The Central Alabama Title Center, LLC (CATC) opened for business on September 24th, 2001 and was the first title insurance agency of its kind in the state of Alabama. Several pioneering banks brought the innovative multiple bank-owned title insurance company to the Alabama banking industry as a way to address the continued external market forces that challenge banks daily. Those forward-thinking banks have enjoyed the benefits of new revenue streams generated by their participation in the Central Alabama Title Center.
The early and continued success of CATC is largely due to the commitment of its participating owner banks. Currently, CATC has five owner banks that have joined together to form the title insurance agency for the purpose of creating an additional revenue stream for its owners while still offering the highest levels of service and quality to its bank customers.
But the title agency is about more than just profitability for its owners. In fact, the CATC staff learned very early on that its path to success and growth required a customer-focused business rooted in the quality of its wide-range of title insurance products. Due to this friendly, customer-oriented focus, the agency has bridged the gap between the various other participants in the industry such as attorneys, searchers, other title companies and settlement providers that are a valued and very necessary part of the process.
CATC’s growth plan for the agency is positioning the company for future success. The goal in the coming year is to seek out and explore the possibility of adding new member banks to the agency. CATC is also working to expand its market penetration. Currently, CATC is licensed to write title insurance in Alabama and Mississippi, with the majority of the business originating in Alabama. We also continue to seek growth beyond referrals from our member banks. Largely attributable to our quality and service, CATC has established relationships with several attorneys in the marketplace who need a title insurance resource. Today, approximately 15% of CATC’s business is generated by entities who are not owners in CATC, thereby increasing profitability potential for its members.
And lastly, CATC is seeking to partner with other industry providers that we believe compliment our menu of products and services. The addition of the Loan Estimate product (formerly SmartGFE) is one example of how CATC seeks to compliment our business model.