Thursday, 02 February 2023

State Insurance commissioner approves first insurtech title insurer

SAN FRANCISCO – New technology is revolutionizing many lines of insurance-the latest to benefit is title insurance, as California Insurance Commissioner Dave Jones approves a license for States Title.

States Title is the first insurtech title insurer licensed and domiciled in California.

States Title is replacing a manual and labor-intensive process of writing title insurance which often involves days of waiting, with an automated data-driven approach, which should lead to reduced wait times, modernized title insurance transactions, increased competition, and reduced costs for home buyers and others in need of title insurance.

"California consumers benefit when new competitors enter our insurance market and they use technology to provide more efficient services at a lower cost," said Insurance Commissioner Dave Jones. "I am pleased to approve a license for States Title to not only sell title insurance in California but also to be domiciled here. Title insurance transactions are often labor intensive and suffer from delays-States Title uses a digital platform which is data driven and automates the process which in turn should bring benefits for consumers."

States Title Insurance Company of California will use data-driven technology to predict the risk and severity of a title defect on a particular property, aiming to deliver title insurance more efficiently and at lower costs.

"We are incredibly pleased to be doing business in the state of California," said States Title CEO Max Simkoff. "We look forward to bringing much-needed innovation and efficiency to the title insurance industry, as well as top-notch service to our customers."

The Silicon Valley start-up is domiciled in California with its first office located in San Francisco's Mission District improvement zone.

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