Page 28 - The Insurance Times October 2025

75% of the vehicle's actual market value. Once this thresh- ones die, we talk of salvage/ memorial diamonds. Our
old is crossed, vehicles enter the salvage market with mini- question was simple: Where exactly does the responsi-
mal tracking of their subsequent journey. bility of the insurer end in a claim? The moment the
claim is settled, salvage is sold? This is not a moral ques-
Revolutionary Patent Technology tion, but a pragmatic one. Insurance companies must

The patented system addresses this critical gap through be humanistic in the sense that they must show love,
comprehensive tracking and verification technology. The in- affection, concern, and responsibility towards society.
vention encompasses several key innovations: We have invented one of the best Lego-logical ways to
A. Advanced Tracking System go beyond the presently defined boundaries of insurer
The patent introduces a QR code-based identification responsibility - i.e. to go beyond claim settlement.
system for all salvaged materials manufactured from
the Salvage vehicle. Each item receives a unique digi- Our patent covers tracking capabilities for items ranging
tal identifier that maintains a complete history from "from a pin to a piano" - essentially any manufactured
accident through remanufacturing. This technology article that can accommodate a QR code for informa-
ensures real-time verification accessible to all stakehold- tion access. This broad scope ensures comprehensive
ers throughout the salvage lifecycle. coverage across different types of salvaged property.
B. Technical Implementation
The system integrates mobile-friendly interfaces for D. Transformative Industry Impact
instant information access and maintains cloud-based The patent implementation promises far-reaching ben-
databases ensuring data integrity. Advanced analytics efits across multiple sectors:
capabilities enable risk assessment and safety monitor- Insurance Industry Benefits
ing, creating an unprecedented level of transparency
in salvage operations. Safety Awareness through use of the articles
manufactured using Salvage.

Reduced future claims through pre-
vention of repeat accidents from im-
properly repaired vehicles.
Enhanced regulatory compliance ex-
ceeding current industry standards
Risk avoidance through comprehen-
sive information / data repository
about the accidents and its occur-
rence.
Public Safety Advantages
The patent's implementation is projected to
save lives through prevention of untimely
deaths and disabilities. By ensuring trans-
parent disclosure of accident history and re-
pair quality, the system reduces the likeli-
hood of compromised vehicles causing sub-
sequent accidents.
Economic and Social Impact
Beyond immediate safety benefits, the
patent creates employment opportuni-
Vehicle Tracking Using QR Code
ties and enhances the role of insurers in safety pro-
C. Comprehensive Coverage tocols. The system promotes responsible vehicle own-
Ships sink; we talk of salvage. Airplanes crash; we talk ership and helps establish what the inventors term a
of salvage. Buildings burn: we talk of salvage. Loved "Suraksha Bharat" (Safe India).

26 October 2025 The Insurance Times