First American embraces blockchain for shared platform

A new blockchain solution for title insurers has been launched by First American.

The firm is embracing the efficiencies, speed, and security of the burgeoning technology to provide a shared platform intended to facilitate the exchange of prior title insurance policies between underwriters that contribute to the system.

It has also announced that the first participant on the system will be Old Republic Title Insurance Group.

“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.”

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.

Sharing policy information among title insurers is already common and allows for efficiencies and risk reduction and First American says the addition of blockchain enhances this.