Jim O’Neill, Chairman of Goldman Sachs Asset Management, recently recognised Indonesia and Korea as having the largest potential for economic growth in the Asian region. These two countries are within Membership Communications Committee (MCC) Region D, where MDRT members from Japan, South Korea and Southeast Asia account for about 30% of MDRT global membership figures. Membership numbers in the region declined in 2009, but it experienced an upturn in 2011. Fluctuations of membership figures are influenced by the economic conditions as duly reflected in 2009 after the 2008 economic crisis.
Ongoing collaborative efforts of the various MDRT Zone and Country Chairs are ensuring a steady increase in Region D’s membership figures. In September, members and Zone Chairs from MDRT Japan and Korea Chapter gathered at the MDRT Day in Japan for an exchange of best practices and to strengthen bilateral relations. Zone and respective Country Chairs of Southeast Asia also constantly help to raise awareness about MDRT and actively provide support for MDRT-related activities. Also, at a recent MCC meeting in Singapore, Zone and Country chairs of the region gathered to review their plans to drive membership growth and to establish the region’s direction for the upcoming year.
There are plans in the pipelines for members of the MCC to meet with senior management from various insurance companies in Singapore, Malaysia, Philippines and Vietnam to promote the benefits of MDRT membership. Dedicated promotional efforts for the 2012 MDRT Experience meeting, happening from 9–11 February in Bangkok, have also been progressive since the beginning of 2011. With the event just two weeks away, financial services professionals in the region are gearing up for the highly anticipated meeting.
With the cooperation of members and leaders within Region D, I am confident that our continuous efforts will contribute to raising awareness of the benefits of MDRT membership and membership growth in the region.
Sung Ho Shin
2012 MDRT Regional Chair for Japan, South Korea and Southeast Asia
Membership applications for 2012 have been sent to all 2010 and 2011 MDRT members. If you have not received your 2012 membership application, please contact MDRT at membership@mdrt.org. You can also download and print a copy of your personalised 2012 membership application from the MDRT website.
Mail your completed application by 1 March 2012 to avoid paying the additional required fee of USD 200. Faxed and emailed applications will NOT be accepted.
Follow these five simple steps for submitting your membership application:
| Step 1 | If you have not received your 2012 membership application form, click here to make an online request or to download your personalised 2012 membership application form. If you are a new potential member, click here to request your application. |
| Step 2 | Verify that your personal information at the top of the application is correct and answer all questions on the form. If your information needs revisions, please make corrections directly on the application. |
| Step 3 |
Send the certifying letter(s) to your company(ies) to have your eligible commission or premium production verified. You may make copies of the certifying letter form if you need to send it to more than one company. Click here to obtain your certifying letters.
Note:
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| Step 4 | Make a photocopy of your application and certifying letter(s) for your records. |
| Step 5 | Return the completed application, certifying letters and dues payment to MDRT headquarters postmarked no later than 1 March 2012. Membership fees can be paid via MDRT's secure payment site. |
Allow four to six weeks for your application to process, after which you may check the status of your application by clicking here. Enter your MDRT ID number (available from your copy of the application sent to you) and your birth date to verify.
With the much-anticipated 2012 MDRT Experience meeting less than 2 weeks away, here is a checklist to help you prepare for the meeting.
- Registration
- Register online, or download the registration brochure.
- Housing
- Arrange for accommodation with MDRT-recommended hotels. Visit the 2012 MDRT Experience website for more details or contact the Event Planner at mdrt-experience@mci-group.com for housing inquiries.
- Programme Schedule
- To maximise your meeting experience, familiarise yourself with the Programme Schedule on the 2012 MDRT Experience website.
- Simultaneous Interpretation
- Simultaneous Interpretation will be available in Bahasa Indonesian, Hindi, Japanese, Korean, Mandarin, Thai and Vietnamese. If you require interpretation in any of these languages, a USD 25 fee must be paid in advance or on site in order to receive an interpretation radio.
- Bangkok Sightseeing Tours
- Make arrangements for sightseeing tours within Thailand before the meeting. Click here for tour information.
The 2012 MDRT Experience meeting has received the Continuing Professional Development (CPD) accreditation by Life Insurance Association Singapore (LIA). As such, all meeting attendees from Singapore will receive 10 CPD hours (50 percent knowledge, 50 percent skills).
2012 Experience Meeting speakers streaming live
MDRT Connect is a private online resource where members can learn, exchange ideas and connect with event partners. This great new learning tool offers 24/7 access with many useful features that help you get more value from your MDRT membership. Click on this link to view Live Streaming.
Live Streaming Schedule:
See you in February 2012 in Bangkok, Thailand!
Invigorate your mind at the highly acclaimed 2012 MDRT Annual Meeting with educational and motivational presentations by the world’s most outstanding financial services professionals. Happening from 10–13 June 2012 in Anaheim (home of Disneyland), California, USA, the meeting will bring you inspiration, ideas and solutions for the year ahead.
Registration opens 1 February 2012. Register in advance to take advantage of the early registration rate. There are three ways to register for the meeting.
| 1. | Register online: | Available at http://www.mdrt.org/2012am/registration.asp from 1 February 2012 |
| 2. | Mail your completed registration form to: | MDRT Registration Experient/MDRT P.O. Box 4088 Frederick, MD 21705 USA |
| 3. | Fax your completed registration form to: | +1 301.694.5124 |
Visit http://www.mdrt.org/2012am for more information about the meeting.
Source: Asia Insurance Review eDaily e-newsletter, 8 December 2011
The Indian life insurance industry is forecast to grow at a rate of 13-14 percent in terms of gross written premium to INR5.5 trillion (US$107 billion) in the next five years to 2015, contributing 10 percent of the total global premium growth. The country will be one of the few major markets globally to grow at double-digit rates over this period, according to a report, 'India Insurance 2.0: New Rules, New Game', by international consulting firm McKinsey & Co.
However, the report also states that while the Indian life insurance market will continue to be one of the most attractive markets for growth globally, the paradigm for success is likely to change significantly, driven by discontinuities in regulations, customer behaviour and technology adoption.
The report notes the current growth in the Indian market is primarily driven by short-term investment-linked products, with limited emphasis on long-term savings and protection coverage. The report expects the current slowdown in first-year premium revenue to continue for another 12-18 months, as insurers adjust their business models to meet the requirements of new regulations introduced in September last year that covered matters like commissions.
It also says that the Indian life insurance industry is the least profitable market for its shareholders among all Asian countries. The profit margins or the new business adjusted profit (NBAP) margins are 18 percent for India. In China, Singapore, Malaysia and Thailand, the margins are much higher, around 30-60 percent.
"Going forward, the focus of the industry must broaden beyond growth to include two very important aspects which it has largely ignored in the past decade - providing long-term savings and protection to consumers, and driving profitability in the core life insurance business through sustainable business models," says Mr Naveen Tahilyani, McKinsey India partner.
On 5 November, over 1,700 MDRT members and nonmembers gathered at the Sheraton Shenzhen Futian Hotel in Shenzhen for the MDRT China Roadshow. Themed "Attentive Service, Create Value," the roadshow featured speakers from China, Hong Kong and Taiwan who shared inspirational content and innovative sales techniques with fellow delegates. 2012 MDRT Divisional Vice President Anne-Marie Lee, ChFC, CLU, and 2012 MDRT Country Chair of China, Li Hong were also invited as guest speakers for the event.
During the life insurance sale process, you need to bridge the gap between the levels of understanding of information between the prospect and the person pitching the sale. The most effective way to bridge the gap is to break down your message into smaller chunks of three for greater clarity.
During the first meeting with a prospect, be aware of the three key elements of each point you are putting across. Using life insurance as an example, I would typically deliver a short introduction such as the one below:
- The three basic products of life insurance are:
- Term
- Endowment, and
- Whole life
- There are three parties involved in every life insurance contract. They are the:
- Policy-owner
- Insured, and
- Beneficiary
- Life insurance involves three types of payment:
- Death benefit
- Other benefits (both paid by insurance company), and
- Premium (customers pay)
- The three types of tax that may be charged on benefits are
- Income tax
- Inheritance tax, or
- Donation tax
- The three rates of premiums are:
- Assumed interest
- Assumed mortality, and
- Assumed business expense ratio
- Further, there are three purposes to purchasing insurance:
- Death benefit
- Medical expenses, and
- Money-saving
- Individual financial assets are classified into three categories:
- Cash,
- Insurance (cash value), and
- Stock and securities
- Applicants for life insurance must prove their insurability, and underwriters classify these applicants into three categories:
- Insurable/approved
- Rated, or
- Declined
If the client has minor or no insurable issues, life insurance can be a very effective tool in solving financial problems, as life insurance allows for the client to:
- Choose the size of protection
- Designate the beneficiary and their loved ones, even without will or legal procedures, and
- Adopt a certain method to deliver cash when needed the most
The key word is "three." Breaking information into three parts makes it easier to explain and comprehend.
When I meet my clients for the first time, most are unable to identify their financial pitfalls. Therefore, during my first consultation session with a client, I always perform a thorough review of the client’s present financial status instead of introducing my products and services. I would recommend having the second meeting at the client’s home as I would be able to meet the client’s family, which will help me gain a deeper understanding of the client’s financial needs.
During the consultation, engage the client and his family in identifying their short-, mid- and long-term goals, and then customise recommendations accordingly. The objective is to help the client understand how various kinds of insurance policies can help in different stages of their lives. Once you are able to help your clients identify their current problems, future risks and suitable solutions to those issues, they will become more receptive to your subsequent proposals.
Obtaining good referrals from clients is crucial to our job. We have to find individuals who need insurance and by contacting these people, we improve our productiveness and work becomes easier and more enjoyable.
We need to ask our existing clients the relevant questions in order for them to provide us with our ideal referrals. In doing so, we will always be directed to potential new clients, and after selling the policies, we will have an easier time coping with any difficulties that may arise.
Everything begins with finding the right people and, therefore, "hand selecting" your clients is the best way to go.
Do you have an interesting sales idea, a proven strategy or an inspirational phrase to share with fellow MDRT members? We are keen to hear from you if your ideas are based on the following themes:
- How to Approach Customers
- How to Recruit Staff
- How to Sell Multiple Products
We are also interested in ideas relating to the Whole Person Concept, viewpoints on challenges facing the financial services industry, and also case studies that can inspire other members to overcome challenges to win a client or sell a particular product.
You can send your article, content outline or inspirational quote to MDRT Asia Pacific at asiaconnect@mdrt.org.
Download the 2013 Production Goals Table and chart your way to MDRT qualification.
Chart your way towards 2013 MDRT membership.
Click here for the complete list of production goals charts.
Browse the new and improved MDRT Round the Table (RTT) digital magazine today! You can read past issues of the RTT magazine dating from 1999, view list of upcoming articles for the next issue and submit your contributions and suggestions via the website. Visit www.roundthetable.org today to find out more!
| 1 February 2012 | Early Registration for 2012 MDRT Annual Meeting Opens |
| 8 February 2012 | Advance Registration for 2012 MDRT Experience Ends |
| 1 March 2012 | 2012 MDRT Membership Application submission deadline* *Applications received after 1 March will incur an additional fee of USD 200. |
| • | Be an MDRT Speaker |
| • | Contact the MDRT Asia Pacific Office |
| • | Submit an article for MDRT Asia Connect |
| • | View the English edition of Round the Table (RTT) magazine online |
| • | Spread the word about MDRT |
| 9–11 February 2012 | 2012 MDRT Experience Bangkok, Thailand |
| 14 February 2012 | MDRT Day Calcutta,
Calcutta, India For more information contact MCC India Zone Chair Subrata Saha at subrata_saha_lic@yahoo.com. |
| 18–19 April 2012 | MDRT Japan Chapter Annual Meeting Sapporo, Japan |
| 10–13 June 2012 | MDRT Annual Meeting Anaheim, California, USA |
| 31 July 2012 | MDRT Day Taiwan Taipei, Taiwan To register, download the registration form and fax it to +886-2-2508-1902. For more information, please click here. |
| 10–13 October 2012 | Top of the Table Annual Meeting Amelia Island, Florida, USA |
Tel: +65 6496 5505
Fax: +65 6496 5599
Email: asiapacific@mdrt.org
Website: www.mdrt.org
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