Kathmandu. At the agency felicitation ceremony held at a five-star hotel in Pokhara last week, Life Coach Rabin Katwal was encouraging the agents to become MDRT. Addressing the mass of more than two hundred agency members, he said “If you can win the hearts of others,you can win the world”.
He encouraged the MDRT participants to become COTs. TOT to those who have qualified for COT. Life coach Katwal added, “It is not the search for alternatives but the determination without alternatives makes us successful.”
Each year, from the beginning of January to the end of December, the agencies get honored with the title of MDRT, COT and TOT based on their business goals achievement. Professionally active agents now have very short span of time for the end of December.
Under MDRT, there is provision for three tier title. In the first tier, the agent who succeeds in earning the first premium of Rs.35 lakh gets the title of MDRT. It has also become a matter of prestige as the life insurance companies have announced to honor the eligible agents for the MDRT title in a ‘special honors ceremony’.
What is MDRT?
MDRT is an internationally recognized organization of insurance agents such as Lions Club, Rotary Club, Round Table, JCI, international social organizations active in Nepal for years. MDRT or Million Dollar Round Table. Headquartered in the United States, it is a representative body of business agents from around the world. Founded in 1927, the institute has been awarding titles on the basis of the commission, income and first premium that the agent has to earn individually throughout the year.
It also invites agents who pay membership fees to attend a conference of agents from around the world. The next annual event is scheduled to be held in Boston, USA on June 2022. The term MDRT is often used in the minds of business agents especially in the month of December as it opens the door to possibilities for business skills and personal development and provides a golden opportunity to reach the international level.
MDRT’s Code of Business Conduct:
The MDRT has warned the agents who are trying to meet the target of insurance premium and commission income even though they are giving up their business character. MDRT has set a seven-point business code of conduct. The Code of Conduct requires agents to consider the interests of the insured above all, to maintain the highest professional efficiency, to maintain confidentiality, to disclose all facts about the insured in the insurance proposal form, to maintain business conduct, to ensure that any insurance plan is in the insured’s interest. And instructed to follow the rules in full.
MDRT membership fee:
The fee for MDRT is 500 US dollars or NPR 60,600. Similarly, for COT, you have to pay 600 or NPR 72,720 and for TOT, you have to pay 1,100 US dollars or NPR 133,000. The fee shall be paid by the agent himself and not by the insurance company.
Agents will be eligible for MDRT for 2022 on the basis of 2021 transactions. Eligible agents will have the opportunity to participate in a four-day conference to be held in Boston, USA from June 24 to 29, 2022.
Are you a business agent? If so, is there any chance of becoming MDRT this time?