Title plants are a crucial component of the title insurance industry in most states because they help to improve turn times and reduce cost through operational capabilities and risk management. A title plant is also known as an abstract plant. Title plants are necessary for housing the information related to the plot of land, with associated legalities tied to the land. Records related to title plants include deeds, mortgages, tax liens, divorce actions and map records. Essentially, title or abstract plants are the nuclei of title insurance policy issuance.
Title agents have access to such records only if they own or lease access to a title plant. The problem in the title plant industry is cost. Access is expensive, so one emerging trend is the digitization of title plants. Leasing access to a title plant directly online is a more economical way for title agents to research land records effectively. As the digitization of title or abstract plants occurs, access fees become more affordable, and information is easier to access.
One of the challenges for title plants is the labor intensive conversion of data from title documents, it has generally required intensive human interaction for the data entry. The documents are complex in an unstructured format and traditionally software couldn’t provide a solution for the data extraction and classification. Axis has realized the challenges and potential for a software solution to address this issue. Axis has developed a software solution called Axis AI, the title industry is embracing this technology and implementing in a number of the largest title plants in the country.
Learn more about how Axis AI advanced data extraction technology can be used to help title plants digitize the documents they serve and how it is helping lower cost to both the plant and the consumer.