CoreLogic's Integrated Property ID tool (CLIP ID) stood out from the other entries in this category and gained the judges' plaudits for "being a good demonstration of a data solution".

CLIP ID was created by CoreLogic's data scientists to address the lack of unique IDs for residential properties in the US. Historically, banks, insurers and government agencies in the would rely on Assessor Parcel Numbers (APNs), legal descriptions, and spatial polygons to compile property records.

However, this has been problematic because APNs, for example, are not unique numbers and can vary from location to location. Furthermore, there is the sheer plethora of sources: on average, CoreLogic says there are about 3,700 datapoints for every US residential property.

CoreLogic says CLIP ID tackles the issues by providing unique property keys for every property in the risk modeller's database.

The provider has built CLIP ID by employing artificial intelligence across data such as deed recordings, "for-sale" property listings, building permits, assessor and construction data, appraisals, imagery-extracted property attributes, and property-based geospatial assets like parcel boundaries.

InsuranceERM's judges liked the way CLIP ID brings together disparate sources of data that CoreLogic has on any given property. In addition, CLIP ID is integrated into several of CoreLogic's risk modelling solutions.

A spokesperson for CoreLogic says one key data challenge for insurers is that real estate property data is typically maintained across multiple independent datasets.

The spokesperson explains this problem is compounded by the fact that different databases use different data labels or schemas to reference the same property data. However, the CLIP number "is a unique property identifier that addresses these challenges by unifying disparate data sources into a single source of truth through its ability to link data across the property ecosystem for every parcel in the US," explains the spokesperson.

"Insurers can leverage the CLIP for risk and opportunity evaluation, assessment, hedging, and mitigation. With CLIP, carriers, can measure, model, and mitigate physical climate risk and conduct analysis for solvency," adds the spokesperson.