MarketStance 2003 Update will Leverage the Data Management Improvements of NAICS Codes

As of 1997, the federal government began classifying business operations using the North American Industrial Classification System (NAICS) instead of by the outdated Standard Industrial Classification (SIC) system. The NAICS system provides significant improvement in the cataloging and aggregation of the enormous amounts of business information being gathered by the government, and more accurately reflects the structure (and insurance opportunities) of business today than does the decades old SIC system.

With its 2003 update, MarketStance will leverage the benefits and more timely information available via NAICS in its database products by making a full-scale conversation to NAICS-coded source data. The changeover will enable MarketStance to further refine the level of detail provided on premiums, exposures and loss ratios. Additionally, since the NAICS system assembles activities with similar underwriting characteristics into single groupings, using the NAICS structure will support fuller pictures and understanding of "new economy" industries and market opportunities.

With the update, MarketStance clients will be able to get their data based products expressed in NAICS codes, or a SIC-equivalent version. The latter still provides the detail and aggregation benefits of the NAICS system, but expressed the output according to the more familiar SIC coding structure. For more information about the upcoming NAICS changeover, contact info@marketstance.com.

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