FIRST AMERICAN LAUNCHES NEW BUSINESS UNIT TO FOCUS ON MEMBERSHIP-BASED CONSUMER PRODUCTS
February 22, 2001, SANTA ANA, Calif.
First American entered the membership service arena several years ago with a credit monitoring service designed to give consumers the ability to monitor activity in their credit files. The company expanded its ability to offer unique solutions for customer retention and membership-based services in August 2000, when it acquired a minority interest in Consumer Benefit Services, Inc., a leading marketing and benefit services company that provides business-to-business and business-to-consumer enhancements, retail clubs and loyalty programs.
The products that will be offered include First American's well-established credit monitoring and home comparable services, as well as a new line of value-added products spanning travel, insurance, and homeowner and automotive services. They will be marketed through First American's existing clients, primarily in the mortgage and real estate communities.
First American, in conjunction with its marketing partners, will employ sophisticated segmentation techniques to target consumers with the greatest need for its products and will build the membership service using products that meet the needs of the consumer.
"The formation of First American Membership Services enhances our ability to create turnkey, as well as customized, consumer loyalty programs for our clients," said Siegrist. "Maintaining long-term customer relationships is vital to profitability for our clients, and our approach offers a wide spectrum of solutions that meet this challenge."
"A critical component of our group's strategic plan has been to reach large numbers of consumers directly with our suite of products, which have historically been sold to lenders," said Donald A. Robert, president of First American's Consumer Information and Services Group. "With the increased focus we have placed on this segment of our business, we anticipate being a serious contender in the membership services arena and have high expectations for this venture."
The First American Corporation, based in Santa Ana, Calif., is the nation’s leading provider of business information and related products and services. The corporation’s three primary business segments include: title insurance and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; resident screening; pre-employment screening; property and automotive insurance tracking services; property and casualty insurance; home warranties, investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.