Intellectual property lawsuits reveal data gold mine
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While there is a dearth of claims data on intellectual property losses, other data surrounding the risk is available, and technology is helping to find it, industry sources say.
“When people talk about a lack of historical information, they’re thinking about claims data, and they’re not thinking about all of the data that does exist, the vast amount of information which has to do with IP litigation and is available with respect to the cost of litigation, settlements and judgments,” said Jason Sandler, vice president in Marsh USA Inc.’s FINPRO practice in New York.
“There’s a lot of data that can be found if people are looking in the right places,” he said.
Technology can help in data mining intellectual property risk, said Matthew Hogg, intellectual property specialist for Liberty Specialty Markets, a unit of Liberty Mutual Insurance Co. in London.
“There is increased sophistication around the use of technology to analyze litigation and litigation trends,” Mr. Hogg said. “It does suffer from poor actuarial data with regard to what’s being collected by insurance companies, but there is actuarial information around if you choose to go and find it.”
The insurance sector is looking to add intellectual property expertise and trying to enhance its command of the intellectual property space, said Nick Chmielewski, head of IP broking for Aon PLC’s intellectual property solutions group in Chicago.
“Across the board, the insurance industry is trying to evolve and create more expertise in this intangible asset space,” he said.
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