First American Financial Corporation Named a Most Innovative Company of the Year Winner at Best in Biz Awards 2024

Rhea-AI Summary

First American Financial (NYSE: FAF) has been awarded the silver prize in the Most Innovative Company of the Year (large company) category at the Best in Biz Awards 2024. The company earned this recognition for its advanced digital tools and data assets in the real estate transaction industry.

The award highlights FAF's commitment to digital transformation, particularly through its innovative solutions including:

• A proprietary map-based underwriting tool for faster coverage decisions
• AI and machine learning implementation in property data extraction
• Development of the industry's largest property and ownership dataset

The Best in Biz Awards, now in its 14th year, is North America's only independent business awards program judged by prominent editors and reporters from top-tier publications. The competition included hundreds of entries from various industries across the U.S. and Canada, ranging from Fortune 100 companies to innovative startups.

—Company’s advanced digital tools and unmatched data assets earn it recognition as a leading innovator among the broader business community—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today announced that it was named the silver winner in the Most Innovative Company of the Year (large company) category at the Best in Biz Awards, the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America. The 14th annual program saw intense competition among hundreds of entries from public and private companies, representing all industries and regions in the U.S. and Canada, and ranging from Fortune 100 and the most iconic global brands to some of the most innovative start-ups.

“Receiving recognition as a leading innovator from our peers in the broader business community further validates our commitment to the digital transformation of our industry,” said Ken DeGiorgio, CEO of First American. “This honor is a testament to the talent and teamwork of our people who deliver the certainty and trust needed to power seamless real estate transactions for our customers.”

First American’s focus on providing its customers and employees with digital tools designed to enhance efficiency and streamline operations, combined with its ongoing efforts to further deploy AI, machine learning and other technologies, distinguished the company among its competitors. For example, the company has improved productivity through its proprietary map-based underwriting tool that assists First American underwriters reach faster and better coverage decisions. Additionally, the company has pioneered the use of AI and machine learning in property data extraction to help build the industry’s largest property and ownership dataset, which fuels automated title production.

Since the program’s inception in 2011, winners in Best in Biz Awards have been determined by independent judging panels assembled each year from some of the most respected national and local newspapers, TV and radio outlets, and business, consumer, technology and trade publications in North America. For a full list of gold, silver, and bronze winners in Best in Biz Awards 2024, visit www.bestinbizawards.com/2024-winners.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.0 billion in 2023, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2024, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the ninth consecutive year, and named one of the 100 Best Workplaces for Innovators by Fast Company for the second consecutive year. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250113079819/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Financial Corporation

FAQ

What award did First American Financial (FAF) win at the Best in Biz Awards 2024?

First American Financial won the silver award in the Most Innovative Company of the Year (large company) category at the Best in Biz Awards 2024.

What digital innovations led to FAF's award recognition in 2024?

FAF was recognized for its map-based underwriting tool, AI and machine learning implementation in property data extraction, and development of the industry's largest property and ownership dataset.

How does FAF's map-based underwriting tool benefit the company?

The proprietary map-based underwriting tool helps First American underwriters make faster and better coverage decisions, improving overall productivity.

What is unique about the Best in Biz Awards judging process?

The Best in Biz Awards is the only independent business awards program judged by prominent editors and reporters from top-tier publications in North America.

How is FAF using AI and machine learning in its operations?

FAF is using AI and machine learning for property data extraction to build the industry's largest property and ownership dataset, which supports automated title production.