MarketStance Employee Population Profiles

Picture the potential to be had in knowing the characteristics of a prospect’s employee population. How much more accurate and competitive would your quotes be? How would your close rate improve with a better match of prospects and plans?  How could such granular information enhance your pricing models?

MarketStance has married the wealth of available personal and household demographics with rich business demographic information to provide company-specific profiles of employee populations:

• Workforce profiles that include average age and average years of education
• Compensation insights including total payroll and average payroll per employee
• Growth expectations for both employment and payroll
• Operating overviews, including revenues, total employment, operating locations and primary SIC

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The key determinants of group benefits need, such as employee gender and average age, can vary greatly from industry to industry and from firm to firm within an industry. MarketStance can track these parameters for you.

Employee Population Profiles:

• Facilitate refined market segmentation
• Support differentiated marketing
• Serve as pre-screening tools supporting improved closing rates
• Improve quoting, pricing and risk analysis
• Help identify the best prospects for specific plans
• Provide more granular insights into your markets for improved product design
• Help you analyze trends underlying successes
• Enhance enrollment efforts through customized communications

The Process

MarketStance integrates the details of the decennial census and the timeliness of annual updates in a process based on a 5% population sample. The sample size produces statistically accurate imputations. For example, estimates on average age typically are within plus or minus one year.

MarketStance identifies the employer’s employees within the household demographic data and links this with data on the employee’s family structure to flesh out its participation estimates. Then we impute a distribution to produce the estimates of all firms. In one application, fully 70% of national and mid-sized accounts were uniquely identified through the household demographic data.

The accuracy of the Employee Population estimates is further enhanced by the bottom-up methodology used by MarketStance. For large, multi-location firms, this involves developing distinct profile estimates for each of the firm’s operating locations and then aggregating these to the enterprise level.

Additional Profile items for development include:

Workforce Profile

• Percent of employees > / < (Age <=30 /Age >=55 – breaks can be specified by client)
• Gender – Male/Female split
• Ethnicity – Minority percent
• Education breakdown (Percent High School, College Degree, Advanced Degree)
• Family status (Married, Married with children)
• Work status (% full time, average tenure, percent new employees in past year)
• Occupation – percent white collar

Compensation

• Percent Exempt Employees
• Percent Employee Salary < $xx,xxx / > $xx,xxx

Plan Related

• Health insurance enrolled employees, expected
• Health insurance covered lives, expected
• Retirement plan incidence among peer employers
• Percent participation in Retirement plan

Growth Expectations

• Employment, company & industry
• Payroll, company & industry