New utilization of conversational AI (artificial intelligence) and large language models (LLM) in document indexing by Columbus, Ohio-based Razi Title is already providing new efficiency for clients. In an exclusive interview with The Title Report, Razi Title Chief Technology Officer Robert Zwink outlined these additions to his company’s platform, which were made in December. “In our experience, there’s generally always a backlog of paperwork via title plants or data warehouses or starter management systems,” he said. “It all seems to lead back to there being a stack of paper everywhere. In order to streamline that, you have to know what you’re working with. “The ability to use AI to classify documents right down to the page level can help clear out those stacks.As we clear out paperwork, there’s a consumer benefit. When you think about the wait that can happen, or the variability in closings, it’s often a stack of paperwork that you have to get through. AI can streamline operations an...
Razi Exchange launched a national independent prior policy technology platform. The company said it aimed to enable a more efficient title transfer process by creating an open market exchange to buy and sell prior policies, organize and search existing policies, and generate business leads.
“Today, title professionals create valuable intellectual property that is inefficient to leverage to its maximum potential,” Razi Exchange co-founder and CEO Lili Farhandi said in a release. “We have listened to real-world challenges from leaders in the industry and have created the first independent national platform. The Razi Exchange helps lower the costs and the time of performing a title search, resulting in a more predictable closing, all the while enabling platform users to unlock new revenue streams.
“Customers who use the Razi Exchange platform save time on the closing process by not requiring a full title search on each transaction, shortening the title search process by an average of approximately 80 percent,” she added. According to Farhandi, Razi has thousands of policies on the platform, the count is growing daily.