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New Accenture White Paper Reveals True Cost of Title Insurance Production from Title Industry Benchmark StudyThe first analysis of its kind, the "Title Insurance Benchmark Study", revealed a 30 percent variance exists between what participants thought was their cost to produce and their actual fully burdened costs in producing a title report. The study was conducted by Accenture (News - Alert), a leading global professional services company, and was commissioned by RedVision, the largest independent national provider of title and real property research solutions. Accenture's newly published white paper - which outlines key findings, insights and opportunities of the Title Insurance Benchmark Study - is now available at www.redvision.com. "This is business critical for title insurance production companies," says Linda Naylor, Associate Director, Accenture. "The title fulfillment process still relies heavily on disparate systems with several human touch points and multiple quality checks. The number one challenge for firms is to relieve themselves from low-value activities - which accounts for 67% of activities - during the production process." According to Naylor, the study is important to the entire title insurance industry since the reality is many companies do not know their company's true costs in producing title reports. With ongoing disruptions in the industry - including regulatory changes, increasing compliance requirements and unpredictable market conditions - understanding where the inefficiencies lie is vital in creating process improvements and cost-savings opportunities. Some key findings include but are not limited to:
About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions - underpinned by the world's largest delivery network - Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. About RedVision As the largest independent national provider of title and real property research, RedVision® applies straight through processing (STP) and single-source solutions to transform the procurement and processing of title information. In 2015 the company introduced its proprietary NOVA® technology and cascade of best-practice standardized Redi® products - SearchRedi®, ExamRedi®, CurativeRedi® and ClearingRedi® - to empower customers with transaction cost savings, SLA attainment, compliance and risk management. Since 2006, RedVision has delivered more than 7.5 million title reports to 1,600+ client organizations, including financial institutions, title underwriters, settlement service providers, national agents, local agents, lenders, attorneys and foreclosure/default processing firms. RedVision has been designated an American Land Title Association (ALTA) Elite Provider, named on HousingWire's TECH100™ and listed repeatedly as one of the fastest-growing companies by Inc. For more information, please visit www.redvision.com.
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