Commissioner Jones approves first insurtech title insurer
News: 2018 Press Release
"California consumers benefit when new competitors enter our insurance market and they use technology to provide more efficient services at a lower cost," said Insurance Commissioner Dave Jones. "I am pleased to approve a license for States Title to not only sell title insurance in California but also to be domiciled here. Title insurance transactions are often labor intensive and suffer from delays—States Title uses a digital platform which is data driven and automates the process which in turn should bring benefits for consumers."
States Title Insurance Company of California will use data-driven technology to predict the risk and severity of a title defect on a particular property, aiming to deliver title insurance more efficiently and at lower costs.
"We are incredibly pleased to be doing business in the state of California," said States Title CEO Max Simkoff. "We look forward to bringing much-needed innovation and efficiency to the title insurance industry, as well as top-notch service to our customers."
The Silicon Valley start-up is domiciled in California with its first office located in San Francisco's Mission District improvement zone.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.