Local life insurance cos are making it big in qualifying round of Million Dollar Round Table, which recognises insurance agents across the globe.
KOLKATA: Domestic life insurance companies are making it big in the qualifying round of the Million Dollar Round Table (MDRT), which recognises insurance agents across the globe for achieving the highest sales targets.
Six life insurance companies from India, including SBI Life Insurance, ranked 5th, Life Insurance Corporation (LIC), Max New York Life, Reliance Life, Metlife India and ICICI Prudential Life, have made it to the top 100 firms with the maximum number of MDRT members in 2007.
While a large number of agents qualify for the MDRT, the MDRT numbers only get reflected after agents and companies register themselves with the organisation.
To make it to MDRT 2007, a financial advisor, consultant has to garner at least Rs 27.14 lakh of premium or a base commission of Rs 6 lakh.
SBI Life, which had 20 MDRT members in 2004, has 810 members in 2007. U S Roy, managing director & CEO, SBI Life Insurance, said, “We have perhaps the smallest agency force (of around 30,000), but have the largest number of MDRTs. We’ve leveraged the SBI brand. We intend to increase the premium from the agency channel, which at present contributes 47% of the total premium”.
Rajit Mehta, executive director, human resources, Max New York Life, said, “Over the years, the number of our MDRT agents have increased three-fold. We encourage MDRT agent advisors to attend the MDRT meeting to provide them with exposure”.
Kamlesh Vora, senior VP, sales and distribution, Kotak Life, said, “MDRT tends to focus on large tickets while we focus on retail. Our self-developed rewards and recognition programmes like 51 Club and Star are aligned with our aim to touch the lives of all”.
Reliance Life, a newer life company, has 187 agents as of now. “We intend to double this figure by next year”, P Nandagopal, CEO, Reliance Life said.
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