13 July

Leveraging the power of Automation to drive success in the title insurance-industry

The idea of Artificial intelligence (AI)- once fantasized in fiction movies, is turning out to be a game changer for a wide range of business functions. Not just retail but process-oriented industries like mortgage & title insurance stand to substantially benefit by utilizing Artificial Intelligence (AI) &Machine Learning (ML) to delight their clients & streamline operational processes.

In title insurance, even though the emergence of AI may seem daunting or uncomfortable to some, these solutions play a pivotal role in meeting the ever-changing customer needs.

So why should title agents automate their tasks?

Lower cost of operations- Having the right automation in place could lower cost of operations by up-to 40%! Now that is huge margin uplift for a company in our industry.

Enhanced operational efficiencyLeveraging the right software/ automation platforms can help title agents eliminate a lot of redundant tasks & increase their productivity thus having a significant impact on their bottom line.

Faster turn-times: A typical task like post-closing which could take up to an average of 45 minutes could be done in less than 12 minutes with platforms like STACX from AvanzeTechLabs. When getting things done at lightening speed is crucial, automation plays a key role in deciding who gets the business.

So where is the title insurance industry automating?

Here are some of the key areas where automation has played a key role:

  • Task & process tracking trackingwhich helps in streamlining the order process & eliminate duplicate tasks.

  • Automated reconciliationhelping title agents to reconcile accounts in a timely way.

  • Workflow management ensuring no tasks or actions are ever missed.

  • Automated communications to keep everyone in loop, every step of the way.

  • Title production automation automationenabling a one-stop-shop for title from order entry to commitment issuance.

  • Commitment preparation

  • Search & examination.

In addition to the above areas, AI fits perfectly in valuation models, risk assessment, fraud detection & enhancing customer experience.

From a Title Agent’s perspective, getting the right automation tool and the right consultation can be a herculean task and quite frankly a little risky as one wrong decision may end up being a costly and inconvenient affair. Fortunately for title agents, they don’t need to develop these technologies on their own. A lot of fintech companies like AvanzeTechlabs are investing heavily in getting the right technology platform with products like STACX & AbstractNow for title insurance companies to make post-closing, Title production, and tax searches more efficient, faster & with enhanced accuracy.

You can know more about the productized solutions from AvnazeTechlabs by clicking here.

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