As the market continues to change, we’re seeing more signs that title companies are seeing their profits erode. It’s not just that they are seeing fewer orders. It’s also that their costs are simply too high. They are caught between the horns of a need to reduce costs and the need for more people because their core transaction management systems don’t automate enough.
If you are a leader in this space, you know this to be true. Recently, we published a new White Paper entitled “Reconfiguring the Title Company for Profit,” that you can download now on our company website. After pulling together all of the information our team has gleaned from discussions with industry leaders, we came to one unmistakeable conclusion:
If title insurance companies don’t reconfigure their companies now, they will continue to become less profitable as the downturn continues.
“Title companies cannot count on their primary technology vendors to provide a solution that will help them become more efficient during a downturn,” wrote our CEO and co-founder Argun Kilic, in the paper. “Without incremental technology, agencies will see their profits erode. But this is not necessary.”
What are incremental technologies? In short, they are the tools a title company would need to weather this part of the cycle profitably without having to rip out and replace their core systems. No one wants to go through a major tech integration now. But they still have to reconfigure their businesses.
In the paper, we focus some attention on applications that cannot meet the needs of today’s title companies. These are the pitfalls that can trap title companies who are either too small to have the resources to make a good evaluation or so big that they can afford to move quickly and therefore miss the red flags.
Our analysis starts with a blue sky approach to conceiving functionality that would best serve title industry players. Ultimately, our paper introduces you to a new class of AI-powered incremental technologies that finally allow the title agency’s core systems to operate at high efficiency and deliver the profitability firms like yours needs now.
The paper can be downloaded from the company website.