Page 24 - The Insurance Times August 2025
P. 24
insurancepe: Series on Worlds First
Patent On Insurance Salvage
A Safeage to
India
Dr K. Rajagopal Reddy
PhD, FIII, FCII (UK), FLMI (US), FT
Chartered Insurance Practitioner
Topspot Insurance Broking Pvt. Ltd.
This patent aims to make people voluntarily and positively commit themselves to practice safety.
A small effort in aiding the dream of a safe society. A footnote to a footnote written here that
pursues in its own small way the aim of Suraksha Bharat a reality.
T opspot Insurance Broking (commercially known as OF INDIA in March, 2025. This makes Topspot Insurance
Broking as the only organization to achieve this unique dis-
'insurancepe' - www.insurancepe.com), has gone
tinction, in the field of insurance.
a step beyond insurance business - from new
business, renewals, premiums, claims, insurance
education to owning insurance patents. A patent in the field The patent secured is an invention entitled "SYSTEM AND
of insurance is unheard of. Any patent is possible only in the METHOD FOR VERIFYING AND TRACKING THE MANUFAC-
field of Science & Technology. On hearing about a 'patent' TURED ARTICLES FROM INSURANCE SALVAGE". The grant
in insurance, one is bound to ask: "What are you talking of patent is already published in the official journal of the
about? Patent in the field of insurance? Impossible!" patent office under section 43 of the Indian Patent Act.
For the purpose of clarity, the definition of patent is as fol- The Government of India launched Suraksha Bharat. This is
lows: A patent is owned / secured when the Government a Sanskrit phrase. When translated to English, it means 'Safe
Authority confers License or Right or Title or all, for a spe- India'. In other words, India which is safe - all citizens will
cific period to an entity or an individual. Thus, owning a be safe, free of road accidents, untimely deaths, erratic
patent excludes all others from making, using and selling the traffic, orphaned children etc. How nice it would be if every
patented invention. driver wore a seat belt or helmet, did not use their mobile
phones while driving, stopped at red traffic signal, gave way
No individual, no insurer and for that matter noone in the to pedestrians and at the zebra crossing, how safe our roads
world owns a salvage patent in insurance. In fact, both will become - Suraksha Bharat.
patent and insurance are polar opposites! Given this impos-
sibility it is inconceivable to own a patent in insurance. M/ Every time we discuss this, we say we do not have a specific
s Topspot Insurance Broking is formally awarded patent in legislation, or we need to enact some new law. We do have
the field of Insurance by the PATENT OFFICE, GOVERNMENT the Motor Vehicles law. But are we following it? Millions are
22 August 2025 The Insurance Times
