Fintech Eyes Opportunity in $15 Billion Title-Insurance Business
- California’s approval of new title insurer a first for state
- Upstarts work in other regions too, facing web of oversight
Brownstone buildings line a street of the Bedford-Stuyvesant neighborhood in the Brooklyn borough of New York, U.S.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Tech-focused startups are knocking on the door of a $15 billion industry that’s dominated by just four companies: Title insurance.
A California regulator announced Tuesday that, for the first time, it gave approval to a tech-focused startup title insurer to operate in the biggest U.S. state by population. States Title Inc. joins newcomers including OneTitle National Guaranty Co. and Spruce Holdings Inc. that have gained footholds in other U.S. regions to enter the complex and closely regulated world of title insurance.