How AI & Automation Are Transforming Title Insurance | Ep 1

Episode Summary

Patrick Stone founded WFG in 2010 after serving as president and COO of Fidelity National Title. In this inaugural episode, he reveals how the industry wastes resources by entering the same data 80 times per transaction, why title agents must stop fighting for control and start leveraging proven technology, and how WFG’s statusing software increased market share by keeping clients informed. Stone discusses AI implementation risks, the difference between risk elimination and actuarial insurance, and why measuring customer service with NPS scores dramatically improves employee performance and client retention.

About Patrick Stone

Patrick Stone is the founder and executive chairman of WFG National Title Insurance Company, one of six national title underwriters in the United States. He previously served as president and COO of Fidelity National Title, where he led the company’s growth from $400 million to nearly $4 billion in revenue over nine years through 69 acquisitions. A Vietnam War veteran and Oregon State University graduate, Stone has spent 49 years in the title insurance industry, rising from title examiner to industry pioneer focused on efficiency, transparency, and technology integration.

Key Takeaways

• The real estate transaction process enters the same buyer and seller data an average of 80 times across all participants, creating massive inefficiency and error risk.
• Title insurance is a risk elimination business, not actuarial—the industry paid out $14.6 billion in losses over 20 years despite only 5-6% loss ratios because of extensive upfront research costs.
• Title agents should never try to innovate first; instead, partner with underwriters who have already tested and proven new technology to avoid unnecessary risk.
• The biggest impediment to progress in title insurance is leaders wanting to control everything rather than leveraging solutions developed and de-risked by others.
• WFG’s MyHome statusing software sends 14 automated updates per transaction, reducing closing times by half and increasing referrals because clients arrive informed and happy.
• Sharing measurable performance data like Net Promoter Scores with employees creates ownership and accountability that improves service quality faster than management directives alone.
• Adding value—not overcoming objections—drives sustainable sales success; Stone built his early career by offering free preliminary title report reviews to realtors working late.

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