In the title industry, there has recently been a lot of talk surrounding the issue of title insurance versus casualty insurance. Much of the talk has been about the slow and gradual shift in terms of both work and risk from the title insurance industry to more of a casualty type of insurance industry.
There are several differences between the two, but generally, title insurance is about risk elimination and covering events that happened in the past while casualty insurance covers events that may happen in the future. The video above goes into more detail about the differences between title insurance and casualty insurance and explains how outsourcing may be a great option to help title companies increase their premiums.
To summarize the video, one of the main differences between title insurance and casualty insurance is the frequency of premium collection. With title insurance, you pay once at the time of closing. With casualty insurance, there are likely to be monthly premium collections for the life of the policy. With title insurance outsourcing, you can increase your premiums and collections. At HDEP, we have quality control checks in place to ensure a high level of accuracy. This allows you to lower your costs and deliver a stronger product, which will reduce your claims and let you keep your premiums.