• Tue. Jun 21st, 2022

FCT: Navigating an industry on the move


See this article in BOSS Magazine

Launching title insurance in Canada was just the first step for FCT, a national leader and service provider in real estate technology and title insurance. Known as an innovator in its industry dedicated to customer experience, risk management and security, FCT has made inroads in the field since its founding in 1991.

The company exists moving forward from providing residential and commercial title insurance policies to applying leading-edge technology across the entire real estate lifecycle. FCT provides a full suite of residential and commercial title insurance services, residential mortgage processing and valuation solutions for lenders, as well as default and collection solutions.

Title insurance protects lenders, real estate professionals and homeowners against hidden title issues such as errors and / or defaults that could derail property sales or make it impossible to purchase real estate from. the future. For homeowners, insurance is also a safety net against fraud and counterfeiting. Title fraud occurs when a person, often through identity theft, transfers ownership of a property to their name. The move then allows them to take out loans on the property, which the owner may not find out until their lender contacts them with notices of default.

Title insurance also protects the lender against “losses associated with the priority, validity and unenforceability of a residential mortgage loan,” according to the company. It also helps guard against claims that call into question a lender’s interest in the title. Smooth title management builds the confidence of real estate professionals because more sales are made easily. Assessors benefit from FCT’s proprietary automation technology and assessment expertise to ensure rapid, secure and cost-effective assessments.

FCT serves lenders across Canada, including the country’s five largest banks. “We are the trusted partner of choice for more than 450 lenders, 43,000 legal professionals and 5,000 collection professionals, as well as real estate agents, mortgage brokers and builders nationwide,” said Sam Ishak, chief information officer of the company. “We are very proud of what we have been able to accomplish. During his 15 years with the company, he saw much of this growth with his own eyes, having worked his way up from where he started as a member of the architecture team to his role. current DSI.

“From the early days, FCT was the first to have true B2B integration between lenders, lawyers, clients and technology,” he noted. As an early adopter of advanced technologies, FCT has reshaped the way title insurance is performed. Linking their back office with those of their clients has enabled them to improve performance, streamline title searches, registration, policy generation and other business processes. “The key word behind the early stages of transformation was information integration. “

As a customer-centric organization, FCT invests in understanding the needs of its customers as an ever-evolving platform to create solutions that make everyone involved in transactions as successful as possible. “With that in mind, we are always questioning the current process, trying to visualize and re-imagine what our client’s future state would look like, and bring in the technology to help achieve that state in the most innovative way. ”Ishak said.

Investing in the results of its clients is not enough for FCT. They challenge the status quo every moment, even when it comes to developing their own solutions. From automating repetitive processes to using RPA to improve the efficiency and accuracy of back office operations, FCT offers the most innovative and transformative solutions possible. As Ishak noted, “When our lenders see these kinds of solutions coming in, they really like us to take it to the next level. “

Merge insurance and technology in a new way

Whether buying commercial or residential property, “We have a title problem” are the five words buyers can barely bear to hear. Fortunately, FCT’s mix of insurance knowledge and technology is leading the industry to hear less of these anxiety-provoking statements. “Sometimes we automate parts of a process by injecting technology, and sometimes we eliminate parts of a process by injecting assurance. It’s a very powerful combination that FCT has, ”Ishak said. “We find that with technology and insurance, you can do a lot of things that are very innovative and transformative in nature. “

An example of this successful hybrid approach is FCT’s Flex Appraisal solution. In the past, an appraiser would walk past or inside a property to assess its condition and estimate its value. Flex Appraisal revolutionizes the appraisal process by providing access to a wealth of property data, enabling appraisers to analyze and finalize transactions within hours. This solution combines the best elements of appraisal technology with the expertise of a qualified appraiser for a cost-effective, high-quality and accurate appraisal, backed by the only regulated insurer of real estate appraisals in Canada, for added security.

He noted that companies can deliver a lot of actionable data and innovation, but if it’s not secure, it’s of no use. “Without proper security, we would only put our business and our customers at risk,” he said. “For us, information security in general and digital identity in particular are key components and capabilities of any solution we offer. “

FCT is transforming its existing solutions, a business that is expected to expand over the next few years. “We have tailor-made solutions that have been working for 10 to 15 years and that was great, but we are spending time with our business partners to review our processes and what the future might look like for our customers and work. back with the end in mind to transform those systems, ”he said. The project’s mandate is to continue to make the company’s technological infrastructure reliable and ready for the future.

FCT in partnership with a multiple technological solutions providers: Salient for the digital transformation journey, Genesys for customer experience (CX) and call center technology solutions, Control Gap for information security best practices and PCI compliance, and Infosys for staff growth and high-value projects added

For seven consecutive years, FCT has been certified by the Great Place to Work® Institute as one of the Best Workplaces â„¢ in Canada, an undeniable asset in attracting talent. According to Ishak, while the allure of working with the best engineers, technologists, and business leaders in the industry is certainly powerful, the culture of collaboration within the organization is equally compelling. TREE – trust, respect, engage, exceed – is his guiding vision of leadership.

“We will trust you as an individual, our respect is mutual and we respect your area of ​​expertise, as well as different areas within our organization,” he explained. “In IT there are many roles from development to tech, QA, BA, you name it – but without deep trust and mutual respect the team won’t perform well.”

The next element, engagement, gives employees the reassurance that they are not doing things alone. “Just like a football team needs 11 players, you need to involve your business partners and your colleagues in the department,” he stressed. By combining this commitment with trust and respect, exceeding expectations comes naturally. “It’s a very powerful message that we believe in and follow. I hold myself accountable for following this order in the same way I expect my team, reports, and business partners to do the same.

As a customer-centric organization, the desire to deliver the best experience to end users is ingrained in every action at FCT. “I think the more you think about the customer’s mind, in all its aspects – business, people, technology, from engineers to front-line staff, from development to execution and transaction processing, with the customer to the bottom line. ‘mind, this experience gets a lot better, “he said.

As far as these experiences go, for FCT nothing is good enough. “We always strive to excel and challenge the status quo, asking ourselves what we can do best for our customers and for ourselves,” concluded Ishak. “With this in mind, there is always room for improvement, innovation and transformation. If you look at IT strategy within FCT, it’s mostly about digital transformation, technological innovation, and agility – doing the right things at the right time, within an agile organization.

The Oakville, Ont., FCT group of companies is a leading provider of real estate technology in Canada, providing data-driven solutions covering residential and commercial title insurance, default and collection, and mortgage loan processing and appraisal services.

FCT serves approximately 450 lenders, 43,000 legal professionals and 5,000 collection professionals, as well as mortgage brokers, real estate agents and builders, nationwide.

FCT is a subsidiary of First American Financial Corporation (NYSE: FAF), one of the largest title insurers in the United States with a global presence.

FCT is proud to be Great Place to Work certified by the Great Place to Work® Institute and has been named one of Canada’s 50 Best Workplaces for seven consecutive years (2015-2021).