Qualifying for Million Dollar Round Table (MDRT) in Singapore is a prestigious milestone that distinguishes your achievements in the highly competitive field. It’s a globally recognised benchmark in insurance and financial services for outstanding performance and expertise.
If you’re an insurance agent looking to reach this milestone, this article is for you. This guide will explain everything you need to know about MDRT and how to qualify for it in Singapore.
What is MDRT
MDRT stands for Million Dollar Round Table, an international organisation that honours the top professionals in insurance and financial services. It sets a global standard for excellence, ethical service, and expertise in financial planning and insurance sales. As an insurance agent, you’re probably well aware that achieving MDRT status is a mark of professional success and dedication.
In Singapore, MDRT status is a respected credential and it opens doors to many exciting opportunities including networking and professional growth.
How MDRT works
MDRT celebrates the highest achievements in the insurance and financial services sectors. While there are benchmarks for performance, the MDRT status also encourages a culture of learning, networking, and ethical service. If you’re aiming to qualify, you should first understand how MDRT operates.
MDRT recognises members at three levels with varying degrees of achievement:
- MDRT (Base Level) is the entry-level qualification and serves as the foundation for achieving the organisation’s standards.
- Court of the Table (COT) recognises professionals who achieve three times the base MDRT qualification requirements.
- Top of the Table (TOT) is the highest level of recognition reserved for agents who produce six times the base MDRT qualifications.
Benefits of MDRT membership
Here are some benefits of becoming an MDRT member:
- Networking opportunities: MDRT membership provides you with access to an exclusive network of top-performing professionals from around the globe. There will be a lot of opportunities for mentorship and collaboration.
- Learning resources: MDRT membership comes with exclusive tools, webinars, and publications designed to keep you at the forefront of industry developments.
- Conferences: There will be invitations to international conferences that feature expert speakers, workshops, and panels to help you stay informed about industry trends and best practices.
- Professional development: The membership provides resources and growth opportunities so you maintain a competitive edge in your field.
Qualification criteria for MDRT in Singapore:
To qualify for MDRT, you must meet specific requirements calculated based on commissions (total commissions earned from insurance sales), premiums (total premiums paid by clients for the policies sold) and income (verified income generated through financial services activities).
Here’s the 2025 base qualification requirements for MDRT:
- Commission-based qualification: Minimum SGD 72,400 annual commissions.
- Premium-based qualification: Minimum SGD 217,200 annual premiums.
- Income/Production-based qualification: Minimum SGD 125,400 total income from qualifying activities.
Apart from the above qualifications, there are other requirements you should fulfil. These include:
- Ethical standards
- MDRT members must adhere to a strict code of ethics.
- Membership fees
- You’ll need to pay a membership fee of USD 600 each year for the base membership.
- Documentation
- You must provide accurate and verifiable documentation of your earnings.
Step-by-step guide to qualify for MDRT
MDRT membership standards are rigorous, but the benefits that come with it are highly rewarding. And with a structured approach and dedication, you can meet them. Here are the steps you might want to consider taking to achieve this prestigious milestone:
Step 1: Understand MDRT qualification criteria
In the first step, familiarise yourself with the base qualification levels and production requirements. These benchmarks outline the minimum achievements you need in terms of commissions, premiums, or income. You’ll be able to set realistic goals once you’ve understood this criteria.
Step 2: Focus on qualifying activities
You may want to concentrate your efforts on activities that directly generate commissions, premiums, or verified income once you’ve understood the qualification is mostly based on your performance. Prioritise selling insurance products that align with MDRT’s qualification standards to maximize your productivity.
Step 3: Track your progress
Next, monitor your performance to ensure you are on track to meet the required benchmarks. You can use tracking apps to stay organized and focused on your goals.
Step 4: Prepare Supporting Documentation
Once you’ve met the criteria, ensure all your earnings, production records, and supporting documents are accurate and easily verifiable. If you’re uploading your production numbers by yourself, you’ll also need to provide a letter from your company that verifies your reported production. You can download the Commission and Premium Certifying Letter and Income Form from MDRT’s website.
Step 5: Apply for MDRT Membership
Next, submit your application along with the required documentation and fee of USD 600 for the basic membership. You can apply for an MDRT membership through their Online Membership Application System or Paper Application system.
How to work toward achieving MDRT
Achieving MDRT status is challenging. Therefore, you should carefully plan for your skill development and dedication to your profession. Here are some important tips to help you work towards this milestone:
Set sales goals
Setting a realistic and achievable goal is a first good step in working toward MDRT. Your goals should align with the premiums, commissions, or income targets required to qualify. For this, you’ll need to plan your sales activities strategically and focus on high-impact activities that contribute to your sales.
Upskill
Staying ahead of the competition in a competitive field like insurance requires continuous learning. Enhance your expertise in areas like client relationship management and use technology to take care of your repetitive tasks. Attend industry seminars, workshops, and certification programs to acquire new skills and insights. Improved professional knowledge can help you boost your performance and also build trust and credibility with clients.
Network and collaborate
Networking is a powerful tool for professional growth. Try to connect with existing MDRT members and look for guidance as you work towards qualification. Industry events and conferences are excellent opportunities to build such relationships.
Focus on client-centric service
Your long-term success heavily relies on your relationships with clients. Try harder to understand their needs on a deeper level and provide customised solutions. Satisfied clients are more likely to offer repeat business and referrals, which are crucial for meeting MDRT’s production requirements.
Final words
As an insurance agent, achieving MDRT status in Singapore is a great accomplishment. But it requires dedication, strategic planning, and commitment to ethical standards. You can set clear goals, focus on qualifying activities, and continuously improve your skills. However, to stay competitive in 2025, you should be more efficient than ever.
This is where technology can help you. You can easily find a sales productivity tool that suits your working style and speeds up your process. It could be a CRM, a marketing automation, or a sales tool. The ideal tool for your sales workflow can significantly save you time, allowing you to focus on things that matter more.
If you mainly interact with your leads and clients via WhatsApp, text, or call, try a mobile CRM like Privyr to do more high quality sales activities from your phone effortlessly.
