Over the span of just a few years, the title insurance industry has seen a plethora of technology adaptations. Through the COVID-19 pandemic, many agencies were forced to integrate new technology into their businesses to stay in operation. When your back is up against the wall, adapting a technology you’ve put off integrating is easier.
The Direct Benefits of New Tech
While a couple of years ago, title insurance technology was seen as a great way to differentiate your title agency from the next, that’s no longer accurate. Most title agencies have adapted to using the widely-available technologies on the market. As a title agency owner, it’s essential to look at the title insurance technology you invest in to enhance efficiency, reduce risk, and provide a better customer experience.
Boosting Efficiency
Title insurance technology tools are changing the landscape for your staff members. They significantly reduce time spent on laborious and repetitive tasks, increasing employee happiness. Your employees will spend less time on the search, underwriting, exam, typing, and closing processes. They’ll have more free time to work on complex tasks.
Reducing Risk
As a business owner, there’s no more extraordinary sound to your ears than hearing that you can drastically reduce your business’s operational risk. Many title agencies have discovered where their weaknesses lie over the recent years of home-buying booms. This new title insurance technology comes integrated with digital methods for fighting wire fraud and cybercrime to help eliminate some of those weaknesses.
Better Experience for Customers
Rewind back just five years ago, and virtually no title agencies spoke directly with end buyers. Instead, real estate agents positioned themselves as the middleman that handled all communication between you and the buyers. While this was a long-time way of doing business, new technology has dramatically changed that.
Now you can connect directly to the actual buyer or seller. This makes getting any requested documentation or information you need makes it more streamlined. While real estate agents have been slow to adapt, customers love this new way of staying connected with the closing process. For them, this experience is similar to tracking their online grocery order.
Staying in the Game
Title agencies have indeed undergone a whirlwind in the last couple of years. Many have focused on bringing in as many deals as possible and staying sane in the process. As the tides have shifted and the number of sales coming through your doors has returned to more normal levels, it’s time to consider how you want to stay in the game.
When it comes to growth, constant adaptation is the name of the game. Companies that embrace changes and find more effective strategies for helping to integrate them into their operations will always survive industry changes and expand in the process. It’s all about asking what new technology can do for your business operations and how it can set you apart from your competitors.