Intellectual property management: Demand letter analysis guarantee – backed by Munich Re
Tenafly, NJ, USA – June 2022: SenseIP, a start-up based in New Jersey, USA, and Israel, provides an AI engine that compiles a variety of data into a one-stop shop for intellectual property (IP) portfolio management which aligns business, product and intellectual property strategies. This week, SenseIP announced that their AI solution for demand letter analysis is now guaranteed, and that this guarantee is backed by Great Lakes Insurance SE, a Munich Re subsidiary.
Today, companies are filing an unprecedented number of patents. Meanwhile, IP management, as well as competition tracking and potential threats to business products, are highly challenging due to huge amounts of complex and fragmented global IP data. Companies are often confronted with potential IP lawsuits and fake demand letters. Many of these potential IP lawsuits are intended to disrupt business rather than claim legitimate IP infringement. Hiring lawyers to assess the risks of IP infringement is extremely costly, yet currently most companies have to use this method to decide whether to respond to demand letters or not.
At this point, senseIP can remedy the issue with AI-enabled demand letter analysis that correlates IP with products and features, estimates risks of IP infringement, and recommends actions for its users to take. The solution greatly reduces the legal costs that companies are required to pay for responding to IP claims. The management platform also improves workflows and helps identify strengths and risks regarding the customers’ IP. In addition, senseIP provides a comprehensive analysis of potential competitors – all bundled in one application. And by using the AI engine, senseIP customers save time on research and save money on IP and innovation management.
Enabled by Munich Re, senseIP offers a warranty for its service, which correctly predicts the risk level of demand letters. senseIP safeguards its clients so that they can ignore demand letters for patents labelled as “low risk” by the senseIP solution. senseIP will indemnify clients that end up paying a fine from a legal judgement, or paying a legal settlement fee to prevent an adverse litigation judgement. The meaning of “low risk” is that senseIP is convinced that the demand letter will not materialise and will not cause any monetary damage to the receiving company.
Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions, conducted a technical due diligence assessment of senseIP algorithm. Based on this assessment, and in the context of the services described here: “Insure AI – Guarantee the performance of your Artificial Intelligence systems”, the Munich Re subsidiary Great Lakes Insurance SE will be backing senseIP expenditure that derives from reimbursing the costs of legal judgements and legal settlement fees should the technology not work as expected. With regard to demand letters, senseIP customers can now save time and money, as well as have peace of mind while growing their business.
senseIP is the leading provider of business-based IP management platforms and IP-based competitive intelligence. Its groundbreaking AI engine allows companies to finally understand the real value of their IP, the risk they are exposed to and who it originates from, whether operative business is advisable, and if their IP serves their business goals. senseIP's services save organisations time and money, and alleviate uncertainties.