View this article online: https://www.insurancejournal.com/news/national/2016/03/11/401625.htm
CoreLogic, a global property information, analytics and data-enabled services provider, has expanded its proprietary property parcel database to cover more than 144 million parcel boundaries and parcel point locations. ParcelPoint, which includes patented technology, covers 97 percent of parcels and all land-use types in 2,775 counties nationwide.
The enhanced parcel database consists of national standardized spatial data on 140.3 million parcel boundaries with an additional 4.5 million unique parcel “centroid” locations that provide the geographic location, physical address, ownership information and detailed characteristics of an individual property. While both parcel boundaries and parcel points contain highly accurate positional location information, parcel boundaries provide more complete information about the entire expanse of a parcel rather than just a single “point” location.
Data is sourced from public records in various formats and quality checked for geometric errors, positional accuracy and attribution. The parcels are standardized for consistency and accuracy to create uniform information for widespread use. ParcelPoint data is also linked to additional public record data that CoreLogic maintains which provides property attributes in 150 distinct categories. These provide data intelligence on everything from zoning and land use to details on roof type and number of bedrooms. CoreLogic employs the National Standard for Spatial Data Accuracy (NSSDA) to quantifiably assess the spatial accuracy of its data.
“Access to a consistently accurate and up-to-date national parcel database is something that governments and businesses alike have been struggling with historically,” said Steve Brewer, senior vice president for CoreLogic Insurance and Spatial Solutions. “As more and more data has become available from various sources, the need for a standardized and highly accurate, comprehensive database that covers the entire country has only increased.”
Parcel data, which is defined by latitude and longitude coordinates, is important to local, state and federal governments to inform and support property taxing activity and real estate development, including management of zoning, permitting and code enforcement. For industries such as oil and gas, telecommunications, utilities and insurance, access to relevant and accurate parcel data is a critical component of accurate risk assessment, pricing and decision making.
“Maximizing practical use of data to automate workflow and make better decisions is becoming table stakes in every industry,” said Brewer. “Utilizing the right data that is vetted, quality controlled, and standardized for maximum efficiency and effectiveness in practical application will lead to better business decisions and increased profitability.”