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Commissioner Jones approves first insurtech title insurer

News: 2018 Press Release

For Release: August 21, 2018
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Commissioner Jones approves first insurtech title insurer
States Title uses digital technology to cut time and paperwork in title insurance
SAN FRANCISCO, Calif. — New technology is revolutionizing many lines of insurance—the latest to benefit is title insurance, as California Insurance Commissioner Dave Jones approves a license for States Title. States Title is the first insurtech title insurer licensed and domiciled in California. States Title is replacing a manual and labor-intensive process of writing title insurance which often involves days of waiting, with an automated data-driven approach, which should lead to reduced wait times, modernized title insurance transactions, increased competition, and reduced costs for home buyers and others in need of title insurance.

"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.

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Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.

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