(Image credit: Edgar Chaparro/Unsplash.)
American Digital Title Insurance Company (Denver), announced that it has received its Certificate of Authority from the Commissioner of Insurance of California to underwrite title insurance in California, the second largest title insurance market in the country in terms of premium volume. With the California Certificate of Authority, American Digital Title is now licensed to operate in 47 states. Munich Re (Munich) acquired American Digital Title in 2019.
“Getting into the California market is a major milestone in the evolution of American Digital Title,” comments President James Dufficy. “Importantly, we are looking forward to working with our title agent partners to extend the benefits of our Automated Underwriting Model (AUM) offering to this crucial market.”
Through its partnership with Spruce, an Austin, Texas based proptech title company powering online real estate transactions, American Digital Title—part of Digital Partners NA, a Munich Re company—reports that it is continuing to expand across the country its AUM, which provides instant validation of title status. In addition, the carrier’s AUM is being supplemented by instant data feeds of legal and vesting for a large percentage of title orders submitted to it, serving to eliminate much of the time and expense involved in the manual process of pulling deeds and searching the chain of title to validate the current status of vesting.
American Digital Title’s underwriting model utilizes both artificial intelligence and machine-learning technology—and public and private data sourcing—to reduce what is typically a manual multi-day real estate title insurance process to a matter of minutes. The carrier says it offers agents consistent accuracy, objective flexibility and continuous improvement over time, while providing the same level of coverage as the traditional title insurance process.
More Predictable Process
“By implementing cutting-edge technology, we’re able to automate real estate transactions, resulting in a more predictable process,” comments Patrick Burns, CEO and co-founder, Spruce. “Working with like-minded partners like American Digital Title is critical in presenting both homeowners and investors the best possible experience.”
American Digital Title says it plans to to develop automated processes that will help those on the purchasing side of real estate transactions.