Despite being over 100 years old, the gaming industry is now embracing some of the latest technologies on the market, including artificial intelligence. According to the State of Title and Escrow Artificial Intelligence released this week, an overwhelming 88.3% of title and escrow professionals surveyed have adopted generative AI solutions. Quaglia.
Qualia surveyed 378 title and escrow professionals to get their thoughts on the use and application of artificial intelligence in the title insurance industry.
The report shows that 84% of professional professionals surveyed are neutral, optimistic or very optimistic about the benefits that artificial intelligence will bring to the industry in the next three to five years. The AI technologies most commonly used by respondents by far include predictive text (29.8%), chatbots (20.6%), voice assistants (23.4%) and note-taking/transcription services (8.5%). Only 11.7% of respondents said they did not use any artificial intelligence tools.
Additionally, while some predict that AI technology will take away jobs from property rights industry professionals, survey results show that most people disagree with this view. In the free-response section, one respondent stated that “artificial intelligence technology is inevitable. Companies must sustain it or they will lose business.” Another respondent said, “I believe that artificial intelligence will completely change our industry’s processing. Ways to automate daily tasks. There are many repetitive steps in our processes.
Despite the optimism, respondents noted that “due diligence is needed to ensure that AI tools meet the security, data privacy and ethical standards required by the highly sensitive transaction ownership and custody professionals handling every day.” Artificial Intelligence, Respondents Say The greatest risks of use are increased or more complex fraud attempts, data security issues, regularity or legal issues, and ethical issues.
These concerns are exacerbated by the fact that 93.4% of respondents said their companies do not have a company-wide AI management policy. Qualia said this leaves companies open to risks such as “shadow AI,” where employees use unapproved and potentially unsafe tools without the company’s knowledge. This can expose businesses to security risks and data breaches, as well as reputational risks and inefficiencies.
On the other hand, respondents did note the many benefits that AI brings to individuals and companies. The most important benefits are automation of repetitive tasks; increased productivity and efficiency; increased employee satisfaction; and better business acumen to scale and grow.
Overall, Qualia concluded that AI tools are widely adopted by gaming industry professionals, indicating that AI is “sticky” and is providing tangible value to employees.
