Intellectual Property Services
Intellectual capital is on par with financial capital as a critical success factor for life, health and property-casualty insurers, reinsurers, brokers, captives, risk retention groups, banks, regulators, investors, other insurance providers, and corporations and their counsel - especially in a highly competitive and challenging global economy. Effectively creating, protecting and extracting value from insurance intellectual property is an inherently difficult process requiring broad and deep experience and expertise across multiple disciplines. FTI Consulting continues to respond to these challenges, delivering a premier team of experts to help insurance providers deal with the complexities of intellectual property management.
The Growing Importance of Insurance Intellectual Property
Historically, insurance providers have “followed the leader” in developing products and services and in protecting their intellectual assets.
Since the allowance of patents for business methods, patenting insurance products and services has multiplied exponentially, as have lawsuits over business methods - from interactive call processing to retirement benefits. With the average patent litigation resulting in legal fees of over $2 million, insurance companies are, or should be, actively reviewing patent portfolios and strategies for both offensive and defensive purposes.
Insurance providers embed many proprietary processes in functional components of their business, thus providing rich reservoirs of potential intellectual property. This is particularly true within the actuarial functions, where actuaries are continuously innovating to develop and improve risk models that contribute to customer products and services, and internal business strategies and processes.
Our Insurance Professionals Can Help
The FTI Consulting Insurance Practice consists of a multi-disciplinary team of highly experienced insurance and intellectual property professionals distributed globally. Our team can provide an unmatched breadth of consulting and expert witness assistance to corporations and their counsel across the entire intellectual property lifecycle.