First American Financial Corp. (FAF) has launched a shared Blockchain system designed to increase efficiency, reduce risk and improve the title production process.
FAF said the system is intended to facilitate the exchange of prior title insurance policies between underwriters that 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 in the Blockchain, FAF said.
“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,” FAF CEO Dennis J. Gilmore said in a release. “The potential exists to create a robust exchange of title insurance policy information that delivers greater transparency, efficiency and accountability to the industry and enhances the closing experience for consumers.”
FAF said 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.
The company said its Blockchain will augment the common practice of sharing policy information among title insurance underwriters with emerging technology to further increase efficiency and lower risk in the title production process.