Building on the success of our CanaCode Lifestyle Clusters and CanaCode Donor Clusters, we are excited to announce the launch of two innovative additions to the CanaCode family: CanaCode Insurance Clusters and CanaCode Financial Clusters. These new data products provide unparalleled insights into consumer behaviours, preferences, and vulnerabilities, designed to empower businesses with actionable data.
CanaCode Insurance Clusters
The CanaCode Insurance Clusters divide Canadians into 10 distinct segments, ranging from Marginally Insured Urban Transitional Dwellers to Under-Insured and Under-Privileged individuals, all the way to High Premium Suburban Families, such as those residing in areas like Oakville.
These clusters incorporate a wide array of insurance-related factors, including:
- Coverage across the car, home, life, travel, and pet insurance
- Indicators of consumer vulnerability, such as:
- Prevalence of chronic conditions
- Use of legal and debt consolidation services
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- Crime rates in residential areas
- Changes in living arrangements, such as divorce, moving out of parental homes, or transitioning to retirement communities
- Access to healthcare facilities
- Presence of single-parent households
- Insurance preferences and behaviours, from comprehensive high-premium plans to minimal coverage solutions
CanaCode Financial Clusters
CanaCode Financial Clusters segments the Canadian population into 10 groups. Our financial clusters demonstrate the strength of our synthetic population models by offering a granular view of financial behaviours and attitudes within postal codes. Each postal code can be divided into three clusters or more, with varying household percentages allocated to each. For instance, a postal code like M6H3J3 might be composed of 90% Cluster A, 5% Cluster B, and 5% Cluster C.
The clusters range from Adventurous Wealth Builders to Young Blue Collar Preservers and Conservative Planners. This comprehensive segmentation provides valuable insights into:
Financial Behaviours:
- Levels of financial sophistication and asset allocation (or lack thereof)
- Financial planning practices
- Participation in the gig economy, a key indicator of financial vulnerability
- Usage patterns of mobile/internet banking versus in-person services, which is crucial given the permanent closure of many bank and credit union branches
Financial Attitudes:
- Confidence in banks and financial institutions
- Retirement planning activities (or the absence thereof)
CanaCode Financial Clusters have quickly become a preferred tool among clients in the financial services industry. By allowing for a multi-cluster view within postal codes, they offer more detailed insights into financials than CanaCode Lifestyle Clusters, diving deeply into household financial behaviours and attitudes.
By leveraging CanaCode Insurance Clusters and CanaCode Financial Clusters, businesses gain access to powerful data-driven tools that enable targeted strategies, informed decision-making, and a deeper understanding of consumer dynamics across Canada. These clusters reinforce CanaCode’s mission to provide actionable insights, equipping clients with the clarity and depth needed to succeed in today’s data-driven landscape.
Want to learn more about our CanaCode Clusters? Please feel free to contact us!