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California regulators gave title insurance startup States Title the go-ahead to operate as the state's first tech-focused title insurer. The title insurance business is currently dominated by a handful of established players, including Fidelity National Financial and First American Financial Corporation.
“The industry is ripe for more technology usage,” said Jason Deleeuw, an analyst at Piper Jaffray & Co. “That’s a common theme across real estate and mortgage.” Consumers generally use title insurance just a few times in their lives when they’re financing the purchase of a home. Title companies and agents scour public records to help buyers and lenders avoid risks like liens or ownership disputes. California Insurance Commissioner Dave Jones said more competition and new technology can help reduce costs for consumers.
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