MDRT is the standard of excellence in the global life insurance and financial services industry
In a media announcement, AIA Group Limited, parent company of Philam Life, proudly revealed that it is the only company in the world to have achieved the largest number of Million Dollar Round Table (MDRT) members for two consecutive years.
MDRT is internationally recognised as the standard of excellence in the life insurance and financial services business. Its members are required to generate a certain level of premium, commission, and income, and demonstrate exceptional professional knowledge, strict ethical conduct and exceptional client service.
As of this month, a total of 5,687 AIA agents and agency leaders were registered as MDRT members, representing an increase of over 47 per cent in members of this elite group from 2015.
“This record-breaking result truly demonstrates the successful delivery of our Premier Agency strategy in driving growth in activity and productivity across the whole of our agency force,” said Joe Cheng, CEO of Group Agency Distribution of AIA Group. “Our Premier Agency strategy places particular focus on the quality of our agents, spanning from the recruitment process to training and professional development. We also invest significantly in technology to help our agents improve the means by which they serve our customers through our innovative digital platforms. Our commitment to our Premier Agents not only allows us to provide high quality and professional service to meet the growing needs of our customers throughout the region, it also underpins the sustainability and quality of our growth.”
Launched in 2010, AIA’s Premier Agency strategy has been supporting agents with industry leading technology. The Group’s interactive Point of Sale (iPoS) system is now well established as the principal sales tool for agents across AIA’s markets. This interactive technology allows AIA to enhance customer experience, reduce turnaround times, and increase agent efficiency and productivity. Embedding iPoS in the company’s second generation interactive Mobile Office (iMO) platform enables AIA’s agents and agency leaders to manage all of their activities, from recruitment and lead generation to the face-to face sales process and training, efficiently on one single mobile device.
AIA’s commitment and investment to having the highest quality agency force has contributed to the company’s excellent performance in the years since its IPO in 2010. AIA’s agency channel delivered 29 per cent growth in the company’s Value of New Business (VONB) during the first six months ended 31 May 2016, a period in which AIA achieved a record result in its overall VONB growth.
“We are delighted to be Number One in the world in MDRT for the second consecutive year and I congratulate every one of our agents who helped to make this outstanding result possible. Looking ahead, we will continue to strive to ensure we have the highest quality agency force as we help our customers around Asia-Pacific to lead longer, healthier, better lives,” said Joe Cheng.
Emulating the success of its parent company, AIA’s Philippine subsidiary Philam Life likewise continued to add a growing number of its financial advisers to the MDRT roster. Notable are Estela Belen and Grace Acuin, who are members of the Top of the Table (ToT). These are outstanding members who have achieved more than six times the performance of a regular MDRT member.
With strong support from the AIA group, Philam Life launched a number of innovative initiatives including Philam Vitality, a science-backed wellness programme, and Genesis, a first-of-its-kind agency office facility in the Philippines, enabling Philam Life to equip and empower existing and aspiring financial advisors to become the next generation agency leaders and MDRT members.
“We are committed to helping our financial advisors and leaders to develop a long-term and successful career by providing them with world class training, industry-leading technology, and innovative financial solutions. Together we will take Philam Life to the next level with increasing number of MDRT members from the Philippines,” said Philam Life CEO Ariel G. Cantos.
About Philam Life
The Philippine American Life and General Insurance Company (Philam Life) is the country’s premier life insurance company. Established on 21 June 1947, Philam Life has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
Philam Life has PHP236.4 billion in total assets as of 31 December 2015 and has delivered timely payouts of over PHP10 billion in education benefits (2004-2015) and over PHP131 billion in insurance benefits (1950-2015), while serving close to 600,000 individual policyholders and over 2 million insured group members.
Philam Life understands the real life needs of its customers and provides the right plans and the right solutions including life protection, health insurance, savings, education, retirement, investment, group and credit life insurance. It also offers bancassurance and fund management products and services through its subsidiaries – BPI Philam Life Assurance Company (BPI-Philam) and Philam Asset Management Inc. (PAMI).
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and representative offices in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$181 billion as of 31 May 2016.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
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