InsurTech Origins – the Fax Machine?

Remember when owning a fax machine meant your agency was ahead of the tech curve? Me neither. I'm a millennial, but in the 80's it was a game changer for the commercial insurance sales cycle. While the times and devices have changed the principles remain. When is the last time you looked at the new tools and resources being developed and how they can be applied to commercial insurance prospecting?

Published 2018-09-16 13:09:55 to Case Studies & Usage Examples

WC Primary Class Code vs. SIC Codes

I always recommend agents to use the Class Code option for industry targeting when it is available, which is good advice about 80% of the time. Some industries get shafted by the class codes though. If your markets want to write office exposures in the traditional sense (BOP policies) then you’re in luck, there’s a lot of them. For example, in CO there are 160k+ active WC policies. A little more than 20k classified 8810 (Clerical Office Emp). But if you have a cyber liability program for software developers, you have a lot of shit to sift through. SIC codes on the other hand will let you drill down to the 7k software development opportunities available.

Published 2018-07-29 13:14:00 to Prospect Targeting & Search Tips

Company Name Search Enhancement (Part 2) Keyword Searches

Have a very narrow niche that is classed to generically to utilize a WC Class Code search? Maybe you have a program for apartment complexes, which is code 9015 in an NCCI state. Guess what else is classified under 9015 (NCCI states) – condos, property management firms, townhome associations, community associations too. That’s where the Keyword look up comes into play. And you probably don’t want all the apartment complexes in your state, right now anyway. You want the apartments renewing in the next 120 days within 50 miles of your office. We got your back. Read on to make your prospecting list a bit more efficient.

Published 2018-07-28 11:27:16 to Prospect Targeting & Search Tips

Company Name Search Enhancement - New Feature!

Who..what is the first named insured of that Workers Comp policy? The name on those trucks say AD Martin Carpentry. Google says Martin Contracting. Neither can be found on Xdate?! Relax noob, we got you covered.

Published 2018-07-27 15:58:26 to Prospect Targeting & Search Tips

PA LCM History

Over the last 2 years 29 carriers have decreased their LCM filings, with the average being 12% and a range of 1 to 50%. 105 carriers increased their filings, averaging 8% and with the same range as those that decreased. The remainder are unchanged, all netting out to a 1% market increase. While that's a whole lot of nothing on the surface it might be a good idea to check out where your markets stand, or your competitors.

Published 2018-05-24 13:02:55 to Market Analysis

Maryland LCM History

Increase- the common theme of LCM filings in MD. Use this tool to compare your markets to that of your competitors. Print it off. Be different. While every other agent is asking to quote that prospect you can use this to explain why you're willing to spend your valuable time reviewing their coverage. Sell the sizzle. Oh yeah, feel free to download the raw data files (link at the bottom).

Published 2018-05-11 09:41:11 to Market Analysis

New Features for Q2

We recently released an update to xdate offering to let you hit the ground running for Q2.  New dashboard functions, and features. New tools for the Agency, and new states. Beta release of our Form 5500 Retirement and Health benefits data. Expanding your access to Workers Comp data using data visualization and analytics.

Published 2018-03-26 12:27:14 to Insurance Xdate FYI

What is Your Prospecting List Doing for You?

Your agency and your carriers may have an encompassing risk appetite but that doesn’t mean your prospecting list should follow suit. In fact, why on earth would you have just 1 prospecting list? In this little post I am going to show you how to improve your odds on the phone and more effectively secure appointments by applying a simple trick to your prospecting list set up.

Published 2017-09-27 11:25:40 to Cold Calling

Planning for a Cold-Calling Marketing Campaign

“If you fail to plan, you are planning to fail.” ~ Benjamin Franklin. Putting the calls in but not seeing them convert to new biz appointments? Now would be a good time to evaluate your marketing plan and figure out what’s going wrong or in need of adjusting. You do have a marketing plan, don’t you?

Published 2017-09-26 14:16:36 to Cold Calling

Class Code Lookup & SIC Code Cross Reference

Looking for a Workers' Comp Class Code? Know the description but not the code? We have your back, just check out our new WC Class Code reference guide and get what you need - class code, description and SIC code cross reference. You'll also find Loss Cost/Base Rate (LC) history and a market summary - all the Carriers writing the class of business and their overall change in volume from the previous year. All for free.

Published 2017-05-23 10:45:13 to Agent Resources

New Subscription Options for 2017

We've added a monthly 'cancel anytime' subscription for 2017...check it out!

Published 2017-01-13 10:26:48 to Insurance Xdate FYI

Get Your Underwriting Submission to the Top of the Pile

"I love filling out apps!" Said no producer ever. As much as it sucks filling them out, it sucks equally for the underwriter that has to review them. Are your underwriters taking 2, maybe 3 weeks to get back to you on your submissions? Insurance deals are a lit fuse and time is of the essence. Here are a couple quick tips for getting your submissions to the top of the pile. Whether they're going to offer you a quote or not, it's always better to know sooner rather than later.

Published 2016-11-17 11:45:59 to Agent Resources

The 11 Month Marketer

How are other agencies making use of your service? Are they getting results? We get these questions a lot. Given the competitive nature of our product and the insatiable thirst for new business that you maniacs have, it shouldn’t be hard to believe that our users’ respective methods and approaches are closely guarded and rarely shared…and vary greatly.

Published 2016-11-14 10:23:01 to Case Studies & Usage Examples

Texas Carrier Analysis

Looking for a market opportunity? Maybe you're meeting with a prospect and want to show your knowledge of the market. Try this simple, free tool. Just pick a class code and see which Carriers are writing it, their current market share and the % change in each Carriers' Premium and Account market share from the previous year. You'll also see how much premium is up for grabs, among other things. How is it relevant? Lets say I want to target Plumbers (5183). Using this analysis I can see there is over $21 million in premium at play between 10/1 and 3/31. It is a volatile market - there are a lot of markets. Some are gaining, some are losing. Zurich, for example, lost 9% of their account market share from last year, down to 92 from 101. They also lost 18% of their premium market share - from $945k to $770k. I can also see that Liberty Mutual increased their account market share by 19% and premium market share by 8%. Which plumbers would you target?

Published 2016-10-20 08:23:33 to Market Analysis

Work Smarter, Not Harder

How are other agencies making use of your service? Are they getting results? We get these questions a lot. Given the competitive nature of our product and the insatiable thirst for new business that you maniacs have, it shouldn’t be hard to believe that our users’ respective methods and approaches are closely guarded and rarely shared…and vary greatly.

Published 2016-09-29 20:11:36 to Case Studies & Usage Examples

The Big Gorilla

How are other agencies making use of your service? Are they getting results? We get these questions a lot. Given the competitive nature of our product and the insatiable thirst for new business that you maniacs have, it shouldn’t be hard to believe that our users’ respective methods and approaches are closely guarded and rarely shared…and vary greatly.

Published 2016-09-29 20:10:10 to Case Studies & Usage Examples

Outline for Developing Your Own Cold-Calling Script

A lot of our users ask if we have any scripts available. Instead of an actual script, this post is to provide a basic outline for creating your own calling script. Insurance agents are unique and special in their own way, just like a snow flake. So should your calling script.

Published 2016-09-29 13:24:23 to Cold Calling

How we Display Rate & Pricing Factors on Insurance Xdate & Why You Should Know

Something not adding up between the LC, LCM and Modified Rate? This post provides a little explanation about how/when these rating factors are posted so there is no guess work on your part. The LC we show may have gone into effect after your prospect's coverage renewed, for example, and it is important to be aware of things like this.

Published 2016-09-26 10:53:45 to Insurance Xdate FYI

Underwriting Authority & Standardized Credit Programs

Depending on state regulation (as always) carriers may have scheduled rating factors (credit/debit) they can apply to adjust pricing of a WC quote. These scheduled deviations should be justifiable (e.g. the insured has a fleet safety program, warranting a 10% scheduled credit be applied) but are sometimes swayed by the need to arrive at the right bottom-line cost of coverage to win the account and are therefore important to be aware of as a person selling insurance. This post provides a basic overview of this information along with available standardized credit programs.

Published 2016-09-22 12:55:23 to Pricing Factors of Workers' Comp

Experience Mods & Merit Ratings

In this post we will cover the basics of Experience and Merit ratings. Although we have limited availability for this data, it is critical to have a basic working knowledge of what these ratings represent, how they are created and where they factor in to the overall cost of a Workers Comp policy.

Published 2016-09-22 12:01:01 to Pricing Factors of Workers' Comp

Overview of Voluntary, Assigned Risk & Markets of Last Resort

In this post we'll give you a basic overview of the various Workers Comp markets, which relates to how coverage is placed for an insured - were they voluntarily written by a carrier in the private market or was the prospect forced to apply for coverage via the state to have insurance 'assigned' to their account?

Published 2016-09-22 10:44:37 to Pricing Factors of Workers' Comp

Data Update Schedule

Wondering when the LC's went into effect or the last time we updated Carrier/Xdate data for your state? This post includes a time line for updating Class Code Loss Costs, A/R Rates, Carrier LCM filings and business POC data.

Published 2016-09-01 14:03:06 to Insurance Xdate FYI

Export Options

Is exporting a big deal to you? Our data exports are based on your level of service. This post covers the different options available. If you haven't all ready, please read the 'Subscription Options - Base Services' and 'Subscription Options - Add-Ons' posts first so you understand what I am talking about.

Published 2016-08-21 10:13:23 to Insurance Xdate FYI

Class Code Phraseology Database

Many Class Codes have multiple descriptions or phraseology's associated with them. However our site can only list one. This post provides a searchable list of alternate class code descriptions to help you find the right class codes to search. It probably isn't comprehensive, but you try putting one together and let me know how far you make it. To search for a code use your browser's keyword search (Ctrl + f) - that's the button on your keyboard, probably lower left, that says 'Ctrl' on it. Push that button and the 'F' button at the same time to bring up the search box. Oh, is that common knowledge to you? Wondering why I took the time to write the instruction? Because people ask...and someday I'll still get a support email about the search not working (probably because they're using the company name search instead of following instructions).

Published 2016-08-03 18:06:49 to Agent Resources

Overview of Loss Costs & Loss Cost Multipliers

What is a Loss Cost? What is a Loss Cost Multiplier? As a Commercial Insurance Producer, why is this information important to me? Grab that 'world's best insurance agent' mug, fill it up with some cheap office coffee and lets get cracking.

Published 2016-08-01 10:09:19 to Pricing Factors of Workers' Comp