mdrt - new europe c-level exec bus dev strategy
DESCRIPTION
presented by Matteo Pederzoli, MDRT Europe DirectorTRANSCRIPT
Venice to Vladivostok: MDRT Europe’s
membership and Annual Meeting registration
growth drive
Matteo Pederzoli, Europe Regional Director,
MCI Client Director
MDRT is:
• Independent — Members represent 496 companies worldwide. • Membership comprises all distribution system types, industry careers and education levels.
• Member-driven and member-oriented
• Global — ~40,000 members in 81 countries
• The Premier Association of Life
Insurance and Financial Product Agents
• Top 10 membership includes top 5% of the market producers
in USA, China, Japan, India, Canada and Europe.
MDRT facts & figures (2005)• Average commission earnings
– Industry: EUR 38,050 – MDRT members: EUR 135,854 – Court of the Table: EUR 163,570 – Top of the Table: EUR 536,896
• Average premiums: EUR 299,133
• Average number of cases written – Industry: 45– MDRT members: 188– Court of the Table: 205
– Top of the Table: 363
Source: LIMRA
MDRT qualification requirements• Qualification by Commission or Premium -
new business only.• Set independently for each country - and
indexed per purchase price of goods (World Bank PPP).
• Categorized per production level (Court of the Table, Top of the Table).
• Expressed in local currency.• Based on unlimited and/or limited credit.
According to Nobel Prizewinning playwright, essayist,
and critic George Bernard Shaw, "Ifyou have an apple and I have
anapple and we exchange theseapples then you and I will stilleach have one apple.
But if you have an idea and Ihave an idea and we exchangethese ideas, then each of us
willhave two ideas."
Underlying principle
Sales ideas are“MDRT Europe Inc’s” currency AND shares
MDRT Europe Value Unit
1 member = 1 sales idea /1 marketing idea /1 (best) practice management idea
Prestige Professional Growth
Personal Growth
Productivity
Value pillars
Education/Knowledge
Ethics Service
One-sentence MDRT Europe mandate
To develop MDRT by liaising with insurance companies’ CEOs and Sales Directors.
Membership Growth Europe – MDRTMatteo Pederzoli, European Regional DirectorBuilt and implemented a European c-level executive business strategy to increase membership, Annual Meeting attendance, and brand awareness in Central and Southeastern Europe. Membership and Annual Meeting attendance grew by 20% and 33% respectively in 2007.
Pre-history/Dimlights• Province of Asia• Dirigiste approach (top-down only with no
bottoms up and/or grassroots) • Top Of Table Tour (TOT) ephemeral carnival • Disney vs. productivity/math is not opinion Value
Proposition• No knocking on companies doors• Membership impasse• CR mandate with no PR/marketing &
communications support• Blanket solution over language barriers• Client at turning point going to point of no return
Roadmap to solution
Interest
Industry Component Cube
Map membership according to 3 categories
Find critical mass Create unique
benefitsGeographical region
MDRT Europe’s roadmap
Iceland to Israel; Azores to the Urals
DSF
Life Insurance and related products
A sales-idea-based…MDRT Membership = HigherProductivity = MDRT Membership
Value Proposition…whereby partnering with MDRT means:• A more productive and profitable
sales organization• A more knowledgeable organization• A motivated and inspired sales force • A staff culture that fosters success• A positive reputation in the industry
Dottiest? Where can we grow?
MDRT’s critical mass
“New” Europe:– More favorable view toward USA/low or non-
existent counter-Americanism– Grasp for economic improvement– Declining welfare system and birthrates
Population
Age M
DR
T
MD
RT
Strategic redirecting
MDRT
Change of perception
MDRT’sEurope
2006-08 Action Plan (Equation)
Corporate Relations+ Member Activities
+ Local Languages
=
Increased Membership+Increased Annual Meeting Participation
(with increased brand awareness and stronger brand equity as side organizational benefits)
Membership Development Strategy Chart
Central, Southeastern Europe and Russia
Croatia
Hungary
Slovakia
Lithuania
Poland
RussiaRomania
Slovenia
Serbia
Ukraine
Cyprus IsraelFrance
SpainTurkey
Italy
Portugal
Luxembourg
Ireland
Netherlands
United Kingdom
Northwestern Europe
Belgium Germany
Greece
Czech Rep.
Bulgaria
Mediterranean
MDRT Europe Corporate Relations Strategy Chart
MDRT liaising 1Company's present
COUNTRY/MARKET (CSEE & CIS)(listed in order of market size per total life premiums)
Action legend:
Pol
and
Ukr
ain
e
Se
rbia
&
M
onte
neg
roL
atvi
a
Gre
ece
Hun
garyGRO UPS [TO P 300/listed in
order of reg. market position]Source: www.theinsurer.net C
zech
Rep
ubl
ic
2 3 4
Rom
ania
Cro
atia
Cyp
rus
Lit
huan
ia
Est
onia
Bul
gari
a
Met producersMDRT met co. execs. Has members
Tur
key
Slov
akia
Ru
ssia
Slov
eniaMDRT
penetration rate (action/presence)
42%66%41%31%59%93%
6%21%
0%10%
0%58%10%
0%10%10%
0%0%0%
0%8%
50%50%
0%0%0%
25%50%75% Brokernet
75%100%
25%38%50% Halyk Life
50% HSBC
25%25%
36%
AverageMDRT co.penetration
Subregionalmarket division
COMPANY & MARKET 5% 0%14% 0% 16% 31%10% 50% 4% 68%25% 45% 19% 54%48% 43%
Eureko
Eurolife (EFG)
IBG
46%
PZU
ING
Generali/Ceska Pojistovna (PPF)
Pol
and
Allianz
AIG
AVIVA
Vienna Insur. Group (VIG)
Aegon
KBC
Uniqa
Triglav
Hansa
Société Générale
AXA
Groupama
Cardif
Oranta
Seesam
Royal & SunAlliance
QBE
Alfastrakhovanie
Acibadem
Europisti
Ethniki
Ingosstrakh LMT
Talanx
SEB
Sampo
Fortis
GraWe
ERGO
Ukr
ain
e
Se
rbia
&
M
onte
neg
roL
atvi
a
Gre
ece
Hun
garyGRO UPS [TO P 300/listed in
order of reg. market position]Source: www.theinsurer.net C
zech
Rep
ubl
ic
Rom
ania
Cro
atia
Cyp
rus
Lit
huan
ia
Est
onia
Bul
gari
a
Central Europe
EasternEurope
Central Europe
EasternEurope
EasternEurope
EasternEurope
EasternEurope
EasternEurope
Central Europe
Central Europe
Central Europe
Central Europe
Mediterranean
Mediterranean
Mediterranean
EasternEurope
Russia
Tur
key
Slov
akia
Ru
ssia
Slov
enia
Currently has no
Currently has no Direct Sales Force (DSF).
OTHERS - CSEE & CIS not listed bytheinsurer.net
MDRMDR
• MDRT Ambassadorship: At own expense, a company requests one or more MDRT member/s and/or staff to address an audience made up by sales force and/or sales management at a company event.
• MDRT Sales Ideas Seminar: An MDRT Volunteer Leader and/or staff invites one or more companies to endorse an MDRT event at the company’s expense.
• MDRT Day/s: Driven by one or more MDRT Volunteer Leaders and involving participation & financial support of producers (sellers) from a minimum of two companies.
Dear Company Executive, …you could also consider having an MDRT speaker address your
top sales force and management and/or organizing a practical &
transferable MDRT Sales Ideas Seminar …here follows a sample session
sequence/schedule (minutes based on simultaneous interpretation):
1.MDRT Value Proposition (toward increased sales force productivity) - 45 minutes
2.How To Sell (focus on selling techniques) - 60 min.3.Effective time management (how to increase activity volume) -
60 min.4.Sales Ideas ("open the relationship, do not close the deal") - 60
min.5.Questions & Answers - 45 min. tot.?
…as long as we plan ahead speaker availability-wise, no speaker fees would apply; we
would ask you to cover only the cost of our travel and accommodation.
Note: This document is complementary to the Strategy Chart and includes only the companies that have financed [up to 100%] the meetings with MDRT Europe.
* denotes conservative cost estimations based on documentation and post-event cost projections.
FY Q Company MDRT representatives Quantifiable VIK/description Total amount (EUR)
Also at host-company expense
2006 04 Company 1 Dinos Kyriakou, Cristina Poenaru, Moshe Hadari and MatteoFlights and rooms* 1,616.52 Board and transfers
2006 04 Company 2 Matteo Room 284.00 Board and transfers
2007 01 Company 3 Dinos, Moshe, Orsolya Pozsonyi and Matteo Flights and rooms 1,929.31 Board and transfers
2007 01 Company 4 Moshe and Matteo Moshe's flight and rooms 1,791.65 Board and transfers
2007 01 Company 5 Dinos, Moshe, Helen Jenkins and Matteo Flights and rooms* 2,011.49 Board and transfers
2007 01 Company 6 Caroline, Dinos, Moshe, Greg Pogonowski and MatteoFlights and rooms* 3,801.36 Board and transfers
2007 02 Company 7 Dinos, Moshe, Cristina and Matteo Flights and rooms* 3,062.18 Board and transfers
2007 02 Company 8 Brian Burlacoff & Mark Coutts Flights and rooms* 4,185.66 Board and transfers
2007 02 Company 9 Brian Burlacoff, Mark Coutts and Matteo Flights and rooms* 6,408.67 Board and transfers
2007 03 Company 10 Dinos, Moshe, Jim Barry and Matteo Flights and rooms 2,714.13 Board and transfers
2007 03 Company 11 Dinos, Moshe and Matteo Rooms* 686.70 Board and transfers
2007 03 Company 12 Moshe Flights and rooms 1,000.00 Board and transfers
2007 04 Company 13 Moshe and Matteo Flights and rooms* 1661.23 Board and transfers
2007 04 Company 14 Dinos, Moshe, Sandro and Matteo Flights and rooms* 3,187.20 Board and transfers
2007 04 Company 15 Moshe, Smiljan, Gülhat Tekçe and Matteo Flights and rooms* 4,432.50 Board and transfers
2007 04 Company 16 Sandro, Orsolya and Matteo Flights and rooms 776.06 Board and transfers
2008 01 Company 17 Sandro, Gülhat, Anthony Morris and Matteo Flights and rooms* 1,525.41 Board and transfers
2008 01 Company 18 Matteo Flights and room 339.00 Board and transfers
2008 01 Company 19 Lee Clarke Flights and room 1,500.00 Board and transfers
2008 01 Company 20 Moshe and MatteoFlights, room and onsite transfers 1,409.60
Board and airport transfers
2008 01 Company 21 Moshe and Matteo Flights and rooms 1,104.14 Board and transfers
2008 01 Company 22 Dinos, Sandro and Chris Leach Flights and rooms* 2,405.37 Board and transfers
2008 01 Company 23 Moshe and Matteo Flights and rooms 1,172.36 Board and transfers
2008 01 Company 24 Sandro and Matteo Flights and rooms* 1,371.19 Board and transfers
2008 01 Company 25 Matteo Flights and room 436.29 Board and transfers
2008 01 Company 26 Moshe and Matteo Rooms and flights 1,809.14 Board and transfers
2008 01 Company 27 Dinos, Moshe, Sandro and Matteo Flights (Sandro and Dinos) and room 2,237.41 Board and transfers
2008 02 Company 28 Moshe and Matteo Flights and rooms* 821.10 Board and transfers
2008 02 Company 29 Sandro, Helen and Matteo Flights and rooms* 2,811.51 Board and transfers
2008 02 Company 30 Dinos, Moshe and Matteo Flights, rooms and visa invitations 8,915.15Board, transfers and Dinos's visa expenses
2008 03 Company 31 Moshe and Matteo Flights and rooms* 506.52 Board and transfers
2008 03 Company 32 Dinos, Moshe, (Brian) Lee Allan and Matteo Flights and rooms* 6,023.67 Board and transfers
2008 03 Company 33 Matteo Flights, room and visa expenses 1,326.94Board, visa invitation and airport transfers
75,263.46
USD 112,895.19
Ambassadorships (2) at Commercial Union (Zygmunt Kostkiewicz, Piotr Czub, Tomasz Bartuzel and Managers) Executive meetings with AEGON, Allianz, AXA, ING, Pramerica, Premium Financial, PZU & Skandia
o Executive meetings with Alfa Strahovanie Life, AIG, Allianz, Aviva, Cheska Pojistovna, Ingosstrah LMT, Renaissance Life, o Amb’ship at Allianz o 2008 members (first from Allianz)/ AM attendees
o Executive meeting and MDRT sales idea seminar at PZU
o No. 1 MDRT Europe Country for membership/AM in 2008 o MDRT sales idea seminars at AXA, Pramerica and PZU
Amb’ships at Aviva (András Farkas) and Generali (Tibor Vegh; first members) MDRT sales idea seminar at ING (first member) Executive meetings with Allianz, ING o Exec
meetings with Brokernet and Groupama
o MDRT sales idea seminars at Aviva and INGo Exec meetings with AEGON, AIG, AXA and Union Pojistovnao First members/AM in 2008
Amb’ship at ING Executive meetings with Aviva, AXA and ING
Sample
One for all, all for one
Pre-history/Dimlights• Province of Asia• Dirigiste approach (top-down only with no
bottoms up and/or grassroots) • Top Of Table Tour (TOT) ephemeral carnival • Disney vs. productivity/math is not opinion Value
Proposition• No knocking on companies doors• Membership impasse• CR mandate with no PR/marketing &
communications support• Blanket solution over language barriers• Client at turning point going to point of no return
PR + CR
Press release
International Conference “Insurance in Central Asia” took place for the second time. On May 26-27, 2008 in Almaty, Kazakhstan, II International Conference “Insurance in Central Asia” was organized by Russian Polis Information Group (Russia) and Interconsult (Kazakhstan).
The conference was aimed at discussion of problems and prospects of insurance markets development, assistance in attraction of new technologies to the region, sharing experience and integration the local markets into a single market place. At the conference among the speakers were National regulators of Kazakhstan, Azerbaijan, Turkey, Armenia as well as CEO of Insurers’ Association of Uzbekistan, representatives of international organisations EurAsEC and IAIS, top managers of international and national companies of region countries, leading world experts. Key topics of the first day of the conference were titled “International developments and approaches to insurance regulation and support of national insurance markets” and “Interaction of national insurance markets with international marketplace”. The first speaker, deputy chairman of Financial Supervision Agency of Kazakhstan, Alina Aldambergen provided conference participants with an overview of the current state of the Kazakhstan insurance market. According to her, insurance remains one of the most profitable segments of the local financial market. In particular, profitability of assets in the insurance sector in 2007 constituted 31%, and of equity capital – 55%, against the profitability of bank assets and banking sector capital of 2.3% and 18.6% respectively. Later, the attention of conference participants was drawn to the prospects of national insurance markets development. Namig Khalilov, head of the State Insurance Supervision Department of Ministry of Finance of the Republic of Azerbaijan, told the audience about the latest legislative changes in his country. He viewed the separation of life and non-life business as well as elimination of restrictions for foreign insurers’ participation in the capital of resident companies as the most important innovations. The issue of attracting foreign investors to national markets was also tackled upon by a speaker from Uzbekistan. According to Miradyl Mirsadykov, general director of Insurance Market Association of Uzbekistan, currently not only foreign investors show their interest to the Uzbekistan insurance market, but also the local players as they see its good development dynamics as well as low loss-ratio of the sector. Murat Kayaci, section chief in the Directorate General of Insurance at Turkish Treasury, presented the Turkish insurance market, and representative of World Bank, Serap Gonulal shared her experience of creation and management of the Turkish Catastrophic Insurance Pool and contribution of World Bank in insurance market in Central Asia. Principal administrator of IAIS (International Association of Insurance Supervisors, Switzerland), Arup Chatterjee thoroughly provided the participants with recent international developments of insurance supervision. He noted that the growing integration of local markets with international financial
Head of division of Insurance Supervision of the Central Bank of the Republic of Armenia, Haik Sargsyan, noted that currently the Armenian insurance market and its controlling functions are being reformed. Application of single approaches and mechanisms of regulation of financial institutes is expected on the side of a single independent state authority. Elena Parfenenko, principal secretary of the Council of Heads of Insurance Supervisors and Regulators of the Eurasian Economic Community, addressed the market participants on experience in creating a united insurance market within the member states of EurAsEC. While discussing the interaction of national and world insurance markets, conference participants listened to speech of David Thomas, corporate director and principal ombudsman at the UK Financial Ombudsman Service. He talked on out-of-court resolution of financial disputes in the United Kingdom and the European Union. On the Kazakhstan side, information on development of institute of ombudsmen in Kazakhstan was presented by insurance ombudsman of the Republic of Kazakhstan, Vitaly Verevkin. Andrew Stammers, director of non-marine energy and construction at Cooper Gay broking group delivered presentation about challenges facing the energy insurance market in 2008. The second working day of the conference was devoted to insurance technologies, reinsurance of large risks and retail classes of insurance. Director of reinsurance at State Insurance Corporation for the Insurance of Export Credits and Investments (Kazakhstan), Kenzhegul Sembayeva, expressed the opinion that more active development of mutual insurance is necessary for reinsurance market development in Kazakhstan. Maksim Alyohin, head of Department of Industrial Insurance at Ingosstrakh (Russia), pointed at huge opportunities for integration of CIS insurers. “Our countries are similar in terms of economic and political governance, supervision and market principles. In addition, companies of our countries employ equal principles of business organisation, and in a number of cases it is simpler for us to find interrelations with CIS colleagues,” noted the speaker. Alexandre Bichot, chief area underwriter at Milli Re (Turkey), provided the overview of the FAIR Reinsurance Pool activity (FAIR - Federation of Afro-Asian Insurers & Reinsurers). The important goal of the pool is to improve reinsurance conditions for national companies from Afro-Asian region. The strategic idea of the pool is to find solutions in the region for more efficient geographic distribution of risks and organisation of mutual business development for the pool members. Chairman of the board of HalykLife (Kazakhstan), Yevgeny Yeremenko, spoke on advantages of the bancassurance channel for selling retail insurance products. As the speaker noted, for successful bancassurance business complete integration of insurance products into banking system is necessary, as well as decentralization of underwriting processes so that such products could have standard tariffs, enjoy low operational costs and high efficiency. Matteo Pederzoli, regional director at Million Dollar Round Table, a non-profit international organization for successful life and health insurance sellers (Million Dollar Round Table) presented a vivid guidance for building effective sales in insurance. The conference was over with awarding the event sponsors: strategic sponsor Kazkommerz Policy, general partner NSK, sponsors SCOR, State Insurance Corporation for the Insurance of Export Credits and Investments, Audatex, Ingosstrakh, Lemma, Amanat Insurance.
For additional information please call + 7 495 612-81-18, 7 495 612-10-93 in Moscow; +7 727 266 74 46, +7 727 273 00 16 in Kazakhstan or e-mail to [email protected], [email protected].
Membership of MDRT can play an important role in a company’s Corporate Social Responsibility program.Recently, MDRT was mentioned in AvivaSA Turkey’s report. Hanzade Aytaçlı, customer relations unit manager at AvivaSA, said that support for MDRT is a "sign of our investment in people".(http://www.associationhq.com/mdrt/newsletter/index.html#item8)
2006-08 Action Plan (Equation)
Corporate Relations+ Member Activities
+ Local Languages
=
Increased Membership+Increased Annual Meeting Participation
(with increased brand awareness and stronger brand equity as side organizational benefits)
• MDRT Ambassadorship: At own expense, a company requests one or more MDRT member/s and/or staff to address an audience made up by sales force and/or sales management at a company event.
• MDRT Sales Ideas Seminar: An MDRT Volunteer Leader and/or staff invites one or more companies to endorse an MDRT event at the company’s expense.
• MDRT Day/s: Driven by one or more MDRT Volunteer Leaders and involving participation & financial support of producers (sellers) from a minimum of two companies.
All in all, the most important result of the MDRT Day is that it brought alive
the organisation to the Hungarian insurance companies. Being a member is now
an honour.
Key partners
Chambers of Commerce
National Organizations
Sister Organizations
Glocal triangular approach (PIPUiF)
Grassroots triangular approach (LIA, PSAS)
Same industry Geographic and
industry expertise
2006-08 Action Plan (Equation)
Corporate Relations+ Member Activities
+ Local Languages
=
Increased Membership+Increased Annual Meeting Participation
(with increased brand awareness and stronger brand equity as side organizational benefits)
Product buyers vs. joiners
European eNewsletter
• Unique European communications/community building tool
• For European members and prospects • SIX languages—ENG, GRE, HUN, ITA, POL &
ROM.• Content from International MDRT news and
Europe-specific • Articles, community news, member
interviews/testimonials,• Research, etc.
Highlights• Members up by 20% YOY in 07 &
22%+ so far in 08• AM registrants up by 33% in 07 (42%
in 08)• Poland at no.1; UK no. 2 but reversed
trend• Quadrupled eNews distribution list
plan comes together!
I love when a
n Action Plan comes together!
• Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has. Margaret Mead
• “Every man owes a part of his time and money to. the development of
the industry in which he is engaged.” Theodore Roosevelt
• Go East!
Applicable lessons
• Put your members to work …for themselves • Legacy teams work hard and have fun at what
they do!
MDRTEXPERIENCEIN EUROPE
Global & Regional Partnerships
Stretch of perception