Technological innovations: Is this the future of real estate?
The quest for business efficiency has led to the rapid emergence of the FinTech, PropTech and InsurTech industries. Although hovering under the radar for a few years now, these industries have experienced a sudden surge of success, that has largely been orchestrated by both general technological advancements and a modern business appetite.
The need for change becomes ever more prevalent as the demands of businesses, clients and the end user grow ever more. From mobile apps to case management platforms, real estate businesses are adopting technology to re-shape how services are being delivered to their clients. CLS’ DDA (Due Diligence Assistance) does exactly this. DDA encompasses systems that streamline the due diligence through the rapid provision of cleansed data in a readily interrogatable format. Often undertaken by solicitors, the due diligence process is time consuming with cumbersome tasks such as document collation and title interpretation. Demands on solicitors are now higher than ever, and the risk of human error is also at a peak, with errors and omissions leading to costly PI (Professional Indemnity) premiums. With DDA, the system fully automates the process of extracting and reporting information on all aspects of the title and the report can be provided in one easily accessible document, or via CLS’ API for a seamless integration. This allows solicitors to focus on their legal knowledge rather than administration.
Technology changing the game
Technology has also been a welcome step change for the property insurance industry, those in the residential conveyancing market are often faced with increased time pressures, constantly maintaining regulation and doing all they can to maintain competitive advantage. With the help of technology and quality data, underwriters and brokers are moving towards integrated platforms that can offer clients a more personalised, efficient service, and the result…? Improved client satisfaction and retention, reduced human error and faster turnaround times. This is nicely evidenced through a recent Warranty & Indemnity case involving 150 properties and corresponding titles. DDA was able to process the comprehensive data results (together with PDF copies of OC1 documents) in less than 30 minutes.
Looking beyond 2017…
The benefits of technology and how it’s contributed to new industry developments will continue to become evident, therefore it will only be a matter of time before the whole industry is revolutionised – it will be businesses that do not adapt that will run risk of being left behind.
Technology and the ideas of FinTech, PropTech and InsurTech will be key drivers for real estate and all who are involved in the property lifecycle. It will mean time consuming processes will be made simpler, new collaborations and partnerships will take place as those knowledgeable in data and tech surge ahead and new exciting opportunities emerge. Those with a combination of these new trends and specialist expertise in the field will be the ones changing the game. Watch this space.
For more information about CLS’ DDA, please contact Harvey Patey-Ford (Development Underwriter at CLS) by emailing [email protected], alternatively call +44 (0) 203 409 9524.
This article was submitted to be published by CLS as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.