California Department of Insurance Announces Licensure of "First Insurtech" Title Insurer
Tuesday, August 21, 2018
August 21, 2018
In a press release issued this morning, the California Department of Insurance announced that Insurance Commissioner Jones has approved a license for insurtech title insurer States Title. According to the press release, States Title seeks to replace a “manual and labor-intensive process of writing title insurance” with an “automated data-driven approach”.
Commissioner Jones is quoted within the release as stating that “California consumers benefit when new competitors enter our insurance market and they use technology to provide more efficient services at a lower cost,” and that he is “pleased to approve a license for States Title to not only sell title insurance in California but also to be domiciled here.”
The full press release is available here.