In this video, CEO of HDEP, Virendra Nath, explains:
- How outsourcing saves you money by turning fixed costs into variable costs
- The business scenarios that make outsourcing most successful
- The ways you can leverage outsourcing to grow your business
- How HDEP’s process ensures a consistently high level of quality and accuracy
Below is a transcript of the video:
We understand that as business environments change, our clients are looking for different types of business solutions and approaches. The different approaches depend on what goals you need to achieve for both short term and long term success for your company. I’d like to spend the rest of this presentation discussing how we view these different opportunities for our customers.
We all know that outsourcing saves money because the work is generally done in lower cost locations at large facilities with economies of scale. Less understood is that outsourcing also saves money because you convert fixed costs to variable costs, and revenues and expenses become more closely matched. With outsourcing, you can address seasonal peaks in your workload. Management issues related to staffing for sick-time, vacation days and other coverage issues also go away because you pay on a per product basis—usually without any requirement for minimums, overtime expenses and so on.
We also all know title insurance volumes are characterized by seasonal variations and multi year cycles. Capacity issues also come up when new products are being introduced, and your company may not have the adequate staff to handle those products. Since our customers are geographically distributed, our volumes have tended to stabilize at higher levels, and you gain this advantage as a customer with the additional advantage that we might be familiar with some of the new products already.
We are often engaged because a company has been successful and has grown—perhaps as the county has grown. Where once searching the public grantor and grantee index to produce title evidence worked well, it may now be time to have your own geographically indexed title plant.
There are other scenarios that have led to our engagement as well including: expansion into new geographic areas, a decision to service vendor management companies with their attendant large volumes, and the appearance of a new competitor who is already using outsourcing and has a lower cost profile.
We work with title insurance companies across the United States, so we have seen what works and what doesn’t. Our customers gain the benefit of this experience and history. Our experience includes existing processes, new products that you may be considering launching and information on specific systems and software.
An outsourcing effort requires the transfer of information from our customers to HDEP. The outsourcing effort itself allows our customers to revisit technical decisions made over many years. Revisiting those decisions can result in standardized products and greater efficiency. Outsourcing brings the added bonus that you have less risk of being dependent on individuals.
Every company has internal projects they want to do. The most important asset for any company is its valuable and highly trained employees. Outsourcing allows our clients to capture the time of these valuable individuals to explore expansion plans and growth opportunities for the company. These opportunities may include: entering a new county, spending more time with existing customers, developing expertise in new lines of business and tackling those important projects that never got done. Once the company has chosen its growth path, outsourcing can help to implement the plan with reduced capital expense. Outsourcing allows you to take advantage of already established infrastructure that you won’t need to develop yourself.
HDEP has been in business for 30 years and we have earned the trust of our customers. The trust has been extended because our customers appreciate our knowledge of the title industry, they have complete confidence that we will safeguard our customers’ interests as we do our own and the spirit of aloha that surrounds us in our chosen home.
We help our customers with all of their title back-office needs; and we take pride in our constant and unyielding commitment to quality and accuracy, which is fostered through our rigorous training program and a formalized project set-up process. We provide comprehensive title services and can manage all or parts of your process, covering both title plant posting and title production.
Our title plant customers fall into two categories: customers with title plants who would like to outsource title plant maintenance and those who don’t have a title plant and would like to build a title plant as well as outsource the plant posting. Our title production customers have a desire to outsource their search, exam and commitment preparation process. We like to work our customers on one product at a time, so that competency can be demonstrated and trust is built.
If you would like to learn more or speak to a representative about HDEP’s title outsourcing services, please feel free to contact us.