Black Knight Launches Tool to Help Title Companies Reduce Claims
February 21, 2017
Black Knight Financial Services unveiled a new tool risk mitigation tool that helps title companies identify potential liabilities and reduce title insurance claims.
Called iOnTitle, the automated, web-based, title search and order management application enables title companies to perform high-volume, comprehensive title searches, streamline order-management workflow produce examination-ready search packages.
According to a release, iOnTitle also offers title companies an additional level of security on their title orders. Black Knight leverages Fidelity National Financial's proprietary data through TitlePoint. iOnTitle draws from this data and applies analytics to uncover questionable activities, conditions and behaviors. When the possibility of questionable activity is detected on specified property accounts, the solution automatically alerts users directly on their TitlePoint screens. The alerts are delivered early and throughout the title production process so title companies can take preventative steps against fraud or other illegal activity. Client-configurable rules determine the frequency and urgency of alerts.
In addition, Black Knight reported that the solution provides real-time emails with pertinent information when issues are identified, so a title company's staff can follow up and take the required steps to mitigate risk. The email notices include the order number, company, title officer, number of transactions, who created property or name searches and more. A reports page organizes alerts by type, enabling users to easily view, print and email the reports. iOnTitle is compatible with XML, and provides seamless integration into a title company's system for minimal workflow impact.
"The title insurance industry loses millions of dollars in claims each year," said Lisa Roessler, Black Knight Data & Analytics' vice president of title strategy. “Title experts usually uncover any problems during the title search process, however, manual errors can lead to these claims. Our automated iOnTitle solution, helps title companies discover issues early, instead of after the fact. This helps to decrease the likelihood of claims, as well as helps reduce the manual work, inefficiencies and costs associated with correcting manual errors."
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