FT2 - Force of Professional Agents

Question 1

% MDRTs who are leaders, % COTOT,
branches vs mdrt
(Seems HK and SG)

Answer 1

• 51% MDRT are leaders
• 75% COT/TOT are leaders
• 10% branches deliver 30% MDRT

Question 2

What is difference between MDRT and 70-99% MDRT qualifiers?

Answer 2

• The only difference is the number of cases (aka. not the size)
• 1/3rd of new MDRT fall back off to 70-99%Mdrt in second year due to this reason (#of cases)

Question 3

Why should we focus on 70-99 mdrt?

Answer 3

• 70-99% MDRT are 15% headcount and produce 20% of manulife APE
• Mdrt are 11% of headcount but produce 51% ape (vs. 5->45% other figures, maybe a market thing)

Question 4

Typical profile of an mdrt? (#cust, activity, persistency, piv)

Answer 4

Consider them as an MNC bank RM!

• 200+ inforce customers
• active 10months a year
• 10-15% better persistency
• 3x better productivity than avg agent (one slide says 10x…)

Question 5

Why can MDRT PIV be better?

Answer 5

• only 8% of them are COT/TOT
• > 60% qualifiers have lower piv than avg mdrt
• 25% APE is H&P APE, vs. >30% of non-mdrts (but is it because share of wallet??)

Question 6

What do MDRT spend most of their time on?

Answer 6

Prospecting and netowrking - 60-70% of their time

They would therefore value leadgen

Question 7

Which insights are missing on MDRT?

Answer 7

• the depth of portfolio with their inforce customers: we know # of cases is what makes then MDRT, but is it through more ppl or deeper relationships?
  => for qualifiers, do we work on crossell (CPM) or Sushmita (New new)

Question 8

What do Mdrt think their customers want

Answer 8

To feel special

With differentiated customer offers and services

Question 9

Do tools matter to mdrt? Which ones

Answer 9

Top producers/customers mention knowledge, content and financial planning planning are a big differentiator

Question 10

Is desire for recognition important to top producers?

Answer 10

Yes
They want to be recognised in front of their customers and prospects
So they know how good they are

Question 11

FT2 - force of professional agents

What are deliverables

Answer 11

1/ design of program - structure (aligned to MDRT across bu and asia); various manupro levels, qualifying criteria/metrics; benefits)
2/ Program elements: 6 dimensions - prospecting and lead gen support; focus customer new sale and svc support; personalised digital assistant support; knowledge, content, financial planning support; digital self branding support; differentiated rewards and recog
3/ tools for execution: playbook for exec in BU; tracking tools for managers; training and coaching for manupro advisors; lead gen mechanics toolkit for manupro adivsers; ROI model for benefits and investments; execution ideas to integrate locally (v0.5)

Question 12

What are top producer after?

Answer 12

Not so much the money

More the recognition - so exclusive trips, communities