The biggest challenge when it comes to thinking about adding a new application or automating a process in the title insurance industry is learning the language so you can intelligently assess what’s out there and understand how it can benefit your agency.
There are four key reasons to consider automation in the title industry: to reduce errors, to manage escalating business, to maximize workforce hours, and to reduce costs. The last one may be the most critical when navigating a decelerating real estate market.
To get you started, let’s take a quick tour through some of the basic terminology, including Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML).
RPA: Rules and Programming
Robotic process automation is the design and implementation of software robots programmed to run on a physical or virtual computer, to complete mundane, repetitive manual tasks without the need for human intervention. One of the signature aspects of RPA is that it is rules based; that is rules are programmed into the system that initiate the repetitive tasks. RPA replicates the user’s actions, within the user interface, to complete various processes including queries, calculations and maintenance of records and transactions.
ML: Data and Algorithms
Machine Learning employs algorithms to create a model of the workflow pattern of a particular process. It then taps into real-time data to anticipate the next step in the process. Over time, ML can actually create new algorithms to improve and streamline processes. It is learning from human input to mimic and improve the processes.
AI: Thinking Like a Human
Artificial Intelligence uses technology to understand how humans think and then uses that information to navigate incoming data to perform tasks in the place of humans. AI employs human-type data reading such as visual perception, speech recognition, and decision-making. Self-driving cars, Amazon’s Alexa and marketing chatbots are all common examples of Artificial Intelligence that we encounter every day.
Advantages of RPA
While all types of automation offer great opportunities for the title insurance industry, RPA has unique advantages.
- The title insurance industry is labor intensive, and RPA can boost productivity and provide significant cost savings.
- Accuracy is a critical requirement in a real estate transaction. RPA reduces the need for human handling of data that often leads to errors.
- RPA can be used seamlessly with legacy systems, avoiding the necessity of replacing existing title systems with more expensive alternatives.
- Improved customer service is always an outgrowth of RPA, because it frees up title staff to spend more quality time responding to client needs quickly and effectively.
At TrueFocus Automation, we offer custom bot development according to your specific requirements for a one-time fee. Once the bots GO LIVE, we transfer ownership to your internal team and offer contracted maintenance support. In the alternative, we offer Automation-as-a-Service (AaaS), hosting the bot in our cloud using our RPA software licenses, monitor and maintain the bots, and provide reporting on bot activity.
To learn more about how RPA can help you streamline your processes, contact us for a complimentary assessment or POC at firstname.lastname@example.org.