NextAce Launches Virtual Title Assistant To Allow Title Companies To Immediately Set Up And Adopt Title Automation

Rhea-AI Summary

Fidelity National Financial's subsidiary, NextAce, launches the industry's first 'Virtual Title Assistant' aimed at facilitating rapid title automation for title companies. The VTA enables firms to begin using automation within days, cutting labor costs significantly while maintaining existing workflows. With over 12 million title reports processed, NextAce holds 20% of the market share in title automation. The innovation addresses the need for efficiency in the unpredictable market, allowing companies to enhance productivity without extensive new system integrations.

Positive

• NextAce launches the Virtual Title Assistant, enabling title companies to adopt automation within days.
• The VTA leverages existing workflows, reducing labor costs and setup times for title companies.
• NextAce has processed over 12 million reports and commands over 20% of the market share in title automation.
• The technology aligns with market demands for efficiency in uncertain economic conditions.

Negative

• None.

IRVINE, Calif., Sept. 3, 2020 /PRNewswire/ -- NextAce, the leader in title automation solutions and a wholly owned subsidiary of Fidelity National Financial (NYSE: FNF), announced today the launch of the industry's first "Virtual Title Assistant," which allows title companies to fully adopt title automation in just days while leveraging their existing processes and systems. With the NextAce Virtual Title Assistant, instant title automation is within reach of every title company. Labor savings can be realized without the challenges of traditional technology engagements, as VTA can be fully leveraged almost immediately to allow examiners to complete a traditional examination and produce a full commitment in minutes.

"To build the user experience our customers have been asking for, NextAce created the Virtual Title Assistant to blend seamlessly into their existing examiner workflow" said President and Founder Don Cantral. "Our Virtual Title Assistant is built on three fundamental principles: 1) Leveraged Innovation: VTA had to be developed to leverage traditional title processes used to create a full commitment, but VTA had to do this in a radically more efficient way; 2) Turnkey Adoption: VTA had to work with existing technology investments and integrations and be ready for immediate use without traditional time consuming and resource intensive technology engagements; and 3) Hardened Platform Security: VTA had to conform to enhanced security expectations from title companies." For NextAce, this resulted in adding additional layers to its core capabilities based on the needs of the industry.

The use of automation in the traditional title process has been NextAce's sole business for 17 years, with over 12 million title reports processed. Today, NextAce powers over 20% of the nation's orders while still continuously innovating to add layers of accuracy, security, and savings. In the past, a title company wanting to adopt automation needed a custom software build, had to change their workflows around a new process, and had to provide training for their examiners to transition to using a new interface and process. NextAce's Virtual Title Assistant removes those barriers by creating a setup process that connects their existing data sources, templates, and codebooks, enabling a pre-examined report to be delivered back into their production system in minutes.

The ability to cut costs quickly by adopting automation is particularly needed in an unpredictable market. "In these unprecedented times, every business needs to maximize efficiency. NextAce has been one of our key strategies for managing costs and responding quickly to changing market conditions," said Roger Jewkes, Chief Operating Officer, Fidelity National Financial. Fidelity National Financial started investing in NextAce in 2005, and has since acquired the company as a key component in their initiative to modernize the real estate transaction process.

The NextAce Virtual Title Assistant empowers title companies by providing tools and efficiencies that support thorough, traditional search and examination in minutes by leveraging their same processes and systems, and by providing the same level of accuracy. With this new solution, NextAce delivers the next level of innovation in title automation.

About NextAce:
The leading provider of smart automation for title search and examination helps agents, attorneys, and underwriters produce "Title Reports in Minutes." Since 2003, and over 12 million orders, NextAce has saved the title industry over $450 million by using Title Automation to complete most of the process in minutes, before any human touch. Find out more at https://nextace.com/whatsnext/.

FNF-G

©2020 Fidelity National Financial

View original content:http://www.prnewswire.com/news-releases/nextace-launches-virtual-title-assistant-to-allow-title-companies-to-immediately-set-up-and-adopt-title-automation-301123385.html

SOURCE Fidelity National Financial, Inc.

FAQ

What is the Virtual Title Assistant by NextAce?

The Virtual Title Assistant is a new solution that allows title companies to automate their processes quickly using existing systems.

How does NextAce's Virtual Title Assistant improve efficiency?

It enables title companies to cut setup times and labor costs significantly, allowing quick automation adoption.

What percentage of the market does NextAce hold?

NextAce powers over 20% of the nation's title automation orders.

Why is the Virtual Title Assistant important in the current market?

It helps title companies maximize efficiency and cut costs amid unpredictable economic conditions.

How many title reports has NextAce processed?

NextAce has processed over 12 million title reports since its inception.