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. With these new initiatives, the MDRT Family of Brands recognizes and elevates the exceptional performance of companies and financial services professionals.
As it stands, Philippine companies that reached MDRT’s Top 100 Global Companies in 2021 are Pru Life Insurance Corp. of UK at 42nd, Sun Life of Canada-Philippines Inc. at 53rd, Manulife-Philippines at 79th, and Philippine American Life & General Insurance at 89th. By redefining success for finance professionals, new entries will be able to enter the fold of established and recognized insurance companies alongside the 1,907 MDRT Philippine members as of 2021. With the expanded MDRT awards and rankings, Philippine insurance companies can legitimize their services in the eyes of the public.
According to the Bangko Sentral ng Pilipinas, only 48% of adults had savings in 2020 but 68% of them kept their savings at home while 32% had a savings account with a bank. Moreover, only 18% had insurance. In MDRT’s commitment to delivering value to the insurance profession, financial instruments can be perceived as essential buffers to job loss, inflation, and other unforeseen vulnerabilities, especially when proactive measures are necessary to secure Filipino families from socio-economic crisis during the pandemic.
MDRT Expanded Company Rankings
Using a more holistic approach to measuring achievement, MDRT will add 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 that 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.”
The 2022 Company Rankings will be announced in early July.
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 are actively honing their leadership skills and establishing an MDRT culture of excellence within their agencies. The Culture of Excellence Awards provides 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, including promotion, retention, recruitment, persistency, Whole Person, and membership in MDRT’s Family of Brands—aspects that 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.