While title insurance is common to every real estate transaction, calculating the policy premium is a painstaking process.  Title insurance rates are based on a sprawling set of complicated and nuanced calculations based on hundreds of variables, all of which can vary by state and county jurisdiction. Title Resource Group underwrites title insurance policies in 38+ states. So, when an agent is facilitating a purchase & sale or a refinance of a commercial or residential property, she gets a title insurance quote directly on her favorite underwriter’s website or through her title & escrow closing software. 

TRG came to us with the following problem: their  team of subject matter experts were wholly reliant on their engineering team to create and update rate calculators, add new insurance products, and launch into new jurisdictions. As a result, they only had calculators for 11 of the 38 states on their site.

After an extensive deep dive into the nuances of title insurance calculation and the company’s operating goals, it became clear that we need to empower the policy experts with a rate calculator builder, like a CMS for title insurance calculators. For that, we needed to understand the full breadth of the different approaches, products, and rules across all of the jurisdictions. Lucky for us, TRG’s lead subject matter expert is not only brilliant, but also an excellent teacher and collaborator. 

Our insurance calculator builder consists of three applications: 

1) an internal-facing admin interface to manage the calculator; 

2) a public-facing interface for agents to use the published calculators for instant quotes; and

3) a publicly available API for integrating with 3rd party title & escrow software.

The new builder supports residential and commercial purchase, loan, and refinance transactions, various types of buyer and lender policies, endorsements, endorsement bundles, simultaneous policy discounts, refinance and reissue credits, closing letters, hold open products, disclosure calculations, and more.  

Admin users can collaborate on building out new calculators for any state and county in the country, test drafts, publish/unpublish, manage calculator versions, track edits, and more. Agent users can generate an immediate quote based on their inputs using the clean and easy-to-use UI, save a static link to the quote or save to PDF. And through the 3rd party API integration, large partners can incorporate the calculations directly into their existing agent workflows and closing software.