Conversational Artificial Intelligence is taking the reins in enhancing efficiency, improving quality control, and potentially transforming the way we work.
In the May 22, 2023 edition of The Title Report, they discuss “TitleGPT”, a cutting-edge Conversational AI designed specifically for the title industry. It leverages the technology underlying OpenAI’s ChatGPT to create a unique, standalone tool capable of processing and indexing title-related documents with impressive efficiency.
Streamlining Processes
We need to understand the immense potential AI technology like TitleGPT brings to the title industry. By streamlining the processing and indexing of title documents, it can significantly reduce the time it takes to close a deal. This innovation isn’t just about saving time – it’s about enhancing the accuracy of data, removing redundancies, and making everyday tasks much easier for all involved, which means smoother transactions and quicker results!
Fraud Detection
Secondly, let’s consider the potential for fraud detection. With fraud attempts in our industry remaining at an all-time high, AI can play a pivotal role in enhancing security measures. AI can be trained to detect inconsistencies, flagging potential fraud cases for human review. This proactive approach could save billions in the long run.
The Human Element
It’s essential to stress that AI is not here to replace the human element. Instead, AI is a tool designed to support us, increasing efficiency and accuracy while freeing up time for us to focus on delivering excellent customer service. As Robert Zwink, Razi’s CTO, put it – the future will involve a “confluence of humans and computers” working together.
The Future of AI in the Title Industry
The goal, as outlined by Razi Title, Inc. CEO Lili Farhandi, is to make AI technology accessible and affordable for all title professionals. They’ve set an ambitious timeline, aiming to begin broader distribution by mid-2023.
Looking Forward
The integration of conversational AI into the title industry holds tremendous potential. At First Arizona Title Agency, we are eager to keep you informed and updated on these amazing developments in our industry. We are optimistic about what the future holds and how we might utilize tools like this to better serve our clients.
What do you think of AI? Let us know your thoughts!
Sources:
The Title Report. (2023, May 22). Volume 24, No. 15. Retrieved from TheTitleReport.
