Black Knight Financial Services has launched a new tool that identifies potential liabilities to reduce title insurers' claims.
Called iOnTitle, the tool is available through Black Knight's TitlePoint web-based title search and order management application. The tool can also integrate into a title company's system through XML.
The tool sends insurers real-time email reports and notifications in TitlePoint when it identifies potential issues. The frequency and urgency of alerts are configured by Black Knight's clients. Email notices include order numbers, companies, title officers and who created the property and name searches, among other information.
iOnTitle draws on the proprietary data Black Knight gathers through TitlePoint, using analytics to identify questionable activity.
"The title insurance industry loses millions of dollars in claims each year," said Lisa Roessler, Black Knight Data & Analytics vice president of title strategy, in a news release. "Title experts usually uncover any problems during the title search process, however, manual errors can lead to these claims."
By alerting title firms early on that there may be a problem, iOnTitle "helps to decrease the likelihood of claims, as well as helps reduce the manual work, inefficiencies and costs associated with correcting manual errors," Roessler added.