|
Insurance IP Bulletin
An
Information Bulletin on Intellectual Property
activities in the insurance
industry
A Publication of - Tom Bakos Consulting, Inc. and Markets, Patents and Alliances, LLC |
June
15, 2004 VOL: 2004.1 | ||
Patent Watch
AIG joins the "Issued Patent Club"
AIG has joined the club of insurance and financial services organizations holding issued US patents. Their first internally generated patent, US 6,671,677, "Method and System for Reducing Mortgage Interest Rate and Mortgage Guaranty Insurance Premiums Associated with a Mortgage Loan", was issued in December of last year. This patent describes a new way of financing points in a mortgage without paying an increased mortgage insurance premium. The patent was filed by AIG member company United Guaranty Residential Insurance Company and protects some of the innovations underlying their RateXchange
Ò insurance product.
AIG’s chairman, M.R. Greenberg, is a strong proponent of patents. He has encouraged all divisions and subsidiaries of AIG to protect their intellectual property. As of this writing, they have over 50 additional patents pending worldwide.
AIG’s initiative in this area is indicative of changes occurring in the economic structure of the insurance industry. It both encourages and warns other insurance companies to take full advantage of patents to protect and cultivate their own innovations.
[Breaking News: AIG’s second internally generated patent, US 6,772,128, "Nuclear Decommissioning Insurance Financial Product and Method", was just published on August 3. This patent describes a new method for insuring against the financial uncertainty of decommissioning nuclear power plants.]