How to become an MDRT
The business of Insurance Agency is a very rewarding one. Apart from the commissions promised under every policy sold, agents also get International recognition in the form of prestigious platforms like MDRT, COT and TOT. All these platforms give global recognition as these platforms are eligible for finance professionals everywhere. MDRT is the first rung of the ladder. It stands for Million Dollar Round Table and is an association of Finance professionals internationally.
The association seeks to establish a forum for standard agency practices and rewards those who perform well. An agent’s production is measured under 3 categories. A new agent can qualify for MDRT by fulfilling the production criteria in any one of the first 2 categories while a repeating member can also consider the third criteria.
- Premium collection criteria – this criteria measures the amount of premium collected in a year. The premium collection requirement for the year 2014 to qualify in 2015 is about Rs.33, 81,200. If the agent sells policies amounting to the mentioned amount, he or she qualifies for the MDRT club.
- Commission collection criteria – this criteria measures the commission earned by the agent through the sale of insurance policies in a year. This year’s qualifying requirement is Rs.8, 45,300. By earning the said commission in a year, the agent earns a spot in the MDRT club.
- Income earned criteria – this criterion measures the income earned in a year through insurance agency. The income may consist of first year commissions or even renewal commissions of earlier policies. This year’s qualifying quota is Rs.14, 53,900. The income earned also includes commission from general insurance business.
So, with a high potential of income through commissions and even global recognition, agency business surely is a rewarding experience if one works sincerely. Thus, being an MDRT member is not only of honour and pride, it is a measuring tape for success and credibility in the eyes of the investor as only 5% of all financial advisors finally make it to the MDRT membership each year.
How to become an MDRT : How to become an MDRT : How to become an MDRT