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Share1,662 of its advisors have qualified for membership to MDRT, a forum for top professionals
KOLKATA: SBI Life Insurance ranks third globally in terms of number of Million Dollar Round Table (MDRT) members. Of the company's 40,000 advisors, 1,662 have qualified for membership.
Among these, 124 have qualified for court of the table and 20 for top of table, exclusive sets among the MDRT members.
MDRT is an independent international association, formed in 1927, which functions as a forum for top life insurance and financial services professionals. It currently has nearly 36,000 members from 76 nations, representing 476 companies.
Membership is achieved by less than 1% of advisors world over -- for qualification, advisors in India need to have collected Rs 27,14,400 as premium. Court of the table members need to have logged Rs 81,43,200 and top of the table members, Rs 1,62,86,400.
Four-fifths of SBI Life's members have qualified for the first time. The company has achieved a growth of 107% members over the last year, the highest among all life insurance companies.
Among international companies outside the US, SBI life ranks second in terms of number of MDRTs produced.
Also featuring among the global top 100 are LIC (ranked 11), HDFC Standard Life (14), Max New York (22), ICICI Prudential (68) and Birla Sun Life (69).
U S Roy, chief executive officer, SBI Life, said, "Our global ranking is testimony to the capabilities and potential of Indian life insurance industry. The strong brand equity coupled with a highly productive sales force will enable us to scale greater heights in the future."
Rajiv Gupta, country head, agency and institutional alliances, SBI Life, added, "Our average productivity per agent at 5-6 times that of industry average is a consequence of high acceptance of SBI Life brand and superior quality of our advisors who are expected to follow need-based sales approach."
