The introduction of HIPs, which will be a two fold process involving a voluntary dry run from June 2006 and a mandatory requirement from January 2007, represents a major market development and is sure to cause upheaval for all parties involved – Visualfiles and First Title’s HIP Platform is intended to provide a configurable solution for all stakeholders in the property industry.
Visualfiles Limited has through its involvement in initiatives such as PISCES, the electronic data exchange standard for real estate, always tried to remain at the forefront of the conveyancing market and already has a HIP working prototype. First Title has been heavily involved in HIPs since their inception as well as their predecessor, Sellers Packs.
The HIP Platform will be developed utilising Visualfiles’ Visualpanel engine. Visualpanel has been specifically designed to manage large volume, collaborative outsourced business processes, collating them into a single repository from which the HIP will be generated. It is intended that the HIP Platform will be flexible to accommodate the varying needs of HIP providers.
Ian Turner (Development Director, First Title) comments “As leaders in our respective fields, this technology partnership makes sound business sense. Our aim is clear - we want to supply our clients with accurate Packs at the fastest possible speed.”
Mark Armstrong (Business Development Director, Visualfiles Limited) adds “The compilation of HIPs will require the interaction of estate agents, surveyors, lawyers, search providers and the government. This interaction together with the initial instruction and the subsequent HIP delivery will require a robust yet flexible, scaleable technological infrastructure. This requirement plays to the strengths of Visualfiles. We intend to commence our pilot with First Title later this year and already have several other HIP providers who have expressed an interest in a similar pilot. We are pleased to not only have First Title as a development partner but also as our first client for the HIP Platform.”
