The title insurance remains in the midst of a technological revolution, poised to reshape its operations through innovations in artificial intelligence (AI), blockchain technology and enhanced digital platforms, among other technology.
In this environment, key voices like Steve Ozonian, CEO of Williston Financial Group (WFG); Kay Underwood-Zach and Brie McDaniel, co-owners of Title Insurance Consultants; Jay Roberts, chief technology officer for Premier Data Services; and Chris Hacker, chief technology officer at ShortTrack, provide clarity on how these technologies can redefine the industry.
Ozonian highlighted the multifaceted impact of AI.
“AI is already accelerating the production of the title product and will undoubtedly play a transformative role in the settlement services industry over the next decade,” he said. “At WFG, we are leveraging AI across various touchpoints, from document processing and content extraction to fraud prevention, sales, and marketing.”
By automating repetitive tasks and intelligently triggering workflows, AI can streamline operations significantly, he said.
“AI enables us to automate repetitive tasks, trigger workflows contextually and intelligently, enhance security by identifying and acting on fraud risks such as identity fraud or wire fraud and improve the quality of our customer and client interactions,” Ozonian said. “The potential for AI to enhance the overall quality of service, making title insurance processes faster and more reliable, is immense.”
A recurring theme in the discussions among industry leaders is the necessity for uniform regulations regarding technologies like eClosing and remote online notarization (RON).
“Counties control property records, so they will ultimately control advancements in property record-related technologies (i.e., e-recording, RON, etc.) by what they will and won’t accept,” Underwood-Zach said. “The resistance to change at the county level complicates the adoption of new technologies.”
Read the full story in the 2024 Title Technology in-depth report, available here as a free download.