For an answer to this question, we turn to a recent FNF UNPLUGGED episode featuring FNF Chief Digital Officer Jason Nadeau titled, “Artificial Intelligence, Machine Learning the Future of the Industry and Fabio” (Yes, that Fabio.)
The whole conversation is a look at how and why machine learning is already a huge part of our everyday lives, and why so many technological strides have taken place in the last 10 years. (Hint, it’s based on the sheer amount of data collected and the unprecedented power of today’s computers.) However, we get an answer to this specific question near the end of the podcast when Nadeau and FNF’s Linda Grahovec are talking about title production software. No matter which software agents choose to use, they all have automation capability, but it’s up to humans to provide the data.
Machine learning and AI are absolutely worthless without data, so to use them well you need to ask “how automated is your business?” Nadeau discusses near the 28:15 mark of the episode.
“Remember AI can only work off the data it can access – are you using your title production system to its full machine learning capability or is all your data in paper files, in an Excel spreadsheet or spread across multiple emails? If you’ve got your transaction information well recorded in your systems, the systems can become smart enough to work for you,” Nadeau said. “But if you don’t have the underlying data for these technologies to work against, you’re always going to be at a deficiency to companies that do.”
The bottom line is while you have the tools to harness the power of machine learning and artificial intelligence, technology is limited by the amount of information it has, so title companies should make sure they are collecting data, putting it in the right places and making sure the processes that are in place are taking advantage of the information collected. Nadeau also had an easy way to test if you and your team were providing enough data to your production software to be smart enough for you: “Put yourself in the computer’s shoes” by opening up a file in your platform and see if you could provide an accurate transaction update with just the information on the screen.
**This piece appears in the December 2020 issue of FNF in Five**