Insurance Agency
 min read

Why Insurance Agents Should Review the Declarations Page

Published on
November 9, 2022
Ray Huang
Head of Marketing

Ray is the Head of Marketing at Canopy Connect and has helped dozens of startups and growth companies over his 20-year career to develop strategies and implement tactics that yield high-impact results.

Leading insurance agents review and understand declaration page data to build a policy proposal that is relevant, personalized, and credible.

Insurance agents are tasked with making sure their clients are protected in unfortunate accidents and life-altering events.

Presenting a policy that is right for your client requires having their current declaration page.

The declaration page provides a concise overview of what an insurance policy covers. It summarizes deductibles, exclusions, premiums, and limits. It’s also a reliable information source when comparing plans and making customizations for clients.

In this guide, you will discover the essential components of a declaration page, how to obtain information, and how to use it to become an industry leader.

Jeremy Powers talks about why he insists on getting prospect insurance information and dec pages—and how Canopy Connect makes it super efficient and secure. This clip is an excerpt from "How to Present Winning Quotes". Watch the full webinar replay »

Insurance Needs Change For Clients

The insurance market is highly competitive, with narrow margins and little room for negotiation.

Clients who are actively seeking coverage are looking for more than good rates. Although a cost-effective policy is a priority, appealing to them on an emotional level is sometimes even more critical.

The real driving force behind seeking insurance is making sure you are financially covered if an unlikely (and expensive) event happens. It’s the security of a business investment or the peace of mind that your family is safe. An insurance agent who understands and cares about these emotional needs (more than just getting an agreement signed) is more likely to build long-lasting client relationships.

Some clients sign their policy agreement as a set-it-and-forget-it deal. Chances are they may not realize that as time passes, this outdated policy may no longer be sufficient to cover their changing needs.

Whether you are offering policy reviews or have a client actively shopping for insurance, the declaration page is your golden ticket to providing a new level of personalized service.

Applying Insights from the Declarations Page

Insurance agents can use a declaration page to educate clients on features they are paying for but not using or to highlight essential coverage that is lacking.

For example, a father is wanting to compare auto insurance policies for his family. He wants to include his wife and his daughter, who recently obtained her driver's license. By accessing their current policy’s auto insurance declaration page, you can see that their daughter is college-age. You also notice that their policy doesn’t provide emergency call-outs for roadside assistance. By understanding that the father’s first priority is the safety of his family, your recommended policy can incorporate 24/7 roadside assistance.

Since you’re able to see current coverage limits, you’re also in a position to present an apples-to-apples comparison. In this scenario, you may have leeway to offer a new client a similar policy at the same price, but with one key difference: higher claim limits. Without the information found on the declaration page, your client wouldn’t have seen a reason to change policies when the coverage and cost seem the same.

Small gaps in insurance coverage could leave a client open to unnecessary financial hardship. The declaration page gives you a point of leverage to position your policy proposal as relevant, personalized, and credible. These details make all the difference.

How to Collect Info From the Declaration Page Effectively

Roadblocks may arise when asking clients to submit their policy declaration page for a comparative quote. Unfortunately, many policyholders do not know what a declaration page is. Even those who do, may not be willing or able to take time out of their busy day to track down the necessary paperwork. Relying on manual retrieval of a declaration page can drag out the sales process. It often results in partial information sharing when clients don’t provide all their policies or supply only selected details.

Instead of delaying the process with manual information sourcing, use an automated tool that gives you instant access to all the details you need. These automated tools allow clients to authorize declaration page data instantly via a secure link sent through email, text, or QR code. This can all be done the first time you chat with them.

By using an automated process, you’ll enjoy reduced administration and waiting periods. The result is more time to spend on building relationships and fostering trust and loyalty with your clients. An additional benefit is being able to integrate the tool into your workflow. This allows you to offer a free insurance review as an added service to attract more clients.

Fast Track Access With Canopy Connect

The declaration page is one of the most important documents for both the policyholder and the insurance agent. It confirms policy details, coverages, exclusions, and premiums. It removes any misunderstandings that might arise from traditional lengthy legal agreements. For an insurance agent, the declaration page makes it easy to keep track of many clients simultaneously and offers each one the most up-to-date solutions to meet their evolving needs.

Canopy Connect leverages technology that facilitates accurate yet rapid quotations. You can automate data collection and view the declaration page information in your dashboard instantly. By streamlining information processing, you’ll eliminate back-and-forth requests, save time, and ensure consistent formatting across carriers. It also allows you to view your client's additional lines of insurance for bundle quotes as well as cross-sell or up-sell opportunities.

“Canopy Connect helped me win a seven-policy account today! Plus, the client paid $8500 in full too! Because I saw the declaration pages with specific endorsements and edition dates, I was able to properly advise my client and point out a lot of coverage gaps without just speculating. At first, the client was hesitant. I assured him that sharing his information would help me be a better advisor and protect his hard-earned assets.” —Nathaniel Skinner, P&C Agent/Broker, H.G. Ellis Agency, Inc.

Find out how to drive sales and build better client relationships with a simple tool that offers dynamic benefits.

Start your free 14-day trial of Canopy Connect or schedule a demo today!