Every industry is experiencing a tech transformation. The title insurance industry is no exception.
There’s a lot of talk circulating about artificial intelligence (AI) and automation. A title insurance agent might worry that a machine will take their job.
Others believe that technology will make the title insurance business easier. The truth lies somewhere between these two realities.
Now, most title insurance professionals aren’t worried about technology taking their jobs. They understand that it will transform their roles, rather than replace them.
Technology such as AI and automation may seem a cause for alarm. However, it’s an opportunity to meet the ever-changing needs of today’s consumers.
To learn how agents can utilize automation, continue reading.
What Is Title Insurance?
A title is a record of when a property owner finances, buys, or sells real property. It’s also a record of other events such as liens and levies.
As an agent, you must search through records to find any issues. You must resolve those issues before the transaction.
You’ll begin the search by checking public records to determine the ownership status of the property. Once you have completed the search, you’ll assess whether the property is insurable.
Even expert title agents overlook problems with properties from time to time. It’s not possible to catch every mistake.
Sometimes, an error may come up because a clerk filed the information in the wrong place. In other instances, someone may have forged records.
A property may also have undisclosed heirs. These kinds of title errors are difficult to find. Because there’s a potential for these kinds of oversights, a title insurance company provides coverage to protect homeowners and banks from any number of title related errors.
If a consumer buys a property, they must purchase title insurance. This protection upholds the lender’s interest in the property until the buyer pays off their mortgage note.
Who Pays for Title Insurance?
Title insurance protects the property purchaser and mortgage company from defects and problems in the title. Around a third of every title search reveals a record defect. Stakeholders must resolve these defects before they can close a sale or transaction.
Usually, a homeowner will need two title insurance policies. They’ll need one to cover their interest as a homeowner. They’ll also need another one to protect the interests of the lender.
The rules about who pays for the policies vary in each state. Sometimes, the rules vary within the counties of a state.
In most states, however, title insurance costs about the same. Nevertheless, it’s always important to conduct a quality title search.
In other areas, the buyer will pay for the title insurance policy, while the seller pays for the other. Still, if the responsible party or parties purchases both policies from the same company, they should enjoy a considerable discount.
In addition to protecting homebuyers and banks from errors, title insurance protects stakeholders from other oversights. For instance, title insurance may protect people and companies vested in a property from fraud, forgery, spousal claims, and undisclosed heirs.
Automating the Workflow of the Title Insurance Agent
Automation is not new to the title insurance business. However, AI is a new development in the field of title insurance automation. It enables title insurance companies to take automation to the next level.
Massive changes are taking place in the title insurance business due to improvements in computer and big data technology. Furthermore, cloud-based technology has revealed further opportunities to leverage AI and automation in the title insurance business.
The deployment of these advanced technologies is a massive undertaking. Fortunately, title insurance companies aren’t on their own in this regard. Now, accessing the latest cutting-edge technology and AI-powered automation is as easy as subscribing to a third-party vendor’s service.
Title insurance companies are steadily learning how to collect, digitize, standardize, and compile data. As this wealth of information builds, it will enable the enhanced deployment of AI across the title insurance business. It will also give title agencies phenomenal opportunities for automation.
The use of AI and machine learning are the next steps in the title insurance business. As time goes on, title companies will leverage these technologies to establish pricing, assess risks, analyze data, handle claims, and underwrite policies.
Finding a Trusted Automation Solution
Title claim automation technology can help you boost morale and eliminate workplace headaches. It can help you to eradicate difficult, redundant, and time-wasting activities.
Automation can free your bookkeepers to concentrate on important tasks. For example, they can use their newfound freedom to eliminate backlogs. Moreover, title insurance professionals can start to use automation offerings with little to no training.
Automation can help to restore a sense of pride and morale in the workplace. It can serve as a tool that makes it easier for title insurance professionals to do their jobs. Resultantly, you’ll enjoy a drop in absenteeism and wasted personnel effort.
Get Started With Automation Today!
Seemingly overnight, the world has changed. Title insurance automation can help you meet market demands in a new operating environment.
Title Leader can help you reduce overhead while increasing title insurance agent productivity and company revenue. Our technology will help you boost customer retention and worker performance. By leveraging our AI-powered technology, you and your team can perform your work to the best of your abilities.
Contact Title Leader today to learn how to improve the performance of your team. Our experts are standing by and waiting to show you how to generate more revenue and increase your standing as an expert in the real estate community.