The second is the automated underwriting procedure that is associated with risk management. Title traditionally has been a risk elimination product. And method one tries to use technology to automate the current search, examination, and production process to eliminate the risk inherent in producing title. This is the method most automated projects have taken to date and none have succeeded. The wrong way in my book.
Technology frequently penetrates markets in two distinct waves.
In the first wave, companies simply automate the old way of doing things. This type of innovation is useful and does improve productivity somewhat, but rarely does it dislocate existing ways of doing business. That we have been in the midst of the first wave of automated underwriting is obvious. The second, more important wave of innovation crests when companies find ways to use the technology to completely change the original process. This is when technological change has its greatest and finest impact.