LOCATION® database enhancements improve data accuracy and increase efficiency
Verisk Insurance Solutions is pleased to announce three major enhancements to the LOCATION® databases — scheduled for implementation in the June 2012 product release.
Additional source of parcel-level data
LOCATION uses the latest address, parcel, and street information from multiple vendors: the U.S. Postal Service (USPS), TomTom (formerly Tele Atlas), NAVTEQ®, and DataMap Intelligence (DMI). Our product combines the USPS data with these three independent street databases to offer the most comprehensive source of address information. Since January 2009, we’ve also been using parcel-level data from TomTom (TomTom Address Points) to deliver the highest-quality geocoding precision by linking unique street addresses with physical buildings or property parcels. With the June 2012 LOCATION product release, we’re adding parcel-level data from Lender Processing Services, Inc. (LPS), a leading provider of integrated technology and services for the mortgage industry. The parcel database from LPS gives LOCATION access to almost 128 million distinct parcels, covering more than 90 percent of the U.S. population. With this new addition, LOCATION will be depending on six independent nationwide data sources, including two parcel databases, to find and accurately map individual property addresses.
Fire station mileage calculation improvements
The calculation of the correct drive distance between an insured’s property and the nearest responding fire station is a crucial step in determining the Public Protection Classification (PPCTM) of the individual property. LOCATION is the only field-validated source of recognized fire stations with rooftop geocoding. Now, with a great majority of property addresses mapped at the parcel level and the use of three independent street databases, we’re enhancing our proprietary algorithm for calculating fire station drive distance. The algorithm will address the most complex street network scenarios and ensure that LOCATION always returns the most accurate mileage information — from the actual fire station structure to the specific building or parcel.
Identification of water supply sources in selected fire protection areas
Every month, a number of fire protection areas across the country have their PPC codes revised from a single value (for example, 9) to a split value (for example, 5/9). Such a change indicates that the water supply (if present) throughout the area is no longer uniform. We publish those PPC changes three months in advance, and they’re available to LOCATION PPC customers that license the Future Effective PPC Service. Recognizing that the water supply component is critical in determining the correct PPC for properties located in areas with split PPC codes, we’re now mapping and including water supply sources in the LOCATION PPC database even for single-class communities — those having their PPC revised to a split value in the next three months.
For example, consider a property in a community with the single PPC of 9, which will change to 6/9 in three months. If the property’s policy is set to renew in three months, the insurer will have to verify the distance to the nearest hydrant — typically by asking the agent or policyholder — to assign the PPC that will be correct at the policy’s renewal date. Starting with the June 2012 release, the LOCATION PPC database will continue to return PPC 9 for the property but will also display the water supply source information (such as a creditable hydrant within 1,000 feet), where available, three months in advance. That information will reduce the need for insurers to perform manual verifications.
These enhancements will improve the accuracy and efficiency of LOCATION. All three enhancements are inherent in the database, transparent to users, and don’t require any action on your part. However, to take advantage of the third enhancement (identification of water supply sources in selected fire protection areas), you’ll need to review your internal matching logic for the LOCATION PPC database and the Future Effective PPC Service. The logic may require an adjustment to recognize the water supply information we’re now providing in the LOCATION PPC database for selected single-class communities.
Want to know more?
For more information on LOCATION and the database enhancements, please contact your LOCATION project manager or send e-mail to