Page 20 - The Insurance Times July 2025

insurancepe: Series on World’s First

Patent On Insurance Salvage

Making Insurers

Humane

Dr K. Rajagopal Reddy
PhD, FIII, FCII (UK), FLMI (US), FT
Chartered Insurance Practitioner
Topspot Insurance Broking Pvt. Ltd.

The final objective of our six-year thought process which resulted in an invention and a patent is
about how to make insurers humane. After having taken this first step, we intuitively knew, what
the last step has to be.

Note from Editor Patent Series, starting with this revolutionary patent on
salvage. It is time we go beyond compliance and start em-
Insurance, at its core, is a social contract—a mechanism to
bedding compassion, foresight, and responsibility into our
protect lives, livelihoods, and property. Yet, in the opera-
insurance practices. At The Insurance Times, we applaud this
tional cycle of claim settlement, one crucial area remains
largely unaddressed: salvage. The advent of India’s first-ever initiative as it redefines the insurer's duty—extending it
patented solution on Insurance Salvage by InsurancePe is a beyond policy issuance and claim payout, to ensuring post-
landmark moment that calls attention to a long-ignored claim safety for all.
dimension of the industry. This series will not just showcase innovation, but also ignite
vital conversations on transforming insurance from a trans-
Salvage is more than just a legal leftover post-claim; it rep-
actional model to a truly protective, ethical institution. Let
resents the residue of misfortune, and how we treat it re-
us make insurers humane. Let us make insurance matter—
flects the ethical underpinnings of our industry. For decades,
beyond the claim.
vehicles declared as total losses—whether from accidents
or floods—are quickly auctioned off to dealers who refur- Dr. Rakesh Agarwal, Editor, The Insurance Times
bish and resell them, often without transparent disclosure.
This puts unsuspecting buyers at risk and increases the prob- This is the first article on the Insurance Patent series for The
ability of repeat accidents, undermining the very objective Insurance Times Magazine. In this article, we will deal with
of insurance—public safety and trust. the background of this patent - How the idea for this patent

The issue is not just legal; it’s moral and pragmatic. Are in- germinated. What would be the use of this patent?
surers merely claim-settling entities? Or should they em- Whether this patent can be commercialised to ensure the
brace a more humanistic responsibility—ensuring that what safety of millions?
comes out of a claim process does not inadvertently endan- We, at insurancepe, have been a part of the insurance in-
ger others? dustry for a long time. For others, insurance might be a
This editorial marks the beginning of our exclusive Insurance foreign language. In our homes, even at the dining table,

18 July 2025 The Insurance Times