This year’s National Settlement Services Summit (NS3) will take place May 21-23, welcoming hundreds of industry leaders and title professionals to the Naples Grande Beach Resort in Naples, Fla. Attendees will hear a comprehensive approach to implementing artificial intelligence (AI) in a session titled “AI 360” on Tuesday, May 21
Attendees will learn how AI is being applied today, regulations around its use and how to overcome roadblocks from a trio of experts: Jonathan Holfinger, CEO, Northwest Title and Northwest Law; Jennifer Mason, CEO, TitleWise Technologies, Inc.; and Tori Shinohara, partner, Mayer Brown.
“Artificial intelligence offers unprecedented opportunities for title companies to streamline workflows and reduce title defects,” Mason told The Title Report. “Wonderful. Yet at the same time, the surge of new technology and software products available create fear and anxiety around change and the unknown. I will be speaking to ways that leadership and teams can better understand which solutions fit their needs, how to support change within the organization, and strategies for encouraging confidence and enthusiasm for all stakeholders.”
New technologies, including AI and machine learning, are quickly becoming essential considerations for title companies. At the same time, there is growing apprehension around their efficacy, impact on job security, and mistrust stemming from negative past experiences with digital innovation.
Mason said it’s important that decision-makers have resources and support for choosing the right solutions.
“The discussion is exciting because it speaks directly to the heart of this watershed moment: AI’s impact on title professionals and, by extension, the property owners whom our work serves,” she said. “With so many new tools, apps and models, these conversations are critical for designing and embracing solutions that empower the people executing real estate transactions.
“Title professionals and companies eager for new technologies to help take them to the next level would benefit from learning how to evaluate and screen for what best suits their needs. But the same goes for those who are not actively considering artificial intelligence as a means for improving or remaining competitive. Early education and awareness are key, regardless of where one lies on that spectrum.”
Holfinger said it can be difficult for title businesses to implement AI while also properly analyzing return on investment and potential risks, concerns he hopes his speaking session can help mitigate.
“I think being a part of a panel of professionals in the industry will help the audience gain a more thorough and complete understanding of what’s good, bad, and unknown about AI,” he said. “Attendees should walk away with some questions they should be discussing with their teams about how they want to assess what’s possible, what’s useful, and what’s risky.”