What The Experts Are Saying About This Year’s State of Title – Technology and AI

With this year’s State of the Title Industry report revealing 26% of respondents are currently using or contemplating using AI in their closing workflows, the conversation surrounding Artificial Intelligence (AI) has elevated beyond mere speculation to a more practical consideration within the industry. What was once viewed as a marketing tool has evolved as a tangible and integral aspect of the title industry landscape. The conversation now involves how AI can be incorporated into the day-to-day operations of a title professional’s work.

In this blog, we will recap recent conversations with industry experts, take a closer look at how these advancements are reshaping the industry’s practices and prospects, and shed light on how professionals are navigating this intersection of tradition and technological progress. 

Why Title Professionals Should Be Taking Advantage of New Technology 

In the words of industry veterans, the significance of embracing new technology within the title sector cannot be overstated. As Deb Grace aptly puts it on our Title Talks podcast, now is the opportune time for professionals to enhance their efficiency and expand their knowledge base. Many are proactively encouraging their teams to pursue additional education during this period, recognizing the long-term dividends it can yield. This strategic investment in training and skill development is likened to planting seeds that will undoubtedly bear fruit when the market regains momentum. By utilizing this time to familiarize themselves with evolving technologies and software, professionals are honing their expertise and positioning themselves for success in the upcoming surge in market activity.  

🎧 Listen now: Ep. 55: Deb Grace on the State of the Title Industry

In alignment with this forward-thinking approach, Brent Scheer also emphasizes the inevitable intersection of technology and human involvement in the industry’s future. The trajectory, he asserts, points toward an increasing reliance on technology, but it is crucial to remember that the synergy between technology and people remains a constant. As the industry continues to evolve, those who adeptly navigate this dual landscape will thrive. 

🎧 Listen now: Ep. 52: Brent Scheer on the State of the Title Industry

How Do Title Professionals Benefit from Using AI? 

The integration of Artificial Intelligence (AI) into the title industry may seem like a recent phenomenon, but its roots extend beyond the last few years. From streamlining tedious tasks to enhancing decision-making processes, AI has been making subtle inroads, gradually transforming the way title professionals operate. 

Idea Generation 

Harnessing the power of AI, particularly tools like ChatGPT, provides title professionals with a unique edge in idea generation. Andi Bolin highlights the opportunity to leverage initial learning and foundational knowledge on our Title Talks podcast, integrating these elements into AI systems to unlock new and fluid opportunities. As Bolin emphasizes, the human brain has limits to its creative and decision-making capacities throughout the day. By incorporating AI as a collaborative tool, professionals can overcome cognitive fatigue and jumpstart their creativity. 

🎧 Listen now: Ep. 53: Andi Bolin on the State of the Title Industry

Time Management 

Another significant benefit of integrating AI into daily workflows is the enhancement of time management. Andi Bolin shares a practical example of using ChatGPT to streamline the process of creating itineraries: 

“I put [an itinerary] into ChatGPT and I said, I need an itinerary for this amount of space from this time to this time with this many hour sessions, with this number of breaks. And I put it in there and it spit it out. And now all I have to do is put that in my clipboard and go and change it, but it’s already built out.” – Andi Bolin

This not only expedites the itinerary creation process but also allows professionals to allocate their time more effectively. The AI serves as a collaborative tool, minimizing manual effort and enhancing the overall efficiency of managing schedules.  

Title Industry Concerns with AI 

Will AI Take Away Jobs? 

The question of job displacement due to AI looms large in various industries, and the title sector is no exception. However, according to ALTA’s CEO Diane Tomb, the concern isn’t about AI itself taking away jobs. Instead, the focus should be on empowering professionals with the skills to effectively utilize AI tools. Tomb emphasizes that those who possess the knowledge of how to leverage AI will be at a distinct advantage, suggesting that the evolution of job roles may be more about adaptation and upskilling than outright job loss. 

🎧 Listen now: Ep. 54: Diane Tomb on the State of the Title Industry

Will AI Cause Title Agents to Be Paid Less? 

The potential impact of AI on compensation within the title industry raises valid concerns. As AI streamlines certain processes, there is a fear that it may lead to a devaluation of traditional roles. However, the critical question remains: What proactive measures is the industry taking to prevent the devaluation of skills and talents? Can AI be part of the solution to enhance, rather than diminish, the value of human expertise? 

Addressing the aging-out of skills and talents in the title industry is pivotal to maintaining a robust workforce. The industry must proactively invest in continuous education and upskilling programs to keep professionals abreast of technological advancements, including AI. Rather than viewing AI as a threat, it can be positioned as a tool that complements human capabilities. Through strategic integration of AI, the industry can foster an environment where seasoned professionals coexist harmoniously with cutting-edge technology. 

Is AI Regulated in Our Industry? 

As the adoption of AI accelerates in the title sector, concerns about regulation, liability, and privacy come to the forefront. While the regulatory landscape remains unclear at present, there is a consensus that caution is warranted. AI applications, especially in tasks involving legal implications, such as drafting contracts or providing legal advice, should be approached with care. The potential liabilities and privacy risks associated with AI underscore the need for industry-specific regulations. 

Key Takeaway 

The sentiment regarding AI within the title industry spans a spectrum of emotions, ranging from excitement to uncertainty and even fear about the technology’s power and capabilities. 

The synergy between title professionals and AI is not centered on replacing human expertise but rather enhancing it. AI becomes a valuable ally in fostering creativity, overcoming cognitive limitations, and optimizing time, ultimately empowering professionals to navigate their roles with increased efficiency and innovation. This empowers professionals to navigate their roles with heightened efficiency and innovation, ensuring a harmonious integration of human skills and technological advancements in the ever-evolving title industry. 

Related Blogs: 

• 5 Ways Title Professionals Can Use AI Chatbots 
• 2023 State of the Title Industry Survey Webinar Recap 
• 7 Ways Natural Language Processing Can Help Title Professionals