years of transformational changes culminating in the emergence of what is today’s top line insurance company.

“We have been recording consistent and progressive performance from year to year. This has placed us among the top five insurance companies in the country”, chairman of the company Dr. Fidelis Ayebae had told shareholders at the company’s 2017 annual general meeting.

That was a statement of fact. NEM Insurance Plc in 2017 recorded a gross premium income N13.4 billion, 24.7 per cent higher than the N10.8 billion achieved in 2016. There was an increase of 48.1 per cent in the company’s investment income in 2017 which stood at N709.9 million when compared with the 2016 figure of N479.5 million. NEM Insurance has a 2017 total assets of N17.564 billion which represented an increase of 21 per cent on the 2016 level of N14.492 billion.The new look NEM Insurance Plc comes as a reflection of the many positive changes and restructuring which the company has opened itself to.

Today, insurance transactions at NEM Insurance comes off as a mere delight considering that the company has one of the best insurance softwares in the market. This specialist insurance software has enabled the company to fire up its operations to the extent that issues of claims processes and payments as well as policy documentations are being conducted in more efficient and effective manner.

It is therefore not surprising that the general public have continued to show more interest in the affairs of NEM Insurance Plc to the extent that the company’s stock at the capital market is one of the sort after in the insurance subsector.Piloting the affairs of NEM Insurance Plc as the Group Managing Director and chief Executive Officer is Mr. Tope Smart.

Tope is as smart as his name connotes. An award winning insurance graduate of the University of Lagos, Mr. Smart has emerged as the beautiful bride of the Nigerian insurance industry. His recent decoration as the chairman of the umbrella body of insurance companies in Nigeria; the Nigerian Insurers association (NIA) speaks volume of the net worth of NEM Insurance Plc’s chief executive officer.Tope Smart is as good an underwriter as he is in marketing. He has developed the knack for knowing what the insurance clients want and he builds on his technical expertise in providing the kind of products which satisfies the desires of such clients. And here lies the secrets of his holding out the Midas touch.

Tope has moved around the insurance industry as to be able to appreciate the dynamics of the business. He started his insurance career in the firm of Everyman Insurance brokers. He had to pass through the then Nigerian French Insurance Company, Perpetual Assurance company and Vigilant Insurance Company before settling down with NEM after supervising the successful merger of NEM Insurance with Vigilant Insurance Company. His deep knowledge of the market dynamics has nothing to do with his age

It is with this level of confidence that Mr. Smart is pushing for greater capitalization of NEM Insurance. The company’s shareholders believe in Tope hence the approval granted him June 20, 2018 to more funds through the creation of additional 1.056 billion ordinary shares of 50 kobo each to be offered at N2.50k per share by way of special or private placement. Tope Smart has propelled the company into establishing a subsidiary company in Ghana with plans to push further the frontiers of West and East African markets.

“Our profit after tax increased from N1.8 billion in 2016 to N2.8 billion in 2017, an increase of 53 per cent. Also, our shareholders funds which stood at N7.4 billion in 2016 moved to N9.7 billion in 2017, an increase of 32 per cent. Our balance sheet has remained very healthy as we can see from the accounts”, Tope had informed shareholders at a meeting.

Yet Tope Smart is humble as nit to take all the glory for the many accomplishments of NEM Insurance Plc as he would quickly point at the complements of professional and dedicated staff at the disposal of the company as accounting for the successes of NEM Insurance.Mrs. Susan Abisola Giwa-Osagie who is the Deputy Managing Director of NEM Insurance has proved to be a dependable ally in the struggle to make the company a better corporate entity. With her wide experience in Oil and Gas insurance business, she has contributed greatly in improving the fortunes of NEM Insurance.

A board member, Miss Stella Omoraro who is the Executive Director Finance and Information Communication Technology is a key figure to the success story of NEM Insurance so also is Mr. Andrew Ikekhua who is the Executive Director, Marketing. Andrew who is a versatile marketer plots the graph with which NEM conquers the market.

“Our staff have remained our greatest assets. You have demonstrated that with unity of purpose, there is no height that is unattainable. Your commitment and hard work are exemplary” the Group Managing director had summed up the contributions of the company’s workforce.

For a better society

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