by Suman Gupta
- Registered the highest count (1,978 Advisors) of MDRT-qualified Life Insurance Advisors
- 32% growth in the number of MDRT qualified Advisors over the previous year
- Ranked #1 in most number of female MDRT qualifiers in India and ranked #9 globally
Mumbai, 11 September 2023: Tata AIA Life Insurance (Tata AIA), one of India’s leading life insurance companies, has been ranked among the Top 5 Insurers in the world for the highest number of MDRT qualified Advisors. The Company recorded 1,978 Advisors qualifying for the coveted MDRT (Million Dollar Round Table) league as on July 1, 2023. MDRT qualified Advisors are considered the best in the industry, given their level of knowledge and expertise in the field of life insurance. They are thus best equipped to offer the right advice to consumers and enable them to meet their life stage needs. In another milestone, Tata AIA ranked No.9 globally and No.1 in India for the most number (936) of qualified Women MDRT Advisors. The company broke into the Top 10 in the world on this front for the first time.
Amit Dave, Chief Agency Officer, Tata AIA Life Insurance, expressed, “It is my great privilege to see so many Tata AIA Advisors earn global recognition and achieve such a distinguished honour. At Tata AIA, we ensure that our consumers get the best advice and experience across the value chain, especially the Advisors. To make this possible, we ensure that our Advisors get industry-leading training, development support, and career growth opportunities. Along with our Advisor network, we will continue to work towards bringing every Indian under the security net of life insurance and thereby empower them to meet their life stage needs.”
Venkatachalam H, President and Chief Distribution Officer, Tata AIA Life Insurance, added, “It’s truly a great feeling to be part of the Top 5 insurers in the world for the highest number of MDRT qualified advisors and to have ranked #1 in India. This has been possible due to the dedication and commitment of our Advisors across the Agency network and our proprietary channel. With such a strong team, our customers can be assured of receiving the best insurance advice backed by innovative solutions that fulfil their aspirations towards their loved ones.”
MDRT is a global independent association of the world’s leading life insurance and financial services professionals from more than 500 companies across 70 nations and territories. They consistently demonstrate professional knowledge, strict ethical conduct and outstanding customer service.
While MDRT Qualifiers represent the world’s top Financial Professionals®, MDRT membership also includes two additional tiers – Court of the Table (COT) and Top of the Table (TOT). A CoT advisor must achieve three times more business than an MDRT, while a ToT advisor must achieve two times the business of a CoT advisor. Tata AIA recorded 103 CoTs and 30 ToTs for the year.
About Tata AIA Life : Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world, spanning 18 markets in the Asia Pacific region. Tata AIA reported an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr in FY23, an increase of 59% over FY22. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The Persistency ratio, reflecting the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1%.
About the Tata Group : Founded by Jamsetji Tata in 1868, the Tata Group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2022-23, the revenue of Tata companies, taken together, was $150 billion (INR 12 trillion). These companies collectively employ over 1 million people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of $300 billion (INR 24 trillion) as on July 31, 2023.
