With the arrival of the 2011 MDRT Annual Meeting in less than two weeks, here is a list of things you should do to adequately prepare yourself for the meeting.






Pack your bags and prepare yourself for four extraordinary days! Learn more about what you can see and do in Atlanta. Visit www.atlanta.net/mdrt.

See you in Atlanta!

Registration for the 2012 MDRT Experience meeting will commence on 5 June 2011. Open to both members and nonmembers, the 2012 MDRT Experience will be held from 9–11 February 2012 in Bangkok, Thailand. Exclusive benefits, such as a members-only luncheon, reserved seating for Life, Qualifying and Life and Honor Roll Members and more will be available to approved MDRT members.

Registration Fees and Deadlines:

Early Rate USD 350 5 June–31 October 2011 Regular Rate USD 450 1 November 2011–8 February 2012 Full Rate (On-site) USD 550 9–11 February 2012

Program at a Glance*:

Thursday, 9 February 2012

1000–1730 hrs Registration, Power Center & Exhibits Open 1400–1700 hrs Main Platform Session

Friday, 10 February 2012

0700–1730 hrs Registration, Power Center & Exhibits Open 0900–1200 hrs Main Platform Session 1200–1400 hrs MDRT Members Luncheon (approved MDRT members only) 1400–1700 hrs Main Platform Session

Saturday, 11 February 2012

0700–1230 hrs Registration, Power Center & Exhibits Open 0900–1200 hrs Main Platform Session

*Schedule subject to change.

Make plans to attend the 2012 MDRT Experience and discover why 90 percent of 2011 MDRT Experience attendees surveyed rated the meeting as “very good” or “excellent”.

For more information about the meeting, contact the 2012 MDRT Experience Event Secretariat at +65 6496 5500 or email
mdrt-experience@mci-group.com.

Source: Asia Insurance Review eDaily e-newsletter, 18 April 2011

Indonesia’s life insurance industry has grown the fastest among the ASEAN countries, but its penetration in the population is the lowest, reports the Jakarta Post newspaper.

According to the Indonesian Life Insurance Association (AAJI), the number of policyholders in the country increased by almost 48 percent from 11.32 million in 2009 to 16.75 million last year. The total premium revenue of the life insurance industry last year increased by 26.1 percent from Rp60.23 trillion in 2009 to Rp75.98 trillion (US$8.7 billion), says AAJI Executive Director, Mr Stephen Juwono. Revenue from new premiums increased by 30.3 percent from Rp40.41 trillion to Rp52.66 trillion and revenue from renewals increased by 17.6 percent from Rp19.82 trillion to Rp23.31 trillion.

AAJI Chairwoman, Ms Evelina Pietruschka, attributes the premium growth to an improvement in public awareness about the importance of life insurance and the country's 6.1 percent economic growth. She says that the association is targeting the industry to increase by at least 25 percent per annum, so that its total assets would reach Rp500 trillion by 2014.

The AAJI will require all insurance agents to be licensed in order to promote trust in the life insurance industry. “All agents must take part in training by the association before they can start to sell insurance products to people in order to avoid insurance fraud,” said Ms Pietruschka.

MDRT China held a road show on 2 April 2011 in Chengdu, China, at the Jin Cheng Art Palace. Themed “Balanced Life, Lifetime Running”, it attracted a total of 1,300 participants comprising both MDRT members and nonmembers. The road show featured presentations by local and international speakers, such as Patric Leung Wai Ming, CFP, FChFP, 13-year member and Regional Chair of China, Hong Kong, Macau and Taiwan, and 13-year member Stuart Shee Yew Kuen from Singapore.

To help your prospects understand that purchasing insurance products can help them to manage their assets, try asking your prospects to imagine the following scenario.

Ask your prospect to imagine that he or she has invested in a time deposit value of USD 500,000 with an interest rate of 5 percent per annum. Explain that this only ensures that his or her initial investment of USD 500,000 will only grow by 5 percent every year. Then, ask your client to imagine that in the event of an unexpected critical illness, he or she might be forced to use the interest they have earned to pay for their living expenses.

Then with the same scenario illustrate to your prospects how they can better manage their assets by simply purchasing a critical illness policy.

Suggest to your prospect to imagine a similar scenario, whereby he or she has invested in a time deposit value of USD 500,000 with an interest rate of 5 percent per annum. But he or she can better manage his or her assets by using the 5 percent interest earned to pay the premiums for critical illness coverage. When the policy matures, he or she would have at least another USD 500,000. Also, with this coverage, he or she is assured another USD 500,000 in the event of an unexpected critical illness. Your prospect can now use this money to pay for his or her living expenses. Meanwhile, the time deposit remains unaffected and they can continue to earn interest.

I used to have difficulty discussing cash needs at death with my prospect. I would usually ask “How much do you think you will need if…,” followed by, “Do you think that is enough?” I realised that I gave the impression that I was blaming the prospect for not purchasing enough protection.

Recently, I discovered that asking indirect questions is more effective. For example, I would say “Have you ever engaged a professional to estimate how much your inheritance or estate tax would be upon your demise?” The prospect would respond with, “Would that be a large amount?” or, “I don't know.” This prompts me to reply, “Let's estimate the amount.” I realised that talking about tax is easier for the prospect than imagining his or her death. Now that the prospect is keen on sharing, I would ask the prospect if his or her family or immediate relatives have made wills. At this point, I would also begin asking about the size of their assets and liabilities, without hesitation. I would also probe further about the prospect’s savings, other financial assets, mortgage, loans, children’s education plan, etc.

Sometimes the conversation would reveal that my prospect does not require an inheritance tax. But, the conversation would still help me to identify some reasons for my prospect to purchase insurance, nonetheless. Now that I have gathered all the necessary facts, I am ready to recommend a plan to my prospect. Also, with the extended knowledge about my prospect’s family tree, I can now ask for a referral within his or her family.

However, if the prospect is young and has not acquired any assets, I would ask, “How much do you think the inheritance tax would be at your father or mother's death?” and that should get the ball rolling.

After you have discussed with your client ways to help them achieve their goals and objectives, they will typically be in a positive mood. This is the time to discuss how he or she feels about the service and advice you have given, which will hopefully result in a positive answer. And not only are they in a positive mood, but they’ve just affirmed to you how good you are, how grateful they are, and so on.

This is the time to ask, “Whom do you know and respect who would benefit from the services and advice that I have provided you?” Sometimes they’ll just tell you whom; sometimes they are not sure and require your guidance. In the end, you will not only receive affirmation from your client, you would also have a new referral.

I believe that in our profession one of the most important issues that we must bear in mind is how to continuously maintain relationships with our main clients.

We identify our top clients according to parameters such as: income, revenue, ability to generate references, etc. And of course, everyone knows that it is these top clients who generate most of our businesses each year.

However, how many of us, at the beginning of each year, devote our time to these clients and schedule an appointment with them in advance? Since these top clients are also very busy people, they understand that such foreknowledge is not only an act of kindness towards them, but also a guarantee of success.

I organise themed dinners for some of my clients. For others, I arrange to watch sporting events or spend an evening at the theatre with them. The important thing is to find events they are interested in and make them feel pleased that I am giving them attention. And I never work during such events. Sometimes my clients even call me to find out what we are going to do in the coming year!

MDRT Asia Pacific Office

Tel: +65 6496 5505
Fax: +65 6496 5599
Email: asiapacific@mdrt.org
Web site: www.mdrt.org