States Title Receives California License

California Insurance Commissioner Dave Jones has approved a license for Doma , the first insurtech title insurer licensed and domiciled in California. The company was established in 2016 and has since raised $10.2m to use data-driven technology to predict the risk and severity of a title defect on a particular property, aiming to deliver title insurance more efficiently and at lower costs.

“California consumers benefit when new competitors enter our insurance market and they use technology to provide more efficient services at a lower cost . I am pleased to approve a license for States Title to not only sell title insurance in California but also to be domiciled here. Title insurance transactions are often labor intensive and suffer from delays – States Title uses a digital platform which is data driven and automates the process which in turn should bring benefits for consumers.” – Insurance Commissioner, Dave Jones.

“We are incredibly pleased to be doing business in the state of California. We look forward to bringing much-needed innovation and efficiency to the title insurance industry, as well as top-notch service to our customers.” – States Title CEO, Max Simkoff.

Bottom Line: This is how it starts and this is where it plans to go – “a next generation platform to reduce friction in mortgage.”