Black Knight Financial Services, announced the launch of iOnTitle, a risk mitigation tool will allow companies to efficiently identify impending liabilities and minimize title insurance claims.
According to Black Knight, iOnTitle solution is offered in TitlePoint, Black Knight’s automated, web-based, title search and order management application that enables title companies to perform high-volume, comprehensive title searches; streamline order-management workflow; and easily produce examination-ready search packages. The risk mitigation tool also offers title companies an additional level of security on their title orders.
The risk mitigation tool also provides real-time emails with important information in the event that issues are present so a title company’s staff can proactively assess and immediately take the required steps to mitigate risk. Email notifications include the order number, company, title officer, number of transactions, who created property or name searches, and more. iOnTitle also features a reports page, which organizes alerts by type, enabling users to easily view, print and, email reports.
"The title insurance industry loses millions of dollars in claims each year. Title experts usually uncover any problems during the title search process, however, manual errors can lead to these claims," said Lisa Roessler, Black Knight Data & Analytics' VP of Title Strategy. "Our automated iOnTitle solution, which leverages rich data assets from Fidelity National Financial through a proprietary agreement, as well as Black Knight's advanced analytics, helps title companies discover issues early, instead of after the fact. This helps to decrease the likelihood of claims, as well as helps reduce the manual work, inefficiencies and costs associated with correcting manual errors."