Market Data at 3-digit ZIP Code Level Fills Analysis Gap, says MarketStance

Middletown, CT (PRWEB) November 21, 2007 -- In marketing and operations planning, there are times when county level statistical data is too general, and times when 5-digit ZIP Code market data is just too overwhelming. Enter market information at the ZIP-3 level, a data view of contiguous 3-digit ZIP Codes, a new information aggregation method from MarketStance, a leading provider of business demographic and statistics designed specifically for use by the US insurance industry.

According to Fritz Yohn, PhD, Founder and CEO of MarketStance, at a county level perspective you can tell relative premium potential, but not much more. MSAs (Metropolitan Statistical Areas) contain one or more counties and are even coarser view of a marketplace.

"Such high level perspectives of a market can be disappointing, especially in more populated areas," he says. "At the other end of the spectrum, however, all the details presented by data at the individual ZIP Code level can present problems by the sheer volume of data. ZIP-3 market data can avoid both problems," says Yohn.

A feature of the new ZIP Code analysis product from MarketStance, ZIP-3 puts the focus on cities rather than counties or individual post office routes to better fill the needs of insurance marketers working on regional strategies and plans. Each ZIP-3 grouping contains a geographically related set of 5-digit ZIP Codes. Significantly, this geographic relationship can be lost at the 5-digit ZIP Code level since individual ZIP Codes are assigned by alphabetical order, rather than by proximity.

ZIP-3 data provides a quicker, cleaner view of market opportunity on a broadly defined set of classes or parameters.

"When your focus is narrower," adds Yohn, "drilling down to the 5-digit ZIP level is still the way to get insight on a specific class of business, or to look for details on market potential in a specific area - such as near a prospective new agency appointment."

The MarketStance ZIP Code cube offers three location dimension options: state, 3-digit ZIP Code and 5-digit ZIP. The tool allows insurers to probe for premium, exposure, growth rate information and more by location, as well as by class of business and/or account size. MarketStance products and analytical consulting services are designed to help those in the insurance business make fact-based decisions for strategic and tactical market planning, resource allocation, underwriting and pricing.

About MarketStance

MarketStance (www.marketstance.com) integrates economic and business demographics with insurance data to provide an up-to-date market information resource for firms operating in the insurance market. Recognized as an industry standard for business demographics, the company additionally provides highly skilled analytical consulting services that are enhanced by an in-depth understanding and experience in insurance.

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