Articles of Interest
October 10, 2007
CLTA Launches Online Consumer Comparison Shopping Site
The California Land Title Association yesterday formally launched TitleWizard, a Web site designed to help California consumers compare prices for title insurance coverage. The Web site's functionality was demonstrated by Insurance Commissioner Steve Poizner, who has been working with the CLTA as part of his ongoing effort to to improve consumer awareness and education about title insurance.
The California Land Title Association (CLTA) on Oct. 9 launched TitleWizard, a Web site designed to help California consumers compare prices for title insurance coverage.
The ceremonious unveiling, held in Sacramento, was led by Insurance Commissioner Steve Poizner, who demonstrated how the Web site empowers consumers and promotes price competitiveness in the title insurance industry.
Poizner's partnership with the CLTA is part of his ongoing effort to improve consumer awareness and education about title insurance, as well as increase competition in the industry. Beginning next month, California title companies must begin complying with reporting requirements as part of a rate reduction plan that will take effect in 2010.
"The CLTA has answered the call to develop a high-tech solution in a first step to infuse competition into the Title insurance industry," said Poizner in a statement released by the California Department of Insurance (CDI). "Too often, consumers have to rely on a middle man to select their title insurance. Now, consumers will be empowered to compare prices and services online with the touch of a button."
“The CLTA proudly launched TitleWizard as part of the title industry’s ongoing commitment to make sure consumers have the tools available to shop for title insurance,” said Margaret Foster, CLTA president. “We share Commissioner Poizner’s goal of using creative technological solutions that empower consumers. TitleWizard will help Californians take advantage of comprehensive and accurate marketplace information.”
The TitleWizard Web site was developed in partnership with ClosingCorp, a La Jolla-based information technology company. Consumers will be able to compare rates on nearly 100 title insurance companies in California via the Web site, which utilizes a software-generated system to deliver up-to-date title rates. Homeowners and individuals looking to refinance their homes will be able to search by zip code and other factors to find the most competitive provider in their area. The Web site is free to all users and automatically generates rate and service comparisons specific to each user’s transaction.
TitleWizard also features a “Learning Center” developed by the CLTA to educate consumers about the closing process.
Consumers’ privacy is protected at all times and user data is not shared with any title company or other third-party entity.
“Real estate is one of the fastest growing Internet categories and the TitleWizard showcases how real estate transactions are increasingly driven by Web-savvy homebuyers and realtors,” said ClosingCorp President Anthony Farwell. “Our sophisticated rate-generating software delivers dramatic benefits by providing one destination to compare rates, evaluate policies, find local title companies and learn more about closing a real estate transaction.”
The Web site can be accessed through www.CLTA.TitleWizard.com or the CDI Web site at www.insurance.ca.gov.
TitleWizard joins several other online title insurance pricing models that have been launched within the last year, Titleinsurance.com, Gettitleinsurance.com and MyTitleIns.com. According to the CLTA, TitleWizard differs from these Web sites in that its rate information comes directly from the association's members.
