American Digital Title Insurance Co., a Denver-based insurtech title insurance provider controlled by insurance giant Munich Re, has been authorized to underwrite title insurance in California, the second largest title insurance market in the country.
The company announced today that it has received its California certificate of authority from the Commissioner of Insurance of California. The approval brings the number of states in which American Digital is licensed to operate to 47 — including Texas, which is the largest title insurance market in the country, according to the American Land Title Association.
American Digital Title, in partnership with online real estate transaction platform Spruce, also a title company in which Munich RE is an investor, bills itself as “the newest truly national title insurance provider in the United States,” according to its announcement of the California expansion. American Digital Title is heavily invested in applying artificial intelligence and machine-learning technology to replace the “manual multi-day real estate title-insurance process to a matter of minutes.”
“Getting into the California market is a major milestone in the evolution of American Digital Title,” said the company’s president, James Dufficy. “Importantly, we are looking forward to working with our title agent partners to extend the benefits of our Automated Underwriting Model (AUM) offering to this crucial market.”
American Digital Title’s AUM offers near-instant validation of title status and is supported by data feeds of legal and vesting/ownership information. The automated system helps to “eliminate much of the time and expense involved in the manual process of pulling deeds and searching the chain of title to validate the current status of vesting,” the company’s expansion announcement states.
“By implementing cutting-edge technology, we’re able to automate real estate transactions, resulting in a more predictable process,” said Patrick Burns, CEO and co-founder of Spruce. “Working with like-minded partners like American Digital Title is critical in presenting both homeowners and investors the best possible experience.”
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American Digital Title is a subsidiary of Digital Partners U.S. Holding Corp., which is owned by Germany-based Munich Re.
