We recently took a deep dive into our numbers to answer some of the questions we’re asked the most by peers and prospects. One area of skepticism comes from title agents who swear by the use of offshore BPO firms to manage many of the time consuming, redundant tasks that come with producing a title policy. While many acknowledge that the quality of the deliverables can occasionally be inconsistent, they still believe that technology—especially the purchase and implementation—will always foot the bigger bill.
That’s really not the case. Especially when using bots.
A closer look at the numbers.
We recently broke down the numbers for comparison’s sake. The average hourly cost for onshore services is approximately $22/hour. It’s about $10/hour for offshore (BPO) outsourced services. And for a custom-built bot, it’s about $7.03/hour if utilized for 16 hours per day and as a low as $4.69/hour if it utilized for 24 hours per day. As to the custom building process and implementation? Depending on factors such as scale or term of commitment, you can deploy your own dedicated bot for around $2k per month. Nothing near the cost of buying and implementing a more global technology. And implementation? Nearly invisible. Bots run alongside or behind the technology your business uses. It won’t interfere. It doesn’t require a ton of attention to do what it was built to do. And it takes pretty much no time to implement and train for once the bot has been built.
Prefer variable costs in this market? We can help.
Now, consider that we offer bots for rent, essentially, as well. At a time when variable costs are a must for most operations, we present Title Hunter®, a network of existing bots already deployed in the automation of title searches in a number of states. Essentially, agents pay for what they use.
Production: apples to apples.
Let’s look at some production numbers. A bot (purchased or rented) can process 3 title searches, excluding the examination, per hour. Admittedly, the typical offshore BPO searcher can process 2.4 orders per hour. But the eye-opener is cost. While it costs, on average, $2.34 per order processed by a Title Hunter® bot, it costs a BPO about $4.17.
And now, consider that bots don’t make mistakes. They do what they’re programmed to do, at a consistent speed, and for longer hours than humans. What’s the cost of a mistake (or a dozen mistakes) on an order?
There are more title and escrow use cases for RPA technology which can address a title agency’s most mundane, repetitive, and time-consuming functions.
If you have a process you’d like to automate, or if you’d like to learn more about subscribing to Title Hunter®, just drop us a note or give us a call. We’d be happy to show you just how much RPA can help you.
Photo by Mathieu Stern on Unsplash