“You cannot have Million Dollar Dreams with Penny Thoughts” exclaimed Mr. Brian D Heckert, the 2016 President of Million Dollar Round Table (MDRT), USA, while addressing the delegates at the Main Platform of 2016 Annual Meeting.
Yes, Million Dollar Round Table is not about a Table with Million Dollar on it but an organization that helps an Insurance Advisor earn at least a Million Dollar/Rupees in the most ethical and professional manner. This organization is built-up for the Agents, by the Agents to the Agents.
MDRT was born on 13th October, 1927 at the Annual Meeting of NALU (National Association of Life Underwriters, USA) to honour the Agents who sold a Million Dollar worth Life Insurance Policies. About 90 Agents were invited but only 32 attended the meeting in Peabody Hotel, Memphis, Tennesse, USA. The Agenda of the meet was simple; to share the ideas as to how each of them sold that Million Dollar Policy.
Out of this meeting emerged an idea to form an Association, not local, but an international, which will help and benefit future generation of Insurance Advisors around the world to share sales ideas, under one roof. Even after 89 years of its existence, the main purpose for which MDRT was established remains the same viz. exchange of sales Ideas.
“We make a living by what we get, but we make a life by what we give” – This defines MDRT and its Members. With a Membership of 32 visionary Agents in 1927, the figures have increased year after year, to 3636 in 1965 and today the total Membership around the world stands at over 40,000. In 1965, MDRT reached an all time high number of qualifying Members : 3636. The MDRT Annual Meeting that year in Colorado Springs, Colorado, (USA), had approximately 1100 in attendance. This number, by all odds, was the largest assemblage of MDRT Members in the history of MDRT at that point of time.
The Long Range Planning committee projected much larger Membership in the future and anticipated Membership of over 7000 in 1972 and 14,000 in 1980. The Committee’s predictions were later realized with 8361 Members in 1972 and 17,406 in 1980.
MDRT is a global organization today and most sought after platform by the Agents community who want to grow this business in most professional manner. Spread over 80 countries, with nearly 400 Life Insurance Companies supporting their Agents, to qualify and become Member of MDRT, to build up a reputation not only for themselves, but for the organization they come from.
LIC has been in the forefront of MDRT for several years, qualifying its first MDRT Member from Kanpur (India) – Mr. J P Sharaf – in 1983. Since then, LIC has never looked back, in professionalizing its Agency force, by providing active financial support and encouragement to the Agents, number of qualifiers has increased year after year. LIC has been in the top list of MDRT Membership for last several years, as can be seen from the following statistics.
Rank
Company
Country
2016 Members
1
LIC of INDIA
India
3,400
2
Ping An Life Insurance Co.
China
2,964
3
AIA International Ltd.
Hong Kong
2,648
4
Prudential H.K. Ltd.
Hong Kong
2,612
5
New York Life
USA
2,511
2016 Top 5 Member Countries
Rank
Country
2016 Members
1
USA
9,543
2
China
7,450
3
Hong Kong
7,521
4
Japan
5,064
5
India
4,155
There are 159 Court of Table Members and 30 Top of Table Members from LIC in year 2016.
2016 Top 5 Companies by Female Members
Rank
Country
2016 Members
1
USA
9,543
2
Hong Kong
7,521
3
China
7,450
4
Japan
5,064
5
India
4,155
There are 159 Court of Table Members and 30 Top of Table Members from LIC in year 2016.
2016 Top 5 Companies by Female Members
Rank
Company
Country
2016 Members
1
Ping An Life
China
2,435
2
Prudential HK
Hong Kong
1,924
3
AIA International Ltd.
Hong Kong
1,694
4
AIA China
China
840
5
LIC of INDIA
India
674
2016 Top 5 Companies by First Time Members
Rank
Company
Country
2016 Members
1
Ping An Life
China
1,588
2
Prudential HK
Hong Kong
1,225
3
LIC of INDIA
India
977
4
AIA International Ltd.
Hong Kong
932
5
AIA China
China
483
Following Table speaks volumes about how LIC has topped Membership in MDRT Global Membership over the last few years.
Year
Rank (Company)
Members (Company)
Rank (Country)
Members (Country)
2016
1
3,400
5
4,155
2015
1
3,484
5
4,149
2014
1
6,731
2
7,376
2013
5
1,189
4
3,644
2012
3
1,466
4
3,265
2011
4
1,993
2
6,126
2010
4
1,218
2
5,034
From above, it is evident that LIC has been topping the global Membership continuously for the last 3 years, occupying the No. 1 position.
MDRT’s organized effort is to elevate the Professional Standards of Life Insurance Advisors around the world. MDRT has a long history of recognizing the exemplary performances of its Members and assisting them in achieving ever increasing levels of productivity, professionalism and ethical conduct.
MDRT is a community of excellence that provides a forum for the sharing of sales and practice management concepts and techniques. MDRT’s Annual Meeting is the gathering place for leading producers from around the world. This event, combined with other resources available to Members, motivates and educates them on how they can achieve their personal best as professionals and people.
MDRT is the Best because its Members should be mindful for complete compliance with and observance of the Code of Ethics which will serve to promote the highest quality standards of Membership. These standards will be beneficial to the public and the Insurance and financial service profession. MDRT Membership not only signifies achievement and prestige, but helps the members become better producers by connecting to the greatest resources, solutions and minds in the business.
Through MDRT Membership, our Agents have achieved all round growth, be it practice management, better client service, Personal Development and Leadership. They have become better individuals and human beings in raising their standards. They move around in high-end Vehicles such as Mercedes, BMW, AUDI etc… which hitherto was considered to be the privilege of neo-rich and industrialists. Our Agents today are involved in serving in many leadership positions in MDRT.
There are three methods to qualify for MDRT Membership viz.: Commission Method, Premium Method and Income Qualification Method. LIC recognizes and provides financial benefits only to first two methods viz. Commission & Premium. The Qualifying Criteria for the 2017 MDRT Membership (based on 2016 Production) is :
A)“FIRST YEAR COMMISSION” Condition
MDRT QualifiersRs.8,74,000
Court of Table QualifiersRs.26,22,000
Top of Table QualifiersRs.52,44,000
Commission Conversion Factor :9.2978
B)“FIRST YEAR PREMIUM” Condition
MDRT QualifiersRs.34,96,000
Court of Table QualifiersRs.1,04,88,000
Top of Table QualifiersRs.2,09,76,000
Premium Conversion Factor :18.5957
The 2017 Annual meeting is scheduled to be held in Orlando, Florida, USA, between June 04-07, 2017. I hope each and every Agent of LIC will aspire to qualify and become a Member of this prestigious International Association of Financial and Insurance Professions viz. MDRT and help our organisation – LIC – to occupy the No. 1 position for the 4th year in succession.
