States Title was invited to be part of an Executive Interview Series at the AI Summit in New York in December 2019. Dominic Fahey, VP Business Development at State Title, answered a series of questions about States Title and machine intelligence – watch or read below.
Our founder is Max Simkoff. He founded the company in 2016 after his own frustrations in being a first-time homebuyer.
He saw the complexity, the time that it takes and the inefficiencies in the process, and realized that it needed a transformation.
Max previously founded Evolve, which was an HR predictive analytics enterprise and through that experience he saw that he could apply it to the title and escrow process.
Machine intelligence in the title and escrow process allows us to take out 80 percent of the human labor in the work of title and escrow, and it reduces the human errors and improves the efficiency.
It also provides a transformative experience for the homebuyer, in addition to providing a better experience for our associates because they’re able to focus on the things that really require strategic human decisions.
As we look at it, automation is when a human programs a machine to precisely follow instructions – sort of like a player piano.
Whereas, machine learning is having a machine look at a dataset and draw trends and patterns through that data set and being able to apply it to a single problem.
Machine intelligence has derivatives of human intelligence like learning and prioritization, whereas AI is artificial general intelligence and the application that may exceed human intelligence.
So, the title insurance industry has been around for around 150 years and it’s pretty much been done in the same way and fashion in examining books and records.
Our transformative application of machine intelligence to the title and escrow process is patented so that one of our competitors can’t wholly copy it of course.
And we believe that machine intelligence makes all the difference in the title and escrow process to take out as we talked about the inefficiencies and the human error.
We also believe, in the title and escrow process, that machine intelligence will make it a more transformative process for the homebuyer.
So certainly the old system is not broken, plenty of homes transact in the U.S.
But consumer demands are changing: Today it takes on average a homebuyer 45 days to go through the entire process of buying a home with a mortgage.
We believe that with the application of machine intelligence we should be able to get to that transformative one-click close, which would reduce the cost, increase the efficiencies and provide a more delightful experience for the homebuyer.
Having the title company of the future being able to focus and have its associates focus on the things that require strategic human decisions is really where we want to be.