BNI - Business Networking International

[Bertolinoins]

As Volagent said... YMMV.

I have been part of a great group for the past 4 years and have over $80K in annual commission from tips. The key is having a "power partner" and if the group doesn't have a strong "power partner" for you then it is unlikely you will have a lot of success. My power partners are a large general contractor and a realtor/property manager. The GC give me referrals to developers and all of his subcontractors and the realtor/property manager gives me leads into the apartments and HOA's that he manages.

The key is that the group members have to be real players and business owners... not just sales people. Your core members (Mortgage, RE, Insurance, CPA, Business Atty) need to own their practices.

 

[CHUMPS FROM OXFORD]

I have never joined this type of group. However, sadly, a good friend and 25-year veteran of the business wrote a $400,000 annuity from one of these things last year.

DON'T FORGET TO VOTE!

Insurance Agent Forum

 

[stuy119]

I am hoping that I can remain the only agent because the group is about as large as they want it to get.

Remaining the only agent is a good thing. Keeping the group at 13 is not.

From experience, you'll see a group of 13 start to wither and die if you don't work to grow the chapter. Right now, you're passing referrals on the first go-around as people are reviewing their book of business. But after Year 1 or 2, unless everyone is out growing their business rapidly, referrals are going to slow - and group members will get disenchanted.

That's where we were a little over a year ago, at the end of Year 3. Since then, we've added 13 more members to our group, and referrals and closed business have doubled - for everyone.

Take note of this or bookmark this page. You might not like it, other members might not like it, but when things get slow it's the only solution to get more business passed.

 

[TRSecurity]

I've looked into these as well - there are a ton within 15 miles of me. The issue I see - there are several agents already in the mix - P/C, Financial Advisers, Health, Life, etc.

Even with only one of those people already in the group, I am reluctant to join - I think they MUST be cross-selling, right?

Anyone with experience having more than one insurance pro in their group?

 

[djs]

I was in BNI for several years. It was very good for me initially, but, our group size struggled, staying around 13-15 core members that remained pretty committed. We could never grow beyond this for any length of time.

Unfortunately, groups under 18-20 members don't survive. You don't hit critical mass, and you probably need 25+ members to really thrive. This is a general rule, sometimes you can get in a group that has a couple of real strong networkers and do okay even though it is smaller, but, in general, I've seen one good networker out of 10 people in these groups. You need 2 strong networkers and a couple of decent ones to make these groups survive.

Multiple insurance people isn't a problem. Everyone has a focus. I was the P&C guy, and when we didn't have anyone else, I got all of the insurance referrals. When we had a health person (short lived a few times), he got the health referrals, I got the P&C. I cross-sold any P&C referrals their health insurance if they needed it. The health guy never got a health referral from me, but he did from others. That's the way it works.

Same thing when we had a commercial person in the group for a while. I still get referrals from her from time to time.

BNI is a decent way to start your networking business. Not the only way, but it offers some structure which is helpful for many. As with most things, you need to find the right group. If you visit a few, you will quickly learn to figure out what to look for in a group.

Dan

 

[Bertolinoins]

I've looked into these as well - there are a ton within 15 miles of me. The issue I see - there are several agents already in the mix - P/C, Financial Advisers, Health, Life, etc.

Even with only one of those people already in the group, I am reluctant to join - I think they MUST be cross-selling, right?

Anyone with experience having more than one insurance pro in their group?

I represent only commercial lines within my group and some of my best leads come from the Liberty Mutual agent in our group that does personal lines only. You would be surprised that sometimes the best referrals come from other agents who cannot write the business.

 

[DHK]

Here's my $.02.

1) If you don't already have a prospecting regime in place that you can do ON YOUR OWN... then this kind of activity is purely avoidance behavior.

2) Specialize! Don't become an "opportunist". What do I mean? Well, all these people need to become your ADVOCATE for who you are and what you do and who you do it for. If you keep "changing it up" every week in your 30-second commercial, you'll confuse people about who you want them to be looking for and referring to you.

I was in a group for a while with a business partner of mine at the time. I thought he knew how to work these things. After a year, we had ZERO business from the group, but we forged some great relationships. (Rather expensive relationships considering the amount of time and money invested in them.)

We kept changing up the 30-second commercial... but it only served to confuse people. Trying to build a LEAP-based clientele became much harder than it needed to be. We talked about certain products (variable annuities & long-term care insurance) and how they worked and could benefit people. But we were NEVER clear on 1) who we wanted to work with and 2) what we could do for them.

If you can make that clear to your group and make your targeted market an easy one for people to reach... I think it can be a successful way to get referred leads... after you have established your own prospecting regime.

 

[Bob_The_Insurance_Guy]

I won't go on my rant (some of you have heard it before).

You are better off joining Linked In, and getting involved in several networking groups, who have networking meeting in your area through out the year. There is no major financial investment, and you are exposed to a better quality of individual. (three w's followed by Linkedin followed by a dot then a com) If you want to join my network, just look up Bob Levine.

Secondly, I would go to Meetup.com and find some local groups to join. Same situation here. No huge financial commitments, and access to a more variety of professionals. (meetup dot com).

Noone should ever feel forced to get a lead for another professional. If you get to know someone, and build a relationship with them, it will come easier.

Prostitutes are the only people who like you, when you pay them first.

 

[stuy119]

I've looked into these as well - there are a ton within 15 miles of me. The issue I see - there are several agents already in the mix - P/C, Financial Advisers, Health, Life, etc.

Even with only one of those people already in the group, I am reluctant to join - I think they MUST be cross-selling, right?

Anyone with experience having more than one insurance pro in their group?

Yes. We have a financial planner (life & annuities), P&C, commercial, and I'm the health/benefits guy.

It works out fine. Two of my best leads have come from the financial planner, the commercial guy and I are merging to form our own brokerage house, and I'm now handling all of his health and we're cross-selling all of my health book.

At some point we'll make an offer to the P&C guy as well, but we get everything other than home/auto leads from him - and there are many, since his clients are business owners.

I can't say this enough, but IT ALL COMES DOWN TO THE PEOPLE IN THE GROUP. If you get a good group, you'll be fine (if you put in the work), regardless of what Bob wants you to think. If you get a greedy group, you won't do well and everyone will bitch and moan constantly.

Personally, I think it's a bit more disingenuous to show up to Meetups and other networking events with the thought of getting business. I prefer having a solid network of people who I see on a regular basis and get to know (and trust), that I can refer business to BECAUSE they have skin in the game. Networking events are to meet people, business referral groups are to have trusted partners.

 

[Bob_The_Insurance_Guy]

regardless of what Bob wants you to think. If you get a greedy group, you won't do well and everyone will bitch and moan constantly.

Personally, I think it's a bit more disingenuous to show up to Meetups and other networking events with the thought of getting business. I prefer having a solid network of people who I see on a regular basis and get to know (and trust), that I can refer business to BECAUSE they have skin in the game. Networking events are to meet people, business referral groups are to have trusted partners.

You meet the same people more than once through Linked In and Meetup. "because they have skin in the game", means that if I don't pay you, you have no reason to build a relationship with me?

BNI and Powercore are nothing more than professional cults.

Linked in doesn't require just ONE insurance agent, ONE real estate agent, ONE printer. They know that there is enough business to go around. If you are that insecure in feeling otherwise, then there is nothing I can say to convince you otherwise.

It's sad to think that if you are in a BNI or Powercore group, and you have an insurance agent (Life agent, for argument's sake), and then you meet - not through BNI or Powercore - another Life agent, who is a wonderful person, and actually has what a prospect would need, that you would NOT give them that lead because they have no "skin in the game", and they are not a "trusted partner" because they don't belong to BNI or Powercore.

Small minded thinking.

I know four P and C agents, and I have referred people to all four. I base this on several factors: area, personality type, specific policy type needed. NOT whether they "have skin in the game".

I know, like and trust all of them, and two of them are good friends, and don't mind sharing business. BTW, we met through a Meetup group.