FWD Group sees surge in number of MDRT members | Insurance Business Asia
FWD Group has risen to sixth in the 2022 Million Dollar Round Table (MDRT) multinational companies rankings, up four places from last year.
According to FWD, it was able to achieve growth despite the overall industry headwinds caused by the continued global pandemic.
The MDRT is an independent global association that is recognised as a standard of excellence in the life insurance and financial services industries. The annual Top 10 Multinational Companies ranking lists the multinational companies with the largest number of MDRT members.
“We’re incredibly proud of our continued MDRT membership growth,” said Binayak Dutta (pictured above), managing director, emerging markets, and group chief distribution officer of FWD. “Our ability to jump up the rankings in the middle of a pandemic is a testament to the professionalism and customer-first approach of our dedicated and digitally savvy agents, as we work together to transform the industry by changing the way people feel about insurance.”
With only a small number of life insurance and financial services professionals able to meet MDRT’s membership criteria, FWD Group launched its Elite Agency and other MDRT development programmes to prepare its agents and advisors to meet the association’s qualifications.
The insurer also implemented a series of Elite Agency strategic initiatives across the organisation. These include Elite eCoach, an online sales, management and leadership coaching platform. The initiatives are designed to train agents and advisors in using the latest technologies that can expand their reach to prospects and enhance the overall customer experience.
Since 2016, FWD Group’s MDRT membership has grown by 925%, with a total of 2,225 members as of July 1. In 2022, FWD Group’s membership growth rate increased 44% from the previous year, continuing its streak of double-digit membership growth rates since 2016. Membership was 63% in Vietnam, 164% in the Philippines, and 76% in Thailand, ranking third, third and second in the respective markets.