NEM Insurance emerges Champion Newspapers Insurance Company of the Year

KELVIN EGERUE

It will amount to an exercise in futility for any meaningful inquiry to be conducted on the business of insurance in Nigeria without devoting much energy, time and spacing in discussing issues relating to NEM Insurance Plc, a company with a rich heritage laced in integrity.

It was Benjamin Franklin who noted in his work; The busy body  that “I pronounce it as certain that there was never yet a truly great man that was not at the same time truly virtuous”.

There is yet another revelation in the Ladder of Saint August saying that “the heights by which great men reach and kept were not attained by sudden flight, but they, while their companions slept, were toiling upward in the night”.

These guiding steps and many more give credence to last week’s announcement of NEM Insurance Plc as the eventual winner of the 2021 Champion Newspapers Insurance Company of the Year Award.

NEM Insurance Plc which is among Nigeria’s biggest insurance company by market value prides itself as a company with cutting edge products and services just as its claim payment procedures and processes stand it out as a company of trust among all its stakeholders, policy holders and shareholders inclusive. NEM Insurance Plc is one of the most dominant players at the Nigerian Stock Exchange with a 2021 expected gross premium income of N12.2 billion and a profit before tax of N2.7 billion.

In announcing the emergence of NEM Insurance Plc as preferred company for the 2021 Champion Newspaper Insurance Company of the Year Award, the Group Managing Director and Editor-In-Chief of Champion Newspapers Limited Dr (Mrs) Iheakanwa Nwadiuto disclosed that the award on NEM Insurance which was the product of a painstaking selection exercise conducted by “our Board of Editors, is our modest way of recognizing leaders in both public and private sectors of the economy who have paid a greater sacrifice in ensuring that the objectives and ideals of our nationhood are sustained as well as promoting good corporate governance”

Dr Nwadiuto had gone ahead to reveal that “on all scores, our findings, largely corroborated by that of our independent assessors, confirm that NEM Insurance Plc, in line with its vision and commitment to become the leading Nigerian, technology-driven, global financial institution that provides distinctive range of insurance and related financial services has become the insurance company of choice among teeming customers given its array of cutting edge products which had earned the financial institution commendations from informed economic experts and global rating agencies.

“As a leading full-service insurance company operating through a network of branches and service outlets, spanning several states and boasting of millions of customers NEM Insurance Plc stands as one of the institutions to beat in terms of product offerings and service delivery”.

According to her, “It’s also a truism that NEM Insurance Plc has consistently excelled and set the pace in the financial sector through stellar performance in assessments by global and local rating agencies as well as payment of claims and dividends to clients and shareholders respectively”

The board, management and staff of NEM Insurance said that the award by Champion Newspapers Limited will challenge them to do more in the areas of product and service offerings as well as in ensuring profitability.

“This is to thank you for the award recognition as the Insurance Company of the Year 2021. We are delighted to have received such a distinctive compliment.. We are pleased to inform you that the offer has been accepted”; Mrs. Teluwo Mojisola, a Deputy General Manager in charge of Corporate Services at NEM Insurance Plc had declared..

A company with a rich background, NEM Insurance Plc started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. The company has contributed immensely towards the growth of Insurance Industry in Nigeria. Its Group Managing Director Mr Tope Smart who is the current chairman of African Insurance Organisation (AIO), the umbrella body for all insurance and reinsurance companies in the African continent is the immediate past president of the Nigeria  Insurers Association (NIA).These are part of the indications of the caliber of the company’s top management  NEM Insurance Plc  has successfully expanded its operations into the West African Sub region with its operations in Ghana attracting much attention and patronage.

Part of the Philosophy of NEM Insurance Plc is centered on its shareholders’ vision of making it a model of sound insurance practice for Nigeria’s insurance industry and to participate actively in the economic development of the Country. To achieve this noble vision, operations of the company has been characterized by prompt and efficient services to the public, prompt settlement of claims, marketing programme that will enable the public make an informed choice, innovative client relations programme as well as the development of new products to meet the changing needs of the insuring public.

NEM Insurance has the mission to build a customer satisfying Insurance institution that is passionate about adding value to the interests of all stakeholders.

To push further its dominance at the stock exchange the company last year conducted the reconstruction and redenomination restructuring of its share denomination. As a result, the value of the company’s share rose from 50 Kobo to N1 per share.

One of the strongest assets of NEM Insurance Plc is perhaps its workforce led by the chief executive officer Mr. Tope Smart, a professional whose technical competence is now the bench mark for measuring ethical conducts in the business of insurance in Nigeria.

A chartered insurance practitioner and an award winning graduate of the University of Lagos Mr Smart who also  holds a Masters Degree in Business Administration (MBA) from the University of Nigeria, Nsukka 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 mind of every Nigerian.  He is a Council member, Chartered Insurance Institute of Nigeria, Council member, West African Insurance Companies Association (Ghana), Council member, Nigeria-Britain Association, President, African Insurance Organization (AIO) and a past Chairman of the Nigeria Insurers Association to mention just to mention but a few.

Tope as he is fondly called by friends and associates sits on the board of several companies amongst which are RegencyNem Insurance (Ghana) Limited and NEM Asset Management Limited.  In 2014, he was appointed by the Federal Government as Co-Chairman of Insurance Industry Transformation Committee. In recognition of his outstanding achievements, Tope has won several awards amongst which are Distinguished Alumnus by the University of Lagos, University of Lagos Alumni Association Golden Jubilee Special Recognition Award amongst others. He is also a two time winner of the Businessday Top 25 CEOs award. Tope is an alumnus of Harvard Business School.

“As watch dog of society, it is our duty not only to track and document your performance and that of your company but also to acknowledge your commitment to serve and your doggedness to transform the Nigerian society”, the Group Managing Director and Editor-In-Chief of Champion Newspapers Dr (Mrs.) Iheakanwa had remarked in her letter conveying the choice of NEM Insurance Plc as the 2021 Champion Newspapers Insurance Company of the Year to NEM Insurance.

For a better society