Your assumption is somewhat correct. However, you are missing an important piece, especially for companies East of the Mississippi River. Most title companies also act as the escrow/closing agent. Therefore, they are looking for systems that not only produce a title commitment, but can also produce Closing Disclosures, deeds,  and other escrow/closing related documents, as well as handle the accounting end of the business. Turn around time is only one part of the overall equation (Fast - Accurate - Cheap) in this business and it covers more than just the commitment and policy.

In most software systems, creating the commitment and policy is the easiest part to implement. If you want to see what you are up against, the large players are Ramquest. SoftPro, Streamline, and Title Express (? - TSS is the parent). There are a number of other players in the game as well.