The MDRT family of brands, which includes MDRT for high-performing financial services professionals, MDRT Academy for aspiring MDRT members, and MDRT Global Services for financial services leaders, has added to the portfolio of awards available for outstanding members and their businesses.
With these new initiatives, the MDRT family of brands recognizes and elevates the exceptional performance of businesses and financial services professionals.
As it stands, the Philippine companies that made it to the MDRT Global Top 100 Companies in 2021 are Pru Life Insurance Corp. of the United Kingdom at 42nd, Sun Life of Canada-Philippines Inc. at 53rd, Manulife-Philippines at 79th and Philippine American Life & General Insurance. at the 89th.
Redefining success for finance professionals, new entrants will be able to enter the fold of established and recognized insurance companies alongside MDRT’s 1,907 Filipino members from 2021.
With the MDRT’s expanded awards and rankings, Philippine insurance companies can legitimize their services in the public eye.
According to the Bangko Sentral ng Pilipinas, only 48% of adults had savings in 2020 but 68% of them kept their savings at home while 32% had a savings account with a bank. Moreover, only 18% had insurance.
In MDRT’s commitment to bringing value to the insurance profession, financial instruments can be seen as essential buffers against job loss, inflation and other unforeseen vulnerabilities, especially when measures Proactive actions are needed to protect Filipino families from socio-economic crisis during the pandemic.
Expanded classification of MDRT companies
Using a more holistic approach to measuring achievement, MDRT will add categories to its business rankings starting in 2022.
These new categories will recognize companies that achieve excellence in the areas of MDRT member growth, retention and longevity, areas that demonstrate a commitment to investing in the personal and professional development of their advisors. The eight new leaderboards include:
Top 25 Companies – Total Membership Growth
Top 25 Companies – Membership Growth Percentage
Top 25 Companies – Total Members Who Joined
Top 25 Companies – Percentage of Members Who Joined
· Top 25 companies – Total number of members from 5 to 9 years old
Top 25 Companies – Percentage of Members Ages 5-9
Top 25 Companies – Total Eligible and Lifetime Members
Top 25 Companies – Percentage of Eligible and Lifetime Members
“The growth, retention and longevity of MDRT members is essential for companies that want to generate success within their ranks and demonstrate a commitment to excellence,” said Randy Scritchfield, CFP, LUTCF, President of MDRT.
“These new categories provide an opportunity to celebrate financial services professionals who achieve and maintain career-long success through their MDRT membership and to recognize the important role their companies play in supporting that success.”
The 2022 business ranking will be announced in early July.
MDRT Global Service Culture of Excellence Award
With the MDRT Global Services pilot program underway as the newest addition to the MDRT family of brands, members are actively honing their leadership skills and establishing a culture of MDRT excellence within their agencies.
The Culture of Excellence Awards provide a framework for measuring success within MDRT Global Services, evaluating applicants against an agency scorecard, which was developed following extensive research into the key success criteria of the organization. ‘agency.
The benchmarks identify six key aspects, including promotion, retention, recruitment, persistence, whole person and adherence to MDRT’s family of brands, which define the requirements for qualification for the award.
To qualify for the Gold, Platinum, and Diamond awards, agency executives must meet three, four, or five of the following criteria, respectively:
Production: 25% increase in production year over year
Retention: 75% annual retention
Recruitment: 20% annual agency recruitment rate
Persistence: 13-month persistence rate of 90%
Whole Person: Agency Community Involvement, MDRT Global Service Learning Engagement Score (measured by participation in Webcasts, Annual Meeting/Global Conference, and complement of assigned modules in Harvard ManageMentor)
· Membership of the MDRT family of brands: 100% of agents must be members of MDRT or the MDRT Academy.
“These awards set a new standard of excellence for global leaders in financial services,” said Ian Green, Dip PFS, Past President of MDRT.
“Successful leadership is about more than big numbers, which is why these rigorous awards also focus on MDRT’s whole person concept and commitment to growth, as evidenced by commitment within the family of MDRT marks.”
Nominations for the MDRT Global Services Culture of Excellence Awards will be accepted between January and March 2023, with winners being announced in May 2023 and honored at a special awards ceremony at the MDRT Annual Meeting and the MDRT Global Conference .
MDRT, The Premier Association of Financial Professionals®, is a global, independent association of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 markets.
MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and exceptional customer service. Membership in MDRT is internationally recognized as the standard of excellence in the life insurance and financial services industry. For more information, please visit https://www.mdrt.org/ and follow them on Twitter @MDRtweet.
About MDRT Global Services
As the newest offering in the MDRT global family of brands, MDRT Global Services was created exclusively for the financial services industry and home office executives.
As a distinct individual member association with innovative program offerings, MDRT Global Services offers its members exceptional value and opportunities for leadership growth.
Membership in MDRT Global Services allows for increased engagement within the MDRT community while enabling leaders to develop a culture of excellence within their respective organizations. To learn more, visit mdrtgs.org.
About MDRT Academy
The MDRT Academy is an association for finance professionals striving to achieve MDRT-level production. Those who join receive exclusive access to MDRT member information, benchmark content, and performance features tailored to their specific needs, and all of this is available through an intuitive website and mobile app.
The MDRT Academy also offers goal-setting and performance-tracking tools, monthly webcasts featuring MDRT members, performance guides, and hundreds of articles, videos, and episodes of MDRT-approved podcast. Learn more at mdrtacademy.org.