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CentRealTech Releases White Paper on Title Insurance Industry Automation
CentRealTech Releases White Paper on Title Insurance Industry Automation
CentRealTech, Inc. | 07 Oct 2008
CentRealTech Inc. announced today that they have released an Industry White Paper which presents a compelling case for the implementation of a Web based, automation solution for the labor intensive Title Production Process used by most title companies today. The title industry is going through one of the toughest times in its history with the direct impact of the housing slump, the subprime mortgage collapse and the regulatory/consumer group pressures to reduce premiums. As the industry’s revenue base has eroded, companies have reacted by reducing resources and outsourcing title production to both domestic and international Business Process Outsourcers (BPOs). Despite this, most of the major title companies have not been profitable for sometime. Technology is the catalyst to help drive this industry to new ways of becoming innovative and implementing new processes that improve timing, productivity, and economics.
“In today’s fiscal environment, where title companies find themselves under tremendous pressure to reduce cost, to not only be competitive but to survive, the implementation of an automated solution is inevitable,” said Robert Matanane, President and CEO of CentRealTech. “The right Web based solution can cut the processing time of orders in half and can provide the convenience of locating all applicable documents, images, product templates, write-up codes, etc. in one system location allowing for an efficient one seat process for title production and creation of title products. The benefits and cost savings go beyond labor efficiency, and include the reduction of claims, elimination of the cost to create and store title files, and the ability to provide digital information to others easily. Also, implementing automation utilizing a Software as a Solution platform provides 24/7 access to the system with virtually no up front capital investment - orders are paid for only as they are processed ensuring an excellent Return on Investment for the title company.”
There are few Web based solutions for the automation of the Title Production Process available in the marketplace today. When considering a change to a Web based solution, your requirements should include important features such as:
• A Software as a Service solution, including pay per transaction pricing.
• Automated interface to existing systems, allowing data import and export.
• Submit orders individually or in batches via account access over the internet or via an email.
• Automatically assemble title chain, related documents & images and initial draft of preliminary report and commitment to create a digital (paperless) file that is available 24/7 from anywhere via the internet.
• Customized underwriting guidelines, write-up codes, product templates, policy endorsements, etc.
• Populate title products with appropriate text from images using OCR technology.
• Ability to upload other digital documents from disparate systems or files and hyperlink those documents where appropriate.
• Production of any title products including Policies and Endorsements.
• Hyperlink referenced documents and images in all title products.
• Easy creation of PDF documents or hyperlinked PDF documents to allow for distribution to applicable parties – real estate broker, escrow agent, homeowner, lender, attorney, etc.
• Available professional services for title production outsourcing and operations consulting.
The White Paper can be downloaded from the CentRealTech website at www.centrealtech.com.
About CentRealTech
CentRealTech, Inc. provides an automated, single seat solution for the Title Insurance Industry delivered over the internet as a Software as a Service solution. The powerful One Click System virtually automates the title production process, enabling title companies to effectively and efficiently process title orders. Founded in 2007, CentRealTech is a privately held software/technology company located in El Dorado Hills, CA that specializes in products and services for the title insurance industry and its real estate and lender customers.
Company Contact
Robert Matanane
CentRealTech, Inc.
916-273-9573
robert(at)centrealtech.com
www.centrealtech.com
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