SANTA ANA, CA /PRNewswire-FirstCall/ -- The First American Corp. (NYSE: FAF), America's largest provider of business information, announced the release of ParcelPoint, the next generation in geographic location technology 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. To learn more about First American ParcelPoint technology, please click here.
About First American
The First American Corporation (NYSE: FAF), a FORTUNE 500(R) company that traces its history to 1889, is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. With revenues of $8.5 billion in 2006, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found on its Web site.
Media Contact:
Carrie Gaska
Corporate Communications
The First American Corporation
(714) 250-3298
[email protected]
Investor Contact:
Donna Dolan
Investor Relations
The First American Corporation
(714) 250-3677
[email protected]