A pair of industry leaders will facilitate a guided discussion about technology in the title space during the National Settlement Services Summit (NS3) June 16-18 at the Westin Pittsburgh in Pittsburgh, Pa.
This technology forum will be led by Rick Diamond, vice president of information technology, agency operations, for FNF Family of Companies, and Shawn Fox, chief revenue officer at Premier One.
“Sean and I are not presenting anything,” Diamond explained. “We’re not teaching. … We’re just enabling dialogue.”
How to maintain cybersecurity and prevent fraud, particularly against the backdrop of artificial intelligence (AI) and deep fakes, is expected to be discussed.
When it comes to cybersecurity, Diamond said, “We still, as an industry, must prove our worth, and … we must prove over and over again to everybody’s satisfaction… that we are doing everything in our power to protect everybody in the transaction.”
Protecting transactions continues to be a challenge in an environment where technology is becoming more sophisticated with each passing day. In the past, phishing types of emails were more easily spotted due to spelling errors or broken English, Fox explained.
“That’s not even happening anymore,” Fox said. “…(The email is) so clean. … You have to continue that training on that user side.”
Fox said companies should have an employee in charge of cybersecurity standards and another who handles quality control with AI, bots and new technology.
Diamond said he will encourage attendees to examine their internal processes to see “where they can streamline, see where they can save some money.” He also wants industry leaders to try to secure market share during these uncertain economic times.
According to Diamond, there are AI tools that can help companies review their internal processes and assist them with customer service, communication and marketing work.
He noted, however, there are risks with AI.
“Title searches and all the things we have to do … have to be precise,” Diamond said. “If we're allowing AI to do this, they may be 95 percent accurate, but it’s not 100 percent precise.”
Even if the technology is 99.1 percent correct, that .9 percent of uncertainty would be costly to a company, Diamond noted.
Fox emphasized that companies need to establish guidelines and quality control measures around their use of AI.
The forum, Diamond said, will be “a sharing of ideas. … The title agents… that'll come in certainly want to hear what other title agents are doing.”
Fox concurred and noted attendees will learn from their industry counterparts, “This is what works, and this is where we failed, and this is where we've been successful.”
For more information on NS3 2025, including the agenda for all three days, click here. You can register for NS3 online here.