First American's ParcelPoint(TM) Technology Delivers New Level of Accuracy for Navigation and Location-based Applications
April 16, 2007
SANTA ANA, Calif., -- The First American Corporation (NYSE: FAF) recently released ParcelPoint(TM), the next generation in geographic location technology that offers the most advanced solution for superior positional accuracy.
First American's new patent-pending technology delivers unprecedented address-point accuracy that can be incorporated into property location applications, such as maps, navigation systems, mobile phones, telematics, business directories and emergency response solutions. First American's ParcelPoint technology, which relies on real property latitude and longitude coordinates, combines the company's extensive parcel and address information database with its proprietary analytical models to render highly accurate location identification.
Originally developed by First American to provide flood zone risk data to the mortgage and insurance industries, the technology underlying ParcelPoint can be incorporated into limitless applications that require accurate location information.
"Consumers are always puzzled when their Web-based directions aren't accurate or when their in-car navigation unit says 'You have arrived' and they haven't," said Vicki Chenault, president of First American Flood Data Services. "Our solution helps solve that problem by providing an exact, fixed map coordinate that corresponds to an address. In short, with ParcelPoint, you actually get to where you intended to go."
Today's navigation and location solutions typically use address ranges rather than specific property data to identify properties. These solutions develop an "intelligent guess" about where a street address may be, based on the assumption that properties are evenly spaced and use conventional numbering systems. However, when streets use unconventional numbering, aren't evenly spaced, or contain empty lots, current geographic location systems may yield inaccurate results. The only way to solve this problem is to supply a specific point for each address.
"This technology has been extremely valuable to our flood mapping business and has allowed us to develop solutions for our customers with great precision, and we are eager to apply this precision location technology to improve other location-oriented products we offer," said Barry Sando, president of First American's Mortgage Information Services Group. "This kind of innovation is a prime example of First American's leadership in creating valuable new products and actively looking to implement them inside and outside of the traditional real estate markets."
First American is ready to provide partner access to its current data set, which will achieve coverage for the majority of the United States population by the end of 2007, with a goal of having 80 percent of the nation's parcels mapped by the end of 2008.
Source: First American