Page 43 - The Insurance Times March 2025

ages, or provide misleading information will result in
claim rejection. Fraudulent claims may also lead to legal Embedded Insurance
consequences. Embedded insurance is transforming the insurance land-
scape by integrating coverage directly into the purchase
11.What happens if a third-party claim is filed of products and services. This model enhances accessibil-
without proper procedures? ity and affordability by providing instant, seamless protec-
tion at the point of sale. Customers no longer need to seek
For third-party claims, failing to follow the legal and pro-
cedural requirements, such as notifying the Motor Acci- out separate insurance policies, as coverage is automati-
cally embedded within transactions, such as buying a
dent Claims Tribunal (MACT), can result in rejection.
smartphone, booking a flight, or renting a car.
12.How does neglect or improper vehicle main- The rise of digital ecosystems, e-commerce platforms, and
tenance impact claims? fintech solutions has propelled embedded insurance to the
forefront. Companies like Amazon, Uber, and fintech
Claims may be rejected if the accident or damage results
from the owner's negligence, such as: startups are integrating insurance into their offerings, pro-
Driving with bald tires. viding consumers with a hassle-free experience. Insurers
leverage AI and data analytics to personalize coverage
Operating the vehicle despite known mechanical is-
based on customer profiles, improving risk assessment and
sues. Proper vehicle maintenance is critical for en-
underwriting efficiency.
suring valid claims.
Despite its advantages, embedded insurance faces regu-
Conclusion latory challenges, data privacy concerns, and the risk of
To avoid claim rejection, policyholders must adhere to policy over-automation. However, with advancements in
terms, provide accurate information, and maintain timely insurtech and strategic partnerships between insurers and
communication with their insurer. Proper documentation and digital platforms, embedded insurance is poised to revolu-
responsible vehicle use are essential to ensure hassle-free tionize the insurance industry by making protection more
claim approval. accessible and cost-effective.

FORM IV (SEE RULE 8)

1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13, Prafulla Sarkar Street, Kolkata - 700 072
4. Publisher’s Name Sashi Prabha Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name Dr. Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh Street, P.S. Girish Park,
Kolkata - 700 007
6. Name and address of individuals who own the Sashi Publications Pvt. Ltd.
newspaper and partners or shareholders holding Private Limited Company
more than one percent of the total capital 25/1, Baranashi Ghosh Street, Kolkata - 700 007
Sushil Kr. Agarwala - 25%, Sadhana Agarwal - 16.67%,
Rakesh Agarwal - 16.67%, Roli Agarwal - 16.67%,

The Insurance Times March 2025 39