Title insurance agents face waves of continuous technological evolutions, all designed to ease the agent’s work, but which can be glitchy enough to tempt title agents to abandon new protocols in favor of old habits.
Technology shows up in our work lives in several ways. For example, the options below are but an “initial round-up” (if you will) of many title agent’s interactions with technology:
Production Software – Often used by title agents to manage files, create documents and commitments, handle disbursements, communicate and share information with clients.
Electronic Records – While still not yet available in every county or title plant, most urban areas now have electronic records. Title professionals no longer have to drive to a set location to research property records. They can do research from a computer anywhere with an internet connection.
E-Recordings – Rather than taking the original documents to the County Register of Deeds to be put of record, recordings can be submitted online through various providers.
E-Signatures – E- Notaries/RON (remote online notarization) – This a rapidly evolving space and can be a major convenience for consumers and increase productivity for title agents.
Smart Contracts – SC’s are just beginning to become a reality. Self-executing contracts that follow an “if-this-then-that” protocol can streamline workflow and reduce errors.
Social Media – A powerful and ubiquitous vehicle that aids marketing and relationship efforts.
Technology is now a part of everything we do, and most every title agent recognizes the benefits of adopting some form of technology. Moving forward, technology is helping mitigate risks like wire fraud while helping us run more efficient businesses.
There can be a bit of tug-of-war over the adoption of new technology. The over 50-year-old work population has had to learn new technologies as adults, while Millennials grew up in the face of ever-evolving technology options, and the up-and-coming Generation Z has never known a life without the Internet.
Those from older generations have witnessed methods that were once industry best practices become obsolete in a brave new, technological world. In some cases, entire industries have had to evolve or risk becoming obsolete themselves.
The truth is the title insurance industry is behind, technologically speaking. Title insurance operates much like the check at the grocery store; although the check may remain an option for some time yet, it is not now, nor will it ever again be the dominate method of payment.
Yet our industry has been slow to adapt and embrace new technologies. Those who would drag their feet cite concerns about emerging technology, the validity of it and what the implications could be in the result of certain claims. These are valid concerns.
But a continued resistance is creating opportunity for those outside our industry to change it for us.
While the use of new technology does open doors to risk of claims or risk of being unintentionally negligent could increase, the waves of disruption don’t look to be letting up anytime soon.
To remain relevant, title agents must get on board and move full steam ahead.
There is nothing like a solid, well-built email list – one that actually has people and businesses you want to reach.
Though some consider email “old-school” in the face of social media and text messaging, beautifully built content within your enewsletters and even within simple emails, can reach your audiences in ways social media platforms might not.
To that end, you need email addresses. You also need to not engage in spam (using email addresses you’re not entitled to). Here’s a great bit on how businesses can legitimately and effectively gain new email addresses, thereby continually growing their audience reach.
As technology continues to affect nearly every corner of our lives, real estate transactions are getting done with more technological influence than ever:
How Technology Is Changing The Real Estate Market.
The success of wire fraud has reached unbelievable loss statistics.
Numerous articles, videos, newsletters, television broadcasts and other forms of media are constantly publicizing successful scams with the goal of spreading awareness so that we escrow officers and customers know how to recognize attempted fraud and can take the necessary precautions to avoid becoming a victim.
Fraudsters are fluid, ever-creative and extremely clever in their efforts to breach computer systems with false pretenses and technology tools to interject themselves into the electronic communications channels.
For those unsuspecting and vulnerable persons, the consequences can be devastating. Lifetime savings can be lost within seconds. And, even the most wary of individuals have been scammed.
Partnership provides Alliant National independent title agents access to advanced, efficient cybersecurity technology solutions
LONGMONT, Colo. – Alliant National Title Insurance Company (Alliant National) and Cloudstar recently announced a strategic partnership that allows Alliant National’s independent title agents access to Cloudstar’s cybersecurity advanced technology platform. This platform also includes project management tools designed to increase productivity.
Cloudstar is a multi-national technology platform that provides secure infrastructure, cloud hosting, data center colocation, email encryption and managed information technology services and support to regulated industries in the United States, Canada and South America.
“In a cloud-first world, title agents need easier ways to work while still utilizing their existing settlement services software,” said Gregory McDonald, CEO of Cloudstar. “Cloudstar makes it easy to run existing software in the cloud while accessing it from anywhere. Together, the Alliant National and Cloudstar partnership will provide Alliant National’s independent agents with both the tools they need to be more productive and the cybersecurity products they need to increase security and help prevent wire fraud.”
“We are all very excited about this new partnership and we’re glad to provide this opportunity for our independent agents to work with Cloudstar,” said Mike Rubin, Alliant National’s vice president of business development. “Alliant National Title Insurance Company agents will benefit from this partnership by enjoying a dedicated Cloudstar account manager, access to new products and services before they are released to the public, as well as special offers and pricing incentives.”
The Independent Underwriter for The Independent Agent®, Alliant National believes in putting other people first. The company protects the dreams of property owners with secure title insurance and partners with 400+ trusted independent title agents as a licensed underwriter in 22 states, with annual revenues exceeding $110 million. Visit joinalliantnational.com for additional information.
About Cloudstar
Cloudstar is a multi-national provider of virtual desktop hosting, hosted software and applications, custom tailored IT infrastructure design, email encryption, managed services, IT security, and consulting to regulated industries across the United States, Canada, and South America.
Cloudstar started in 2009 as Cloudstar Consulting Corporation and was created to meet the unique needs of the land title industry. As the company grew from a consulting and IT infrastructure design firm, Cloudstar Consulting Corporation re-branded as simply “Cloudstar”, a DBA of the newly formed holdings company, Keystone Management Group, LLC. In 2014, Cloudstar purchased a 50% interest in U.S. Telecommunications firm, Teletonix Communications in addition to adding Diologix, an electronic medical records encryption company and Notary Transfer to its portfolio of brands. As of 2017, Cloudstar has expanded to provide services to the entirety of the United States, Canada and Mexico with offices in three states and privately held infrastructure co-located at five U.S data centers.
Today, Cloudstar services the needs of tens of thousands of end users from small firms to publicly traded companies. For more information, please visit MyCloudstar.com.
