MetLife to nurture financial planners
By Lee Kyung-min
One in four Korean members of Million Dollar Round Table (MDRT), a global association of the world's leading life insurance and financial services professionals from over 500 companies in 70 nations, are employed by MetLife Korea this year, the life insurer said Sunday.
Of the 2,475 Korean members of the association, 636 financial planners work for MetLife Insurance.
MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service, according to the association's website. The membership is recognized internationally as the standard of excellence in the life insurance and financial services business. It is granted to those who have earned annual commission fees of more than 61 million won ($54,000) or insurance premiums of over 153 million won a year, the insurer said.
MetLife Korea helps its employees earn MDRT membership by providing educational and training programs and institutional support.
This has led to 67 employees of MetLife Financial Services, a wholly owned general agent (GA) subsidiary of MetLife Korea, earning the association membership. A general agent usually refers to an independent firm or contractor working for an insurance company that sells insurance products to select insurance brokers.
The recognition in the professional capacity of financial planners at MetLife Korea results from what the insurer calls “differentiated education and support programs.”
The Korean office shares knowledge and experience with the U.S. headquarters in employee training concerning marketing and sales.
It runs a mentoring program and shares success stories from association members around the world. It pays for membership registration fees.
It educates its employees on the association standards including the need to maintain the best behavior, work ethics and customer service, thereby making them feel dignified as association members.
“The number of financial planners earning the association membership is steadily increasing, a result of our efforts in helping employees strengthen professionalism and work ethics,” a MetLife Insurance official said. “We are not simply emphasizing performance, but creating a culture that complies with the association's strict code of ethics.”
MetLife Korea reported 70.9 billion won in net profit in the first quarter of this year, up 60.5 billion won year-on-year compared to last year's first-quarter net profit of 10.4 billion won.
Its U.S. headquarters MetLife is among the largest global providers of insurance, annuities and employee benefit programs, with 90 million customers in over 60 countries.