On the 14th, Kyobo Life held the ‘2024 Kyobo MDRT DAY’ at Kyobo Life Training Center, Gyesungwon, located in Cheonan, Chungcheongnam-do, as reported on the 16th. Kyobo Life has been hosting the MDRT DAY for the 11th year since 2014 to spread a culture of proper insurance sales and practice a spirit of sharing.
The MDRT (Million Dollar Round Table) is an international gathering of life insurance planners that began in the United States in 1927. To become a member of MDRT, one must achieve annual fees of $74,000 or insurance premiums of $148,000 in the U.S., and 625 million won or 1.56 billion won in premiums must be achieved in Korea.
Kyobo Life’s sales culture aims to serve customers based on professionalism and ethical standards to achieve long-term success. Unlike the MDRT in the U.S., which has no detailed criteria outside of sales performance, Kyobo MDRT members are selected based on ethical standards such as retention rates and incomplete sales rates, in addition to sales performance.
Recently, due to sales competition, the separation of sales and underwriting has expanded in the insurance industry, and corporate insurance agencies have emerged as major sales channels. However, to provide customers with comprehensive coverage and optimal maintenance services in line with the value of life insurance, the exclusive planner channel is more appropriate.
At this event attended by around 490 Kyobo MDRT FPs and field sales managers, executives, and team leaders, the event opened with the ‘Kyobo MDRT Ethical Commitment,’ which aims to foster a culture of ethical life insurance sales. Kyobo Life FPs pledged to adhere to five ethical principles, including prioritizing customer benefit, providing the best advice, maintaining customer confidentiality, making rational decisions, and complying with business ethics and regulations.
Actress Shin Ae-ra, who is known for her influential philanthropic activities, delivered a special lecture on ‘Life Led by Giving’ at the event, sharing her story of growth through sharing and volunteering to resonate with the participants.
Furthermore, a pop-up store using the character of the Kyobo Life child protection growth support project ‘Dream Goblin’ was set up to raise donations at the event. Around 200 Kyobo Life FPs participated in raising funds for sharing culture activities, and the donations collected that day will be delivered to the Green Umbrella, a child welfare dedicated organization.
Shin Chang-jae, CEO and Chairman of Kyobo Life, shared the theme of ‘Let’s succeed even bigger by giving generously’ at the event, discussing the Kyobo MDRT culture and communicating with FPs. Chang-jae explained that life insurance is the most beautiful social institution where people in distress are helped by others with a neighborly love.
He emphasized that insurance consultants are not just ‘salespeople’ for insurance products but individuals who save (protect) people (families), with the responsibility and mission of offering solutions to customers’ problems, providing financial and emotional stability, and instilling hope in life. Chang-jae stressed that insurance sales efforts are not about gaining something from others but about willingly giving, and Kyobo Life’s sales culture aims to succeed by generously giving to customers with a warm heart.