MarketStance has come up with what it believes is a new way to look at insurance market data.
MarketStance, a unit of IntelliStance L.L.C., Middletown, Conn., has started selling market information with a “ZIP-3″ view.
Traditionally, most market data packages let users choose between seeing metropolitan statistical area, which is often extremely broad, and data broken down by ZIP Code zones, MarketStance says.
The problem with using the full 5-digit ZIP Code to view data is that users end up seeing an overwhelming amount of hard-to-understand data, MarketStance says.
By using just the first 3 digits of the ZIP Code to break down data, marketers or others can see data for specific regions of a community without getting lost in the details, MarketStance says.
Users who have looked at the 3-digit ZIP data and then want to know more can drill down and get the ZIP-5 data, MarketStance says.