For Immediate Release
Contact: Ailie Ashton | Marketing, Public Relations & Research Director | 973-854-9582 | Ailie.Ashton@redvision.com
New Accenture White Paper Reveals True Cost of Title Insurance Production from Title Industry Benchmark Study
Parsippany, N.J. – March 26, 2015 – The first analysis of its kind, the “Title Insurance Benchmark Study”, revealed a 30 percent variance exists between what participants thought was their cost to produce and their actual fully burdened costs in producing a title report. The study was conducted by Accenture, a leading global professional services company, and was commissioned by RedVision, the largest independent national provider of title and real property research solutions.
Accenture’s newly published white paper – which outlines key findings, insights and opportunities of the Title Insurance Benchmark Study – is now available at www.redvision.com.
“This is business critical for title insurance production companies,” says Linda Naylor, Associate Director, Accenture. “The title fulfillment process still relies heavily on disparate systems with several human touch points and multiple quality checks. The number one challenge for firms is to relieve themselves from low-value activities – which accounts for 67% of activities – during the production process.”
According to Naylor, the study is important to the entire title insurance industry since the reality is many companies do not know their company’s true costs in producing title reports. With ongoing disruptions in the industry – including regulatory changes, increasing compliance requirements and unpredictable market conditions – understanding where the inefficiencies lie is vital in creating process improvements and cost-savings opportunities.
Some key findings include but are not limited to:
- High number of handoffs – an average of 8.5 handoffs occur across the title production process for refinance and purchase products;
- Limited straight through processing – more than 80 to 90 percent of title search process steps are conducted manually or require manual intervention creating excessive delays; and,
- High levels of rework – manual rework across the entire title production value chain impacts process efficiency and the cost-per-transaction.
“We have always been committed to understanding the challenges facing our industry,” says Brian Twibell, CEO, RedVision. “RedVision commissioned Accenture to conduct this study because we suspected there were inefficiencies in the title production chain; we just did not realize to what extent. The study findings are clear: a lot of inefficiency exists – hence lost profitability – in the end-to-end title production process. However, the opportunity presents itself for firms to identify low-value activities and shift their focus to strategic growth and high value activities through technology, straight-through processing and strategic partnerships.”
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
RedVision® is the premier independent nationwide provider of real property title data, search examination and curative-ready solutions for local and national clients. RedVision has more than 1,600 client organizations, including financial institutions, title underwriters, local agents, lenders, attorneys and foreclosure/default processing firms. RedVision utilizes its proprietary technology to connect vast U.S. county records and an expert workforce to provide its blue-chip customers with reliable property data, abstracts and examined title reports. Rooted in the principles of accuracy, objectivity and innovation, RedVision has delivered over 7.5 million title reports since 2006 and gained recognition as a pioneer in the industry. For more information, please visit