More than five hundred Nepalese agents are eligible for MDRT 2024

Reena khatri

Kathmandu : More than 500 agents have qualified in the Million Dollar Round Table (MDRT) and internationally recognized organization of insurance agents. This year, 550 agents from Nepal have qualified to participate in the biggest achievement of insurance agents.

Although 550 agents are eligible for the MDRT target from Nepal, only 5 percent insurance agents will participate in the program to be held in Vancouver, Canada.

Insurance agents from all over the world have been waiting for this program for a year. MDRT is also used by insurance agents as a medium and a school to understand new topics for insurance agents who are doing insurance business from the Nepalese insurance market.

Agents who have completed the target by collecting insurance fees from January to December 2023 have been selected for the MDRT of 2024. For the year 2024, more than one thousand agents of Nepal have completed the target given by the MDRT organization.

Apart from Sun Nepal Life, Met Life, agents of other companies have also given the agent exam. Those companies have not finished processing the MDRT data.

Therefore, it seems that the number of people who have fulfilled the MDRT target from Nepal might increase. According to the details provided by the companies, it seems that the order of MDRT will increase further. According to the data of MDRT given by the company, 550 agents have qualified for MDRT 2024 this year.

 Currently, the number of agents who have met the target of MDRT has decreased in the life insurance companies that are doing excellent business in Nepal. This is shown by the data given by the companies while collecting data to Beemapost that the number of agents who qualified for MDRT was decreasing before the Corona period.

 By the year 2022, over 1,000 insurance agents were the acquirers of MDRT. Due to the economic recession, the tendency of agency managers and agents who are doing excellent business to go to foreign jobs and other professions is increasing.

Nand Tiwari, senior agency manager of Nepal Life, says that this situation is common in the insurance sector when the economic situation of the entire country is moving from complexity to improvement. They are the best companies that have succeeded in protecting their reputation by challenging even the companies that have become stronger after the merger since the beginning of the company.

 These three companies are continuously recognized as the strong pillars of the insurance sector. These three companies are the best companies that produce skilled insurance agents. According to the insurance authorities, after the insurance authority gave the license to the new insurance companies, the companies gave the best agents of these top three companies the first priority and brought the company into operation.

LIC Nepal has become the company that has achieved the most MDRT targets this year. 118 agents have been qualified from the company for the year 2024. Nepal Life is in second place. This year, 116 agents including two CEOs have qualified for the year 2024 from the company.

Similarly, 83 agents have qualified for the MDRT of 2024 from National Life, which is doing business at the top three levels. After the merger, Himalayan Life, which is seen as a competitor with the top three companies, has also started to appear ahead in business recently. For the year 2024, 50 agents from the company have qualified for MDRT.

Similarly, 31 insurance agents from IME Life, 31 agents from the joint Surya Jyoti Life Insurance Company comprising of Surya Life and Jyoti Life have qualified. 27 agents from Sanima Reliance Life Insurance have completed the target of MDRT.Likewise, 23 agents from Reliable Nepal Life and 20 agents from National Life Insurance Company have completed the target of MDRT.

Among the agents who are affiliated to Citizen Life Insurance, 20 people have fulfilled the target of MDRT.According to the data received from the company, nine agents of Prabhu Mahalakshmi Life have qualified for MDRT. Nine Agents from Asian Life 2024 Nine Agents have completed the MDRT target.Nepali insurance companies have also been participating in MDRT. The MDRT conference of 2024 is being held in Vancouver, Canada, in which the insurance agents of Nepal have fulfilled the target given by the organization.

LIC Nepal was the first to participate in MDRT. Lately, along with old insurance companies, new insurance companies have also been participating in the organization.

How many people are eligible from the top three companies in COT and TOT?

For the year 2024, LIC has become the company that has achieved the highest TOT target on behalf of Nepal. There are three agents in the company who have reached the target of 29 lakh rupees. There are only TOT qualified agents in the company.

 In CEOT there are 10 people from LIC Nepal, four from National Life and two from Nepal Life. Information received from the company has also received information that 1 person from Citizen Life is qualified for CEOT.

One person has qualified for TOT from Sanima Reliance Life.

 What is MDRT?MDRT is an international organization for life insurance agents. Its head office is located in Chicago, USA.

MDRT’s full name is Million Dollar Round Table. MDRT was established in 1927 under the leadership of the world’s 32 largest life insurance companies. Currently, life insurance agents of 700 companies from different insurance companies in 80 countries have become its members.

 The MDRT conference is held every year in the US. MDRT has determined the target for the countries associated with it. The agents of the life insurance companies of those countries should fulfill that goal.

After achieving the set target, MDRT is considered eligible for membership. It sets different targets every year and the agents of the respective country’s life insurance companies can renew their membership of MDRT by completing them.

 Those who achieve the target and become members of that organization can participate in the conference of MDRT. Members have to pay the membership fee determined by MDRT every year. Thus, those who renew their MDRT membership for 10 years can become ‘life members’.

MDRT has determined the target for the affiliated countries for the period from January 1 to December 31 of each year.

Nepal has also become a member of MDRT since 2003. At that time, some activists had gone to America to participate in the conference of MDRT. Those actors had increased the pride of the country by placing the name of their country in the line of MDRT.

MDRT has also introduced two other institutions for actors namely Court of the Table (COT) and Tough of the Table (TOT). The target of COT is three times higher than that of MDRT.The target of TOT is 6 times higher than MDRT. MDRT has set different targets based on US dollars for each of its member countries.Agents from all over the world who have fulfilled the given goal and paid the membership fee can also participate in the conference.

What are the benefits of subscribing to MDRT?

Achieving the goals of this organization is considered as a matter of reputation for every agent.

The conference of this organization is considered important for enhancing the capacity of agents. Agents who have completed the target of this organization in the market will be looked at better and the agents themselves will also be helped to improve their abilities, so it seems that the agents’ attraction towards it is increasing.

 Life insurance companies operating in Nepal have subscribed to this organization. The first life insurance company of Nepal affiliated to this organization is Life Insurance Corporation (Nepal). LIC Nepal was the first to take membership of this organization.After that, Nepal Life, National Life and now all the life insurance companies seem to be in the process of achieving the target of MDRT. The enthusiasm of agents for MDRT in companies can be seen in recent times, both new and old alike. The conference of MDRT is held in different countries every year. MDRT is also considered as an excellent international platform for leadership development and capacity building. How to participate, what is the process?

The target must be completed every January 1 to December 30. Successful agents can participate in MDRT, an international organization, from January 1st to December 31st of every English year.For this, those who have completed the target within the specified time must also pay a registration fee of US$600. Which Nepali money is 79 thousand 78 hundred rupees. In 2022, it was 550 rupees. The organization sets different targets every year. Agents say that the organization adds 10 percent of the membership every year. There are three types of members in MDRT. In the year 2024, the organization had given a target of collecting Rs.46 lakh insurance fee.

It was reduced from 42 lakhs to 23 lakhs before the corona period and reached 34 lakh rupees in 2022 and now it has reached 46 lakh rupees. If the insurance fee is collected 3 times more than the MDRT, they can become COT i.e. Court Down the Table.

Agents who collect insurance fees more than 6 times of MDRT will get the title of TOT i.e. Top of the Table. Meeting of MDRT and COT is held once a year. Similarly, TOT meetings are also separate. Such a meeting is held to collect the highest premium.

Note: This statement has been prepared based on the number of MDRT given by the company.