*NEWS: First American Embraces Innovation by Adopting Blockchain Technology
Blockchain is making inroads into business more and more these days and the financial industry is especially conducive to this technology because of its focus on security.
First American Financial Corporation, a global provider of title insurance, settlement services and risk immunity services for real estate transactions announced today announced the launch of a shared blockchain system.
The system has been designed to increase efficiency, reduce risk and improve the title production process. It’s intended to facilitate the exchange of prior title insurance policies between underwriters who contribute to the system.
Old Republic Title Insurance Group, the nation’s third largest title insurance underwriter, has committed to be the first to participate.
Each policy included in the blockchain system will be coded with a unique identifier by property, streamlining the search process and increasing the accuracy of searches for prior title insurance policies.
“First American has a long history of innovation and our development of this system demonstrates our ongoing commitment to applying state-of-the-art technologies that reduce risk and improve the real estate transaction process,” Dennis Gilmore, CEO of First American Financial Corporation, with HQ in Santa Ana, said in a press release issued today.
The common practice of sharing policy information among title insurance underwriters can be beneficial to underwriters and consumers alike, as it both increases efficiency and reduces risk. This blockchain system melds that established practice with emerging technology to further increase efficiency and lower risk in the title production process.
First American Financial Corporation traces its heritage back to 1889. It also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services.
With total revenue of $5.8 billion in 2017, the company offers its products and services directly and through its agents throughout the U.S. and abroad.