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Title Insurance Companies: Three Things Killing Your Business
Nov 18 2010
Title Insurance Companies: Three Things Killing Your Business

New York, NY (PRWEB) November 18, 2010 -  Paper, phones and email are probably killing your title insurance company, according to a new eGuide released this week by Mandrien Consulting Group.

 

In the midst of the foreclosure-gate and robo-signing controversy, the details of certain business processes in the real estate industry have suddenly come under intense scrutiny. Many of these organizations’ business processes have lately been cast in a very unfavorable light as the public begins to recognize the unfolding ramifications.

 

Although title companies are not directly under fire in the debacle, it is clear that their processes are not perfect either. Most title insurance companies today continue to rely heavily on paper documents, phone communication and reactionary email-response systems. Mandrien’s eGuide, titled “The Three Things Killing Your Title Insurance Company,” outlines the reasons why these methods of data-storage and communication can prove crippling to a real estate services company.

 

The guide cites research into the hazards of paper documentation, including the cost of storage, the problem of mishandled, lost or destroyed documents and the difficulty of retrieving information that is stored physically rather than electronically. An invaluable new resource to title insurance companies, “Three Things” describes both the drawbacks of a paper system and the benefits of implementing a paperless one. One of the many benefits is the ability to brand your company as a “green” in a market that is increasingly concerned with environmentally responsible business practices.

 

In addition to the waste and financial loss caused by paper-based data storage, having employees whose primary responsibility is data entry answering the phone is both wasteful and impractical. Trained customer service professionals should staff a call center, giving your clients improved response time. This can free up processing employees to focus on their assigned tasks and also enhance client-centric branding.

 

Finally, the paper describes how the nature of email today can lead to inefficiencies in a title insurance company’s business process. Rather than allowing employees to reactively respond to email throughout the workday, the guide suggests implementing software platforms that conveniently push and pull data through integration without the need for email.

 

Mandrien’s timely report, released in the midst of the “Forelcosuregate” and “robo-signing” debacle, provides title insurance companies with valuable advice on how to keep their companies profitable and efficient, even in an uncertain financial and regulatory climate.

 

Megan Scarborough, Director of Corporate Communications for Mandrien stated: “In large part, the foreclosure issues this country is facing today are a business process defect. If the parties involved had properly utilized technology and perfected their business processes, perhaps through Six Sigma or other optimization techniques, they would not be having the problems they have today.”

 

Mandrien is a unique player in the real estate services and business process optimization industries. Its management team has decades of experience in the title insurance and mortgage industries. Its consultants are the only ones that focus solely on the title insurance and mortgage fields.