Founder and CEO of SELL-U, Edward Karram, is a compelling force in the financial realm. After owning and operating a slew of successful enterprises, Karram turned his talents to the life insurance business.
The entrepreneur witnessed firsthand the lack of training during his time as a top producer and agency manager at 3 different IMOs. Eager to help talented agents who have no mentorship to turn to, Karram built SELL-U; one of the fastest-growing training platforms in the country.
Today, Edward Karram shares with agents the finer points of closing an insurance sale, specifically how not to put too much pressure on the home stretch.
“One of the most important things, when you’re out in the field, is to not have ‘commission’ breath,” Karram begins. “What does that mean? Well, if closing that sale equates to being able to pay your rent or mortgage or insurance, you’re really not focusing on what is of value to your client.”
The entrepreneur follows up by explaining this mindset is counterproductive in that it severely hinders the agent from communicating to the client a product that works best for them.
Edward Karram continues, “Clients are intuitive. They can sense when you have dollar signs in your eyes and only care about what goes into your pocket. I have a couple of tips to mitigate this scenario so that you aren’t focused too hard on the numbers, but rather on the person in front of you.”
“I’m going to reveal an interesting little formula to measure success,” Karram begins. “Let’s say you have 10 leads, and out of those, you are able to schedule 6 appointments. What you want to consider is the number of doors that actually open when you drop by these appointments vis-à-vis the number of applications you finally walk away with.”
The businessman goes on to explain that you want to divide the total premiums generated from these appointments by the number of doors that opened when you visited.
“In the previous scenario, let’s say we got a $1,000 in premiums from our 4 applications for the 6 doors that opened. Divide 4,000 by 6, equalling just under $667.”
“This can’t be a standalone number,” Karram explains. “You want to run these over the course of a 90-day segment and see if you get an average of $667 per 6 doors that open. That’s what you have to internalize moving forward. When you knock on a door in the future and it opens, program yourself to think that $111 has already been deposited in your bank account.”
Edward Karram points out that this mindset spells success. The agent is then able to focus fully on the client, their concerns, their situation and help them draw a conclusion that makes financial sense.
“The operative word here is ‘financial’ sense,” the life insurance coach stresses. “It has to fit into their budget, their lifestyle. The agent must make the client feel like the product is going to prevent them from losing out in the future.”
Karram speaks to the concept of loss-aversion, namely the human tendency to prefer skipping a loss over acquiring a profit.
“Sometimes,” Karram says, “it’s easier to convince a client by showing them how much they stand to lose, over what they might gain.”
Karram has some advice for agents, “At the end of the day, you need to build value in you. How many times have you walked out with an application where the client doesn’t even remember the name of the insurance company? That’s because they’re not buying the company, they’re buying you. They need to be able to trust that the agent will hold their family member’s hand if it comes time to file a claim.”
The businessman urges once again that, ultimately, it’s about getting out of your head and steering clients through a series of steps to reach a decision that makes financial sense.
More on Edward Karram
Karram is the mastermind behind SELL-U; a comprehensive life insurance coaching program that takes agents through sales training, marketing, business fundamentals, social media and lead systems under the professional instruction of the greatest minds in the country.
Agents may choose to excel in mortgage protection, final expense, retirement planning and more, and under Karram’s mentorship, own a wildly successful book of business to the tune of seven figures per year.
As a widely renowned public speaker and business coach, Edward Karram‘s mission is to empower agents to become masters in their field, and infuse trust into the art of a life insurance sale.