Insurance Xdate | Leo
WC Prospecting data/software comparison
Xdate | Leo
It is no secret that WC data makes business development easier. That's why there are options. But are these products the same? We decided to identify some of our differences and added what we could find on the competition (and what we've been told), so you can see and compare for yourself. We also put together a data sheet if you want to compare record counts.
WC Policy Data
Xdate
leo
44 States, 4.9MM policies
What's important to us is actual WC Policy data. We have 4.9MM active policies across 44 states. In many states, this represents ALL businesses with an active WC policy.
30MM Records
According to BLS, there are 26.5MM no-employee (therefore no WC) businesses. Hopefully it's not a lot of those. 2021 source data: https://www.census.gov/data/datasets/2021/econ/nonemployer-statistics/2021-ns.html
Policy History
5+ Years of History
Buying patterns, rate and premium trends, BOR's, etc, only become visible when you have a historical view. Take advantage of it?
Combo?
As it's been explained, they have some WC data, benefits data, and it is mixed together. Hopefully that doesn't affect targeting, or get confusing.
Competitive Data Points
Exp Mod, LCM, Premium, Payroll & Agency
All data points that we have, and have limited availability due to state level regulations. But, if we say we have a data point in a given state, we actually have it, all available.
Big selling points for their product.
(We hear it is hard to find)
Interface
“I see a $75k Paver. The incumbent agent moved the account 2 years ago, expiring is a 20% increase. 2 OSHA violations. There are 4 contacts. My notes from last year’s call. All at a glance.”– Xdate Client
Xdate
leo
Artificial Intellegence
Not much Artificial Intellegence, just Actual Insurance. We utilize AI in a peripheral manner, primarily for data management and ingestion. It can't tell you other lines renewals (logic can) and it can't tell you if a prospect will switch (we tried). We will continue to experiment with it and create benefit.
It is laughable to say you have AI 'predicted' renewal dates. The WC renews 3/1, let's take a guess, the GL is March 1? At best, a good indication of inexperience in the industry, at worst a disingenuous gimmick.
Terms of Service
Simple. We have a month to month option, it is limited, come and go as you please. We have an agency plan that is more expansive and requires a commitment. It easily scales by agent and state, we also have an 'all states' plan.
Annual, but level of service is 'confusing'. (We saw their pricing page, agreed. Who lists Xdates and WC as two different features?). It sounds like their subscription is a credit system, a fixed amount of usage.
Market Understanding
10 years of experience- a lot to some and a little to others. What differentiates is the age that it occurred, 21-31. A few peers found 'selling' renewals (parent's book), I started at zero. Business owners need to perceive expertise and experience from their agent. You can't convey that at 21. So I found something intelligent to talk about that also directly impacts that business owner's bottom line, in a way they can understand.
Based on their website and message, it is clear they know that data points like LCM and Mod are important, but do not appear to know WHY they are important, especially in the capacity of a sales call and evaluating opportunity. $7MM in funding and no idea what the market's needs are.
Ownership
Bootstrapped
Bootstrapped and owned by two founders- a Producer and Developer combining 10 years of business insurance production with 20 years of development expertise. We started small, with a simple system, and let the market and technology advancements shape its complex evolution.
Venture Capital
One company's funding is another's investment. VC money isn't inherently bad, but it does seem to suck the life out of innovation. For example, we had to refund their CPO's purchase of our subscription in 2023 and as of Q3 2024 he was blocked on another purchase attempt. Looking for inspiration, we assume.
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