MDRT Family of Brands Expand Definition of Success in the Profession with New Awards and Rankings for India
- Six Indian companies in MDRT’s Top 100 Global Companies List including HDFC Bank, LIC India, TATA AIA Life, HDFC Life, IndiaFirst Life, and Max Life
MUMBAI, India, April 4, 2022 /PRNewswire/ — The MDRT Family of Brands, which includes MDRT for high-performing financial services professionals, the MDRT Academy for aspiring MDRT members, and MDRT Global Services for leaders in financial services, has added to the portfolio of honors available for exceptional members – and their companies. MDRT has redefined and added new categories within its annual Company Rankings which recognizes Indian companies as well that successfully invest in membership growth, retention and longevity. In addition to this, MDRT Global Services is introducing the MDRT Culture of Excellence Awards, which recognizes agency leaders who cultivate excellence in productivity, retention, recruitment and more. With these new initiatives, the MDRT Family of Brands recognizes and elevates the exceptional performance of companies and financial services professionals.
Six Indian companies including, India’s largest private sector bank by assets, HDFC Bank, India’s largest insurance company, LIC India, and some of the leading Indian private insurance companies such as, TATA AIA Life Insurance, HDFC Life Insurance, IndiaFirst Life Insurance and Max Life Insurance feature in MDRT’s Top 100 Global Companies List. MDRT, is the Premier Association of Financial Professionals®, a global, independent association of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 markets. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business.
MDRT Expanded Company Rankings
Using a more holistic approach to measuring achievement, MDRT will restructure and add new categories to its Company Rankings beginning in 2022. These new categories will recognize companies that achieve excellence in the areas of MDRT membership growth, retention and longevity – areas which demonstrate a commitment to investing in their advisors’ personal and professional development. The eight new rankings include:
- Top 25 Companies – Total Membership Growth
- Top 25 Companies – Percentage of Membership Growth
- Top 25 Companies – Total Members who Rejoined
- Top 25 Companies – Percentage of Members who Rejoined
- Top 25 Companies – Total Number of 5-9 Year Members
- Top 25 Companies – Percentage of 5-9 Year Members
- Top 25 Companies – Total Number of Qualifying and Life Members
- Top 25 Companies – Percentage of Qualifying and Life Members
“MDRT membership growth, retention and longevity are critical to companies that want to generate success within their ranks and demonstrate a commitment to excellence,” said Randy Scritchfield, CFP, LUTCF, MDRT President. “These new categories provide an opportunity to celebrate the financial service professionals who achieve and maintain career long success with their MDRT membership and acknowledge the important role their companies play in supporting that success.”
MDRT Global Services Culture of Excellence Award
With the MDRT Global Services pilot program underway as the newest addition to the MDRT Family of Brands, members of this unique association are actively honing their leadership skills and establishing an MDRT culture of excellence within their agencies. The Culture of Excellence Awards provide a framework for measuring success within MDRT Global Services, evaluating applicants according to an agency scorecard, which was developed following extensive research into key benchmarks for agency success.
The benchmarks identify six key aspects of successful agencies, including promotion, retention, recruitment, persistency, Whole Person, and membership in MDRT’s Family of Brands – aspects which set the requirements for award qualification. To qualify for the Gold, Platinum and Diamond awards, agency leaders 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
- Persistency: 13-month persistency rate of 90%
- Whole Person: Agency community involvement, MDRT Global Services Learning Engagement score (measured by attendance at webcasts, Annual Meeting/Global Conference, and completion of assigned modules in Harvard ManageMentor)
- Membership in MDRT Family of Brands: 100% of agents must be members of MDRT or the MDRT Academy.
“These awards establish a new standard of excellence for global financial services leaders,” said Ian Green, Dip PFS, MDRT Immediate Past President. “Successful leadership is so much more than just great numbers, which is why these rigorous awards also focus on MDRT’s Whole Person concept and commitment to growth as evident by engagement within the MDRT Family of Brands.”
MDRT Global Services Culture of Excellence Awards applications will be accepted between January and March of 2023, with winners announced in May 2023 and honored at a special awards ceremony at the MDRT Annual Meeting and MDRT Global Conference. Click here for more information about the Culture of Excellence Awards.
About MDRT
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 outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit https://www.mdrt.org/ and follow them on Twitter @MDRtweet.
About MDRT Global Services
As the newest offering under the global MDRT Family of Brands, MDRT Global Services was created exclusively for the financial services field and home office leaders. As a separate, individual membership association with innovative program offerings, MDRT Global Services provides its members with exceptional value and leadership growth opportunities. MDRT Global Services membership allows increased engagement within the MDRT community while allowing 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 financial professionals striving to reach MDRT-level production. Those who join receive exclusive access to MDRT-member insights, gold-standard content and performance-driving features tailored to their specific needs – and it’s all 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, as well as hundreds of MDRT-approved articles, videos and podcast episodes. Learn more at mdrtacademy.org.
