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The company’s size – not huge but of respectable dimensions, she suggested – allows for greater flexibility in responding to clients’ needs, she added. “We also aren’t so large that we can’t be flexible,” she said. “So it’s going to be so important to be able to understand what challenges they’re facing, be able to either customize or change one of your existing products and be flexible – and really quick in how you do that – and get them a product that helps them meet that challenge as soon as possible.”
A recent test of SingleSource’s mettle came during the peak of the COVID-19 pandemic, she noted: “When we look at what we’ve done in the past as far as creating loss negation products,” she said, “when COVID happened, we saved our client hundreds of thousands of dollars just by giving them the ability to offer these services up. When you look at partnering and going through and using field services into asset management into title and close, we saved clients over $1,500 per property just in time efficiencies, in less employee costs for them, in reduced fees, in not having the locks change five times. There’s a lot of ways when you look at how you can save your customers money. It’s not just about bundling those services but minimizing the time our clients have to spend on that file.”
Read next: Industry convenes to tackle compliance burdens
Bell noted not all savings are derived from something tangible. In the realm of compliance, for example, time is money: “I would say compliance, and the loss you might incur over working in silos and not communicating,” she said. “It’s the loss you incur by delays from different teams not speaking to each other. If you can save somebody 30 or 40 days, that’s quite a cost saving for them not just for their daily interest but interest they would lose and any curtailment that may come.”
At the time of her interview with MPA, Bell had been with SingleSource for 90 days.
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