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The End of Free Sharing in the Insurance Industry
Mark NowotarskiMark Nowotarski, Patent Agent, Patent Agent
Markets, Patents & Alliances LLCMarkets, Patents & Alliances LLCwww.marketsandpatents.comwww.marketsandpatents.com
John LoveJohn Love, Director Business Director Business MethodsMethods
United States Patent and Trademark United States Patent and Trademark OfficeOffice
www.uspto.govwww.uspto.gov
Tom BakosTom Bakos FSA, MAAA FSA, MAAATom Bakos Consulting, Inc.Tom Bakos Consulting, Inc.
www.bakosenterprises.comwww.bakosenterprises.com
©2004
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Outline
• Intellectual property overview
• Patent background
• Patent examination
• Patents in the P/C industry
tom bakos consulting, tom bakos consulting, inc.inc.
©2004
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Key Points
• Insurance inventions can now be protected with patents.
• Patents give the right to stop copying.
• You are an inventor.
tom bakos consulting, tom bakos consulting, inc.inc.
©2004
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Patents in the Insurance IndustryThe Land Rush is On
tom bakos consulting, tom bakos consulting, inc.inc.
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1998 State Street Bank Decision
We take this opportunity to lay this ill conceived notion to rest … Since the 1952 Patent Act, business methods have been, or should have been, subject to the same legal requirements for patentability as applied to any other process or method.
State St. Bank vs. Signature Financial (Fed. Cir. 1998)
tom bakos consulting, tom bakos consulting, inc.inc.
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0
100
200
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400
500
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1980 1985 1990 1995 2000
Year
Nu
mb
er pending
issued
tom bakos consulting, tom bakos consulting, inc.inc.
Insurance Patent Activity
State Street
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Major Types of Intellectual Property
Trademark Trade secret
CopyrightPatent
tom bakos consulting, tom bakos consulting, inc.inc.
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Intellectual Property Comparison
tom bakos consulting, tom bakos consulting, inc.inc.
©2004
Filing Cost Term Value
Patent $10k – $20k 20 years Billions
Copyright $0.5k 95 years Billions
Trademark $1k - $2k As long as you use it
Billions
Trade secret
na As long as it’s secret
Billions
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What is a Patent?
tom bakos consulting, tom bakos consulting, inc.inc.
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A Patent is a Publication
• A patent is a publication that describes a new invention.
• A patent owner has the right to exclude others from making, using or selling the claimed invention for 20 years.
• Patents are enforceable only in the countries they are issued in.
tom bakos consulting, tom bakos consulting, inc.inc.
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Two Parts to a Patent
1. Written Description: Instructions on how to make and use the invention.
2. Claims: Exact definition of the invention(s).
tom bakos consulting, tom bakos consulting, inc.inc.
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I claim as my invention:1. An electric lamp …
comprising a filament of carbon of high resistance ….
tom bakos consulting, tom bakos consulting, inc.inc.
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Written Description Claims
T.A. Edison – Electric LampUS 223,898 Jan 27, 1880
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tom bakos consulting, tom bakos consulting, inc.inc.
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I claim as my invention:1. A carbon in
combination with a lamp….
H. Woodward – Electric LightUS 181,613 Aug. 29, 1876
Written Description Claims
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Patentable Inventions35 U.S.C. 101
Manufactured item Composition of matter
MachineProcess
tom bakos consulting, tom bakos consulting, inc.inc.
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Not Patentable
ContractWish
tom bakos consulting, tom bakos consulting, inc.inc.
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Too Late to be Patentable
Inventions For Sale
Public Inventions
tom bakos consulting, tom bakos consulting, inc.inc.
©2004
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Key Points
• Insurance inventions can now be protected with patents.
• Patents give the right to stop copying.
• You are an inventor.
tom bakos consulting, tom bakos consulting, inc.inc.
©2004