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Industry News

LandAmerica Introduces New Customer-Focused Operating Structure in Colorado

June 18, 2008

RICHMOND, Va.,-- LandAmerica Financial Group, Inc. (NYSE: LFG ) has implemented an innovative new operating structure for its title insurance, escrow and closing services in Colorado. This revolutionary business model will increase the number of LandAmerica representatives available to provide face-to-face service to customers while increasing the convenience and efficiency of real estate closings without the limitations of bricks-and-mortar locations.

Through this initiative entitled "The New Frontier," the traditional model, which relied on outside Sales Representatives and office-based Escrow Officers, evolves to one that combines those functions into the role of Account Manager and centralizes data-driven functions into fulfillment centers or "hubs." LandAmerica Account Managers will provide a higher level of local service by working out of home-based offices. The new model provides customers with increased personal interaction with title and closing professionals and a single point of contact for answers to questions and resolution of issues.

"Our new approach represents a new and better way to meet the needs of our customers," says Lynn M. Riedel, EVP - Residential Services, Northwest Region. "Today's challenging real estate environment demands a lean yet responsive structure. We spent more than a year planning and perfecting this new model based on what our customers told us they want and need. We've standardized processes, simplified pricing and empowered Account Managers to be more responsive and available. We believe this customer-focused approach is a forward-thinking and aggressive response to our rapidly changing industry. We're excited about it."

Under the new structure, Account Managers will work remotely from offices in their homes and be connected to LandAmerica through a host of technology- enabled tools. These Account Managers will concentrate on providing personal service to customers based on extended hours of availability for performing closings. Non-customer-facing functions will be centralized in a Colorado- based fulfillment center. Closings will be performed at various locations convenient for customers, including existing LandAmerica closing offices, Realtor® offices and leased executive suites.

"We are going where our customers are," says Riedel, "and we'll perform closings wherever it suits them. To us, that's just another way of providing consistently superior service."

Source: LandAmerica Financial Group, Inc.

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