Collaboration Through my fifteen years in the #titleinsurance industry, my experience has been that title agents and title agencies have traditionally worked in silos. I get it - in many ways, it’s a zero-sum game. My winning a client means you losing a client. Just look at the underwriters - it’s the same reps and same counsels moving from one underwriter to another. The world is changing, though, and changing at such a rapid pace that title agencies won’t be able to keep up by simply minding our own business. If all we rely upon are underwriter bulletins to hear about fraud, or technological advances, or new platforms to market on, then we are dead in the water. The dog eat dog mentality is an anachronism of an earlier era. Surviving and thriving requires collaboration. How do we do this? It starts with a conversation; I’d love to hear your thoughts and ideas. Let’s connect.
Absolutely! Back in 2015 (ish), I chaired an ALTA sub-committee on cyber security. My first goal was to create one central repository for all threats facing the title industry. Cyber threats, wire fraud threats, phishing threats and other threats. Anyone (agent, vendor, underwriter or employee of same) could report a threat and it would be automatically disseminated (or queued to be) to the people subscribed to the list. Then, experts could weigh in and issue a threat score. Perhaps others could comment if they saw the threat too within their organization. Safer together. I proposed, as a demonstration of leadership, that this be open to the entire industry regardless of ALTA membership status. Crickets. No interest. Went nowhere. Details could have been flushed out- however, this was the overarching concept. Working together as an industry to share knowledge, critical knowledge, to protect both ourselves and our customers against financial loss. We're missing leadership at all levels of society-- and by working together within whatever scope we choose to define, we will all benefit as the collective.
Hey Victor! You've hit the nail on the head with this one. I could talk all day about collaboration as I truly believe it is the future of our industry. Honestly, it may be the only way we stay relevant in the process. Let's be real- there are no trade secrets. We all do the same thing... with some tweaks.. but in the end its much the same way. Silos will only further inhibit the technical growth and alienate future thinkers. For example, I have this idea that is, in my humble opinion, a brilliant game changer- but for the long-term vision to work, title/escrow production software needs more robust APIs. What we have to date was not built to share data. But its time. With the current wave of industry down turn, people are frustrated and many will not return when the boom hits. The world is changing and it is way past time this industry catches up! Collaboration, work/life balance, and an infusion of technology that reduces "over staffing "thus reduces future "layoffs/reductions" - those are my top 3 focuses in 2024.
Victor - I couldn't agree more. Becoming involved at the national level is a great way to hear what's working for other title companies because they aren't really your "competitors." I attend a ton of conferences as a vendor and I know they can be expensive but they are priceless networking opportunities. Nothing beats face to face. That being said - I would love to connect if you're attending any this year!
Liu, Victor: <Shameless plug alert> Check out GridBase®. We are working really hard to connect the dots between ALL participants in the real estate transaction and ecosystem - removing transactional friction, reducing costs and timelines, and making for better closing experiences. And we do it in such a way that the experience doesn't totally suck for title agents, which is usually the result of lender-centric tech that title agents have to endure (and pay for!). Check it out or let's chat.
Fantastic! Love this Victor!
Vice President - Regional Manager - New Jersey/Pennsylvania at Westcor Land Title Insurance Company
7moI do agree that growth in technology is key and would inspire a more robust and streamline approach to how we do business today. Unfortunately, notable changes in our industry are slow moving, which is where the frustration comes in. As you may know, there are currently statutory barriers in place that do not allow for the global sharing of information, so a good start would be to take a look at the partners that you ally with to be sure that your needs are their primary focus. As with employees of title agencies, there are many reasons why an underwriter staff member might relocate from one employer to another. To paint with such a broad brush is a confusing comment from my prospective. As one of your loyal underwriters, I do look forward to sitting down with you to see where you feel we might be failing, so that the reality of your concerns can be addressed from both sides allowing us to continue our valued relationship with you. 🌸