The author of this piece, Erik Alsegård (CFC Underwriting), explains that data analytics lies at the heart of IP infringement insurance’s move from niche product into the mainstream, deriving support from Aistemos CEO Nigel Swycher. He writes:
Swycher points out there are more than 250,000 SMEs that are exposed to IP risk in the US. “If they are sued it could cost them $1m and potentially put them out of business. However, spread across all SMEs, the risk is less than a household burglary – and who doesn’t insure against that? This looks like a gold mine for anyone willing to engage with the data.”You can read the article in full by clicking here.
Moving IP insurance from a niche class of tailored policies to a volume solution for thousands of companies also relies on efcient underwriting which, in turn, builds a good reputation by ofering high service levels. Again, the availability of data analytics with suitable interfaces can assist in creating a streamlined underwriting process.