Edward Karram is the Founder and CEO of SELL-U, a one-of-a-kind life insurance training platform that helps registered agents master the art of business, marketing, branding, and social media, opening the floodgates for 24/7 on-demand leads. With personal guidance from Karram, agents are able to strategize a unique business plan and make a seven-figure income!
Today, Karram touches on a subject that has gained attention recently; millennials and life insurance! According to a Forbes study, only 10% of millennials, people born between 1981 and 1996, admit to having enough life insurance to cover self-reported needs should they die, leaving their families with the risks. The survey also revealed that millennials displayed a 78% shortfall in life insurance coverage.
For Edward Karram, the writing’s on the wall. “It’s not that 20-something-year-olds are unwilling to invest in insurance,” he says, “rather it’s about prioritization. Millennials would rather travel, indulge in fine dining or buy a car.”
Drawing from an impressive wealth of experience, Karram says, “GenYers face a unique set of financial challenges in this day and age. From staggering student debt to saving for a house – insurance tends to get relegated to the back burner.”
What is the entrepreneur’s advice for capturing that segment of the market? “Selling insurance to millennials calls for…creativity. You can’t bank on traditional techniques that worked for Baby Boomers and GenXers. Millennials grew up in a world marked by technology, the internet and of course, social media.”
Karram explains, “GenYers have come to expect a world that offers instant gratification with a click on their smartphones. Insurance offers no such reward. Because they’re young, millennials look at life insurance as something their parents invest in and not them.”
The solution? “Refrain from hard-selling,” Karram reveals. “Millennials love to collaborate, share information and access viral trends on social media. It stands to reason that you should take your business to where your audience lives.”
This statement holds true given that 86% of people, millennials included, perform life insurance-related research purely in the digital space.
“In fact,” Edward Karram continues, “Before putting their money down, millennials first look for good reviews online, backed by other people’s buying experiences. Moreover, they demand instant customer support, usually through social media.”
In the U.S. alone, 65% of GenYers begin their relationship with a brand online. Therefore, delivering value-added information and great support keeps them coming back for more.
The businessman also touches upon the fleeting sensibilities that millennials usually display. “You can lose their trust in an instant if you attempt to spin a mistake instead of owing up to it,” Karram states. “Things spread faster than wildfire on socials, added to that, millennials are ready to fact check anything. Rarely do they take things at face value.”
Karram’s advice? Present facts in a straightforward manner that makes them easy to grasp at a glance. Debunk misconceptions and keep your tone conversational and engaging. Humanize the brand, make your audience see that there’s a unique personality behind those services.
“Lastly, represent content that is crafted specifically for their needs,” Karram explains. “Millennials will find a way to get the information elsewhere if you don’t provide it. So don’t hold anything back. Remember, sharing builds trust; that’s your golden ticket.”
More on Edward Karram and SELL-U
Edward Karram is a seasoned entrepreneur, having successfully run construction firms, restaurants, and martial arts studios. In a bid to diversify his portfolio, he made a foray into the financial world, and hasn’t looked back since!
Realizing that most agents in the market today are milking the same tired leads without the right training, the businessman founded SELL-U; a unique program that teaches agents how to refine their techniques to selling life insurance.
Agents are exposed to top-quality training in mortgage protection, final expense, retirement planning and more. SELL-U connects agents with affiliate IMOs that own their own roster of top-level carrier contracts.
What’s next for Edward Karram? He plans to continue helping agents navigate the complexities of the insurance world, and build and own a valuable book of business.