How can I automatically insert the page content as the title?

I think save_post action hook is the proper one. Maybe you’ll want to insert some checking if the post title is already set ($post_object->post_title), as this code always update the title according to the content.

add_action( 'save_post', 'save_post_wpse_87921', 10, 2 );

function save_post_wpse_87921( $post_id, $post_object ) 
{
    // Auto save?
    if ( defined( 'DOING_AUTOSAVE' ) && DOING_AUTOSAVE )  
        return;

    // Correct post_type
    if ( 'servicestatus' != $post_object->post_type )
        return;

    $new_title = wp_trim_words( $post_object->post_content, $num_words = 10, $more="" );

    // Unhook this function so it doesn't loop infinitely
    remove_action( 'save_post', 'save_post_wpse_87921' );

    // Call wp_update_post update, which calls save_post again. 
    wp_update_post( array( 
        'ID' => $post_id,
        'post_title' => $new_title
    ));

    add_action( 'save_post', 'save_post_wpse_87921', 10, 2 );
}