Breeze & Wyles Solicitors LLP wins LAWNET Best Single Innovation of the year 2010
On Friday 8th October 2010 Breeze & Wyles Solicitors LLP won the Best Single Innovation of the Year award 2010 given by LAWNET to the firm for its automated title checking system. The firm has only been a member of LAWNET for three months so this comes as a significant honour. With the levels of innovation already existing on the panel it would take some product to clinch the honour this year.
Since 1995 remortgage transactions have been handled by an ever smaller number of firms. Originally almost every firm in England and Wales handled a significant volume (say 20-30 per month). Over the 15 year period since that date the lenders have taken control of the remortgaging process so that today only 10 firms can handle volume remortgaging. The average number of remortgages handled by those firms is approximately 1500 per month. This has been achieved by significant progress in IT development within those firms to make the process less dependent on human interaction, thereby reducing the unit cost of production and to increase the overall risk management processes.
With the technological advancements that these firms have implemented (particularly in the last five years) it is hard to see how any one firm can stand out from the rest in this area. However, Breeze & Wyles Solicitors LLP (BW) is proud to be able to announce that it now has a fully automated title checking process. In previous years BW maintained a file opening team of 10 people including perhaps the most expensive, the qualified solicitor. Moreover a solicitor can easily become bored carrying out repetitive title checking tasks, leading to a higher rate of qualified staff turnover, and the associated acquisition costs. Perhaps more importantly human intervention is at best 95% accurate, meaning that 5 in every hundred matters is a potential risk to the firm in term of negligence claims. In order to combat that risk a further level of quality control is required further extending the costs per unit of production. A final issue relates to service quality. Unless the product is right first time every time the consumer of the product is likely to become disillusioned when the process if delayed because a title issue that should have been identified at the outset is only dealt with some weeks after instruction or worse still on the day of completion.
In order to enhance the service proposition, BW using EMC2 Captiva OCR software integrated with its TFB Partner for Windows case management system has created an automated title checking process. This means that the only human intervention is required for exception reporting, where for instance the system does not capture the relevant data. This usually occurs when the data contained SQL reserved characters. This means that in the vast majority of cases no human intervention is required to check the title or send the initial letters with security documents to the consumer (borrower). Depending on the issues raised those letters are manipulated to ensure that all of the issues that are raised through the title check process are notified to the consumer together with the steps required to remedy the problem.
Accordingly, the file opening team now consists of one person to supervise the title checking and letter generation at instruction. This has provided a significant unit cost reduction and has freed members of staff to manage and maintain consumer expectation.