BIA 2014 – Achievement Award: Barry Smith

Barry Smith of Ageas, centre, collects his award from Joe Pendle of ISO

Few leaders in the insurance industry have combined a reputation for tough decision-making with being universally well-liked to quite the extent of Barry Smith.

Smith has been chief operating officer at Ageas Group for 18 months but spent the previous 12 years as chief executive of the UK operation.

Under Smith, Ageas UK developed its own retail broking arm, beginning with the launch of the Rias brand in 2003 and subsequently expanding with the acquisitions of Kwik-Fit Insurance Services and Castle Cover. These acquisitions solidified Ageas’ position as a prominent player in both the aggregator space and the over-50s market, while another acquisition – Text 2 Insure in 2006 – ensured it was ahead of the curve in harnessing new technology for distribution purposes.

Smith also oversaw Ageas’ first foray into the affinity space by winning deals with big-name firms, starting with the Post Office in 2004, followed by Age UK (then Age Concern), Tesco Bank and Toyota GB and Aioi.

With Ageas’ acquisition of Groupama UK in November 2012, Smith and his team were credited with acquiring new distribution channels and much-desired specialist product lines – all at a commendable price. The deal was swiftly followed by a reshuffle at the top in which Smith moved up to group COO, handing the UK CEO mantle to Andy Watson.

When Smith left his director role at Axa Insurance in 2001 to join Ageas UK [then Fortis UK], the firm was in its infancy, following the integration of Northern Star and Bishopsgate. It was part of the Benelux-based financial services behemoth that would fragment during the 2008 credit crunch. Smith, who joined the global management committee in August 2009, had a seat at the table when the insurance arm negotiated the terms of its independence and its subsequent rebranding to Ageas in 2010. In 2009, Smith became the CII’s 113th president, which he kicked off by unveiling a new code of ethics for the organisation.

Francois-Xavier Boisseau, CEO of Ageas Insurance, said:  “My first encounter with Barry was when I joined Axa Insurance in 2000. I was then already struck by his very strong leadership ability. Our paths have regularly crossed since, thanks to his huge market visibility and great contribution to market bodies such as the Association of British Insurers’ general insurance committee and the Chartered Insurance Institute.”

Responding to Barry’s victory, Bart De Smet, Ageas Group CEO, said: “It is a real pleasure and honour for Ageas that Barry has been awarded the Achievement Award. As Group CEO I can only confirm and reinforce my gratitude, pride and deep respect for the contributions and achievements of Barry within our company over the past 10 years and more.” Andy Watson, CEO of Ageas UK, added: “Barry is a fantastic advocate for what’s great in the UK insurance market – passionate about what he does, driven to do the right thing for customers, an outstanding vision and successful at bringing his team with him to deliver that vision to perfection.”

This article was published in the 17 July edition of Post magazine.