As the Senior Director of Agency, Rakesh is a key personnel in the company’s agency channel. He has contributed towards strategising, setting and scaling up of the agency business model and is poised to help accelerate growth. Over the last five years, the individual weighted new business premium (IWNBP) collections has grown by 29% CAGR and the number of Million Dollar Round Table (MDRT) qualifiers rose by a remarkable six times. In the last calendar year, the number of MDRT members grew by 27%.
In the last 12 months, he has focussed on expanding the agency network, while ensuring quality agent hiring, higher agent productivity and profitable growth. He was instrumental in converting the agency channel from a high-cost model to a profitable growth-led model as shown by the growth of the agency, enhancing the MDRT culture, training and development, and promoting the adoption of technology.
One such programme in driving the MDRT culture is the “MDRT School” where potential MDRT qualifiers are given additional specialised support and training to help these agents to join the exclusive club.
He also played a significant role in building the Premier Agency model in the company. Premier Agency was a concept introduced in 2015 with the proposition of a “Life Planner”. Life Planners are considered key internal customers who hold the promise to become future MDRT members and leaders.
Advisers go through a stringent selection process and once selected, each premier agent undergoes a three-year structured roadmap strategically charted at important milestones in their journey to build capability. The three core dimensions of the programme are “Personal Empowerment”, “Business Empowerment” and “Domain Expertise”. The Premier Agency now accounts for 75% of the overall agency contribution.
With an emphasis on Ease of Doing Business, notable results and initiatives include 98% of new business submission is now paperless, as well as its “Good Friend” application with features such as MDRT Dashboard, lead management, and testimonial videos.
On successful agency management, he believes that the focus should be on creating positive working relationships. That will not only enable a healthy work atmosphere but also foster trust and productivity. With trust, people are more likely to adhere to necessary changes, resulting in greater innovation and adaptability to focus on opportunities.
The 5th Asia Trusted Life Agents & Advisers Awards was made possible by organisers Asia Insurance Review and Asia Advisers Network, co-organiser LIMRA, and strategic partner AIA. Winners were selected in an independently-audited judging process. More information on the Awards and winners can be found here.
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Check out the other winners:
14 winners from seven markets crowned at the 5th Asia Trusted Life Agents & Advisers Awards
Young Executive of the Year 2020 - Jason Chou
Lifetime Achievement Award 2020 - Lachman B. Balani