Why has Doma's title insurance closing time increased by 20% over the past quarter?

Introduction

Doma's title insurance closing time increase of 20% over the past quarter is a significant issue that requires immediate attention. This metric directly impacts customer satisfaction, operational efficiency, and potentially, the company's market position. I'll approach this problem systematically, focusing on identifying the root cause, validating hypotheses, and developing both short-term and long-term solutions.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be seasonal factors at play. Has this increase coincided with any particular real estate market trends or cycles?

Why it matters: Seasonal patterns could explain temporary fluctuations and inform our solution approach. Expected answer: Some correlation with market trends, but not enough to fully explain the 20% increase. Impact on approach: If seasonal, we'd focus on scalability; if not, we'd look deeper into internal processes.

• Considering the magnitude of the change, I'm curious about any recent system upgrades or process changes. Have there been any significant updates to our title insurance processing systems in the last quarter?

Why it matters: System changes often have unintended consequences that could explain performance shifts. Expected answer: A minor update was implemented, but nothing major. Impact on approach: If a system change is involved, we'd prioritize technical investigations and potential rollbacks.

• Given the specific 20% figure, I'm wondering about our measurement methodology. Has there been any change in how we calculate or track closing times?

Why it matters: Ensures we're comparing apples to apples and not chasing a non-existent problem. Expected answer: No changes in measurement methodology. Impact on approach: If measurement has changed, we'd need to recalibrate our baseline before proceeding.

• Thinking about user segments, I'm curious if this increase is uniform across all customer types. Are we seeing differences in closing times between, say, residential and commercial properties?

Why it matters: Helps identify if the issue is systemic or specific to certain segments. Expected answer: The increase is more pronounced in residential properties. Impact on approach: If segment-specific, we'd tailor our solutions to the most affected areas.