The 2011 MDRT Annual Meeting, held in the charming city of Atlanta, Georgia, USA, from 5–8 June, was attended by more than 6,300 members from 60 countries and was nothing short of memorable. With a four-day programme comprising nearly 20 dynamic Main Platform presentations, 48 professional development Focus Sessions, Idea Exchanges and more, members were simply spoilt for choice.



This year, the meeting offered members an additional dimension to their experience with two complimentary pre-meeting Professional Development Workshops. Members learnt from former Fortune 500 CFO and best-selling author James T. Horan Jr. on how an actionable business plan can be developed to help them advance in their practice. Renowned strategic coach Dan Sullivan presented thinking tools proven to improve sales significantly.

Opening the inspirational Main Platform sessions was former NBA basketball player Walter Bond (right). Bond stressed the importance of emotionally “connecting” — and not simply communicating — with clients and prospects.

Other notable speakers included coach Don Meyer, who shared important lessons on overcoming adversity. Dan Thurmon (left), president of an international speaking and entertainment firm, revealed through his impressive acrobatic acts, that the key to managing the demands of busy schedules lies in increasing focus and decisive action.

Members gained knowledge about new products and sharpened their practice management and selling skills during the Focus Sessions. Back by popular demand, members also shared sound strategies and best practices in practical workshops at this year’s Idea Exchanges.

MDRT left no stones unturned in delivering an impressive meeting experience to its members. From hosting the Welcome Reception inside the Georgia Aquarium — the world’s largest aquarium — to an unparalleled performance by Michael Franti and Spearhead (right) in a Soles4Souls Shoe Drive and Benefit Concert. The meeting culminated in a closing celebration by Las Vegas headline act “Human Nature,” which featured classic Motown beats.

2011 MDRT Annual Meeting was a success as members returned home more energised, focused and knowledgeable.

Join us at the eighth MDRT Experience meeting, 9–11 February 2012 in Bangkok, Thailand. Invite your peers and colleagues. Open to both MDRT members and nonmembers, the MDRT Experience will provide valuable sessions with specialised content for all attendees. Some of the presentation topics include:

• Sales ideas
• Insurance in action
• Professional development
• Motivation and more

Take advantage of the early registration rate of USD350, expiring 31 October 2011. Register now.

English is the official language. Simultaneous interpretation (SI) of the Main Platform sessions (available in Bahasa Indonesian, Hindi, Japanese, Korean, Simplified Chinese, Traditional Chinese, Thai and Vietnamese) may be provided at USD25 per person, if requests for interpretation in a common language are received from at least 100 registered and paid delegates by 31 October 2011. Be sure to request for SI when you register, if required.  

Visit http://www.mdrt.org/2012Experience/index.asp for more details.

Source: Asia Insurance Review eDaily e-newsletter, 9 May 2011

Singapore's life insurance industry has reported a 45 percent rise in weighted new business premiums to SGD460 million (USD371 million) for the first quarter of this year, which is up from the same period a year ago, thanks to increased consumer confidence. Sales were brisk across all insurance products.

In a statement, the Life Insurance Association says that the industry posted SGD294 million in weighted regular premium sales during the three-month period, up by 35 percent from a year ago. Single premium sales surged by 65 percent to SGD166 million year-on-year. Total annual premiums for group insurance business rose by 9 percent, amounting to SGD607 million.

"Robust growth for the industry has come on the back of strong consumer confidence," said Mr Tan Hak Leh, the association's president. "The economy is in good shape and we are optimistic that the life insurance industry will remain strong throughout the rest of 2011," he added.

Of the new sales, traditional policies — or those that are not tied to investments such as bond funds and equities — accounted for 78 percent of the total. Investment-linked products made up the remaining 22 percent.

Banks are becoming an important channel for distribution, generating 37 percent of the total new business sales, up 14 percent from that achieved in the same period of the previous year. Sales through agents accounted for 48 percent, while new business premiums brought in by financial advisers accounted for 12 percent and other channels, which include direct sales, made up the remaining 3 percent.

MDRT Day Korea was held on 13 May 2011 and was attended by 2,400 members and nonmembers. Highlighting the meeting was MDRT Second Vice President D. Scott Brennan. He was the welcome and keynote speaker for the meeting. Attendees had an opportunity to network, learn transferable sales ideas and to give back to society with all proceeds from the meeting going to a charitable cause.

MDRT membership is not only a prestigious recognition but also an excellent platform for top producers to exchange ideas.

When I first started the business, my production level was far from MDRT requirements, but I continually studied MDRT publications (Round the Table magazine has since become my favorite read) to enrich myself. I recalled reading an article written by Dr. Marius Barnard about critical illness insurance (CII) and with the insights from the article, I refined my approach on CII and witnessed a steady improvement in my business. In 2002, I qualified for my first MDRT membership, with approximately half of my production related to CII.

When I learned that Dr. Barnard was invited to speak at the 2004 MDRT Annual Meeting, I registered for the meeting without hesitation.

Dr. Barnard shared the following at the 2004 MDRT Annual Meeting:

• You need insurance not because you are going to die, but because you need to live.
• One in four people will suffer a heart attack.
• Eight out of every 100 people will suffer a stroke.
• One out of three people will be diagnosed with cancer.
• Fifty percent of people are expected to live five years after a diagnosis of cancer.
  
  

Adapt the information to your local context, share it with your clients and watch your productivity increase.

The key to success in this business is good prospecting.

You have to be professional in order to obtain referrals and to succeed in this business. You need to look for occasions where you can meet people and build relationships. When you are with a prospect, you need to display good communication skills and stewardship over self-interest. As a result, you will build rapport and trust with your prospects.

With this trust, it is easier to show my prospects that I have a genuine interest in helping them achieve their long term goals and in turn, make good recommendations.

In Taiwan, single men rarely buy insurance because they are more confident about the status of their health. However, I recently overheard someone convince a single man on the advantage of purchasing insurance with the following dialogue:

“Mr Prospect, when you decide to pursue a lady who is highly sought after, what makes you stand out from your competition?”

The adviser explained to the prospect, “Other men would say ‘As long as I am here, I promise to bring you happiness.’ But to stand out, you could tell her, ‘Even if I am not here, I promise that you will be taken care of and remain happy.’”

Following that explanation, the adviser said, “A man who has insufficient insurance coverage would need to rely on his wage to provide for his family. However, a man who has adequate insurance coverage has the ability to protect and provide for his family, regardless of circumstance.”

I have found a technique, known as the ‘Three Times Convincer’, to be very helpful. It works on the principle that most people get used to an idea or message if they see it at least three times.

For example, if the date to ideally meet your client is in December, send a message in October telling them that his or her review, or whatever it may be, is coming up in 70 days. In November, with 40 days remaining, remind this person again, confirming how much time should be set aside and what documents should be prepared in advance. Finally with 10 days to go, call the client to arrange the meeting. You will find that the person will be expecting your call and be ready to see you.

However, when dealing with prospects, you should avoid the 'Three Times Convincer' and simply call them.

MDRT Asia Pacific Office

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