Edward Karram is an entrepreneur, public speaker and business coach based in Alpharetta, GA. Entering the financial world and witnessing the lack of quality training therein, Karram put his shoulder to the wheel to create one of the fastest-growing life insurance training platforms in the country.
SELL-U takes registered agents and financial advisors through the fundamentals of the business, social media, insurance, and marketing under the instruction of the most knowledgeable minds in the country.
As part of the program, Karram, Founder and CEO, provides strategic intervention and mentorship so that agents are able to perfect their craft and access valuable leads on-demand. His vision is simple. He encourages every agent to own their book of business and generate higher income streams by taking advantage of the digital world.
The businessman has some interesting insights to share on the matter of the elusive insurance sales pitch.
“The first step,” he begins, “is presentation! Having the right product won’t get you to the home stretch. You have to effectively convey that value to your prospects and get them equally excited about it.”
“There are certain things that delay the sales process. For instance, overwhelming prospects with complicated jargon,” Edward Karram points out. “For all your intellect, talent and skill, without a clear pitch, you’ve already lost.”
His advice? “It’s important, and I cannot stress this enough, to take the time to understand your prospect’s motivations, their current understanding of insurance and their future goals. Not only does this bode well for your sales pitch, but it will also help you establish a long-term relationship with them.”
The businessman makes a great point, especially when it comes to factoring in how much people already know about the business. Statistics show that 58% of millennials, 39% of Gen Yers and 29% of boomers have little clue about how much coverage they need or what kind of policy they should invest in. By knowing where the knowledge gaps exist, the agent is in a much better space to fill them.
Apart from due diligence, Edward Karram strongly endorses that every agent should personalize their pitch. “People are smart,” he says, “they can tell when you’re reading from a script and when you’re actually listening and addressing their concerns.”
Studies have shown that there is a significant lack of trust in the insurance business. Karram suggests that every agent’s first order of business should be to establish that trust and build on that.
“Selling insurance takes a little positive manipulation,” Edward Karram admits. “By that I mean, hit on certain pain points.” He points out that people have different motivations for purchasing insurance, that could be helping their family remain financially stable after they’re gone, replacing lost income, covering the estate tax their heirs will inherit, leaving a good legacy behind, and the likes.
“What you need to do is figure out their motivation, and turn that into a selling opportunity,” says Karram. “So, for example, ask your prospect a question like, ‘Have you thought about how your children will cover the estate tax upon your demise?'” Such a question hits home the urgency of buying a policy. Karram advises to follow that up with positive reinforcement like mentioning the pride associated with taking care of the family.
Per Karram, “You need to be someone who mentions a problem that your prospect is or will likely face and then swiftly follow that up with how you propose to solve that problem.”
More on Edward Karram
Having owned several businesses by way of restaurants, martial arts studios and construction companies, Karram has gathered a wealth of business acumen. He channels this same ambition into his life insurance endeavors.
Edward Karram‘s philosophies have helped over 1,000 agents master their niche and generate as much as seven-figures off of their own book of business. His training platform, SELL-U, rivals the kind of training one would receive at a Fortune 500 company.
Agents can choose to excel in any one of the training modules; mortgage protection, final expense, retirement planning and more, to develop their brand and generate quality leads. Under Karram’s guidance, students receive up-to-date instruction on the latest sales techniques, allowing them to become veritable masters in their fields.