Mumbai, August 16, 2010 -
SBI Life Insurance, the leading private life insurer, has retained the unique distinction of being a Life Insurer from India, topping the prestigious Million Dollar Round Table (MDRT) 2010 across the globe. For the second consecutive year, SBI Life has reached the pinnacle of the international coveted league by increasing its MDRT members from 2,677 in 2009 to 2,904 in 2010. Amongst these, 232 have achieved Court of Table (COT) and 39 Top of Table (TOT) membership status. Consequently, the company ranks first in COT and third in TOT league of tables.
Reputation, standard of sales excellence and high ethical standards are some of the key values that are associated with the MDRT brand. The MDRT membership is an exclusive honor that is achieved by less than 1 percent of the world’s life insurance and financial services advisors. Life Insurance professionals aspire to attain the privilege of being an MDRT member.
Mr. M. N. Rao, MD & CEO,
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SBI Life, said, “Our global ranking is a reflection of our commitment towards providing quality service and need based solutions to our customers. The robust retail distribution structure, in India, comprising agents and bancassuance personnel, has played a significant role in reaching the life insurance solutions to a large under penetrated population, in the recent years.”
Remarkably, the company has been consistently featuring amongst the top five insurers, worldwide, since last four years. Globally, the company ranked 5th in 2007, 3rd in 2008, 1st in 2009 and in 2010 with 802, 1666, 2677 and 2,904 MDRT members respectively.
Mr. Rajiv Gupta, Executive Director, Marketing,
SBI Life added "Through adoption of customer centric approach we have sustained the highest productivity standards. This accomplishment testifies to high acceptablity of SBI Life brand and quality Advisors". An opportunity to represent one of the most trusted brands in the country, superior training program and commensurate competitive remuneration are some of benefits availed by SBI Life Insurance Advisors.
Mr. Anand Pejawar, Executive Director, Marketing,
SBI Life added “ In India, the Bancassurance distribution channel is rapidly evolving and is poised to play a significant role in the shaping the life insurance industry. Bancassurance personnel are now equally positioned with other life insurance professionals to offer life insurance solutions with banking products to their customers”.
Recently, SBI Life Insurance posted an impressive all round business performance, for the financial quarter ending June 2010. The company recorded a profit of Rs.114 Crores, registering an impressive profit growth of 195% over the corresponding period last year. The total premium of the company grew by 9.5% to Rs. 1,707 Crores during the period. The new business premium collected, during the first quarter, stood at Rs. 976 Crores. Further, the Assets under Management grew by 65%, over the corresponding period last year, to Rs 30,082 Crore as on 30th June 2010 stands. The company continues to have the lowest expense to GWP (Gross Written Premium) ratio in industry of 9.18%.
Rapidly expanding its presence, the company has introduced 118 branches, recruited 830 employees and added over 5,000 Insurance Advisors during the last financial quarter.
MDRT is an association of the world’s best life insurance sales (advisors) professionals. Founded in 1927, MDRT is an international, independent association of nearly 36,000 of the world’s leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies. MDRT members are recognized as skillful professionals who are considered to be among the best in the industry, perform outstanding client service, and have achieved the highest standard of sales excellence in the life insurance and financial services business.