SANTA ANA, Calif.--(BUSINESS WIRE)--First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced the launch of a shared blockchain system designed by First American to increase efficiency, reduce risk and improve the title production process. 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. 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.
“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,” said Dennis J. Gilmore, CEO, First American Financial Corporation. “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.”
The common practice of sharing policy information among title insurance underwriters can be beneficial to underwriters and consumers alike, as it both increases efficiency and reduces risk. This blockchain system melds that established practice with emerging technology to further increase efficiency and lower risk in the title production process.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $5.8 billion in 2017, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2018, First American was named to the Fortune 100 Best Companies to Work For® list for the third consecutive year. More information about the company can be found at www.firstam.com.