Tope Smart: Revolutioninsing Insurance Business

Like his name, Tope Smart has a lot of smartness to his routine having made his mark in insurance profession for about  three decades.

Currently the chairman of NEM Insurance Plc, he was once the group managing director/CEO of NEM Insurance Plc, a top underwriting firm he co-founded with other investors, after the insurance industry recapitalisation of 2007.

He took the underwriting firm from the scratch to one of the top five insurance companies in the country, having built a gigantic structure that warehouses the head office of the company on Ikorodu Road in Obanikoro, Lagos State.

Philosophy/Track-Record

He is a man who believes in hard work, smart-work and humility, the characteristics that have paved way for him and his underwriting firm in general insurance business in the country.

Mr Smart, an unassuming personality in the insurance industry did not just leaped to the top. His doggedness and hard work which always comes with success is just the simple magic.

With about three decades experience as a chief executive, Mr Smart has successfully turned around two insurance companies from moribund state to a toast of the industry and choice of insuring public in Nigeria.

Within five years of assuming leadership at the defunct Vigilant Insurance Limited, Mr Smart carried out a strategic restructuring which returned the company back to a profitable state.

Mr. Smart wedged the same wonder after successful merging of old NEM Insurance Company with Vigilant Insurance Company sequel to the 2007 recapitalization regime.

In 2014, he was appointed by the Federal Government as Co-Chairman of Insurance Industry Transformation Committee. These good works have brought him more works, more successes, and more honours.

Mr Smart played a vital role in the industry both at Nigerian Insurers Association (NIA) and as a member of the Council at Chartered Insurance Institute of Nigeria (CIIN). In 2018, he was elected as the 23rd Chairman of Nigeria Insurers Association(NIA). His landmark achievements – which he christened “Insurance First Agenda” remains indelible.

The impact of Nigerian Insurers Association under his leadership during the spark of pandemic in 2020 attracted Presidential commendation.

Under his watch, NEM Insurance Plc within a decade, recorded an assets growth rate of 347 per cent from N6billion to N31billion and gross premium growth rate of 245 per cent from N6billion to N22billion between 2010 and 2020.

Last year, his company paid about N15billion claims to policyholders who suffered insured risks across the country, justify the dedication of his firm to stay true to its promise.

Biography

Tope Smart is currently the chairman of NEM Insurance Plc.

Tope Smart, a graduate and an award winner from the University of Lagos also holds a master’s degree in Business Administration (MBA) from the University of Nigeria, Nsukka. He is an Associate member of both the Chartered Insurance Institute of London and the Chartered Insurance Institute of Nigeria.

Tope, an astute professional, believes very strongly in the entrenchment of insurance in the minds of all Africans.

He is an unrepentant advocate of a better and stronger Insurance Sector in Africa. He is a Council member, Chartered Insurance Institute of Nigeria, Council member, West African Insurance Companies Association (Ghana), Council member, Nigeria-Britain Association, member of Senate, University of Lagos, and a past Chairman of Nigeria Insurers Association.

Tope is a past President of the African Insurance Organisation (AIO). During his presidency, AIO witnessed phenomenal growth and increased visibility as a result of several initiatives introduced by him.

Tope is presently the Chairman, Alpha Morgan Capital Limited, Chairman, NEM Health Limited, Vice-Chairman, AIO Foundation, amongst others. In 2014, he was appointed by the Federal Government as Co-Chairman of the Insurance Industry Transformation Committee. He was also recently appointed Chairman, Planning Committee of the University of Lagos Alumni Association’s Golden Jubilee Anniversary.

In recognition of his outstanding achievements, Tope has won several awards among which are Distinguished Alumnus by the University of Lagos, University of Lagos Alumni Association Golden Jubilee Special Recognition Award amongst others. Tope is the winner of year 2023 (Almond Insurance Industry Award) Insurance CEO of the Year. He is also a two-time winner of the Businessday Top 25 CEOs award. He is an alumnus of Harvard Business School.