American Digital Title now licensed in 47 states
American Digital Title , a national title insurance provider in the US, announced 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.
“Getting into the California market is a major milestone in the evolution of American Digital Title. 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.” – President James Dufficy.
Through its partnership with Spruce , the proptech title company powering online real estate transactions, American Digital Title – part of Digital Partners, a Munich Re company – is continuing to expand across the country its AUM, which provides instant validation of title status. In addition, the 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.
The 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. Notably, 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.
“By implementing cutting-edge technology, we’re able to automate real estate transactions, resulting in a more predictable process. Working with like-minded partners like American Digital Title is critical in presenting both homeowners and investors the best possible experience.” – Patrick Burns, CEO and co-founder of Spruce.
Moving forward, American Digital Title is looking to develop automated processes that will help those on the purchasing side of real estate transactions.