BHADRAT SERVICES PRIVATE LIMITED

In their own words

We are not salvage dealers but qualified salvage surgeons…a surgeon understands ailments to advise us on health, we advise on individualised safety through our products made from insurance salvage. As per insurance law, salvage, after the claim payment, becomes the insurer's property, who sells it to the highest bidder to reduce losses. What is learnt after investing huge amounts in claims? Claims are reduced to appointing a surveyor, bargaining settlement with claimant & payment! Contract fulfilled in letter…not in spirit! The entire mechanism came to a grinding halt. What if this useless salvage were to become an investment reaping enviable returns to the insurer and the nation? Does the application of the insurance principle ‘Uberrima Fides’– Utmost Good Faith - end with claim settlement? Does ‘Faith’ not transcend contracts? The process of ‘Indemnity’ remains incomplete unless the lesson of the fortuitous loss is successfully conveyed to the insured. What do insurers, who post-mortem fortuitous losses, do to encourage safety? Can there be a better lesson than learning through salvage products and becoming safety conscious? Each time an insured holds a salvage product, he remembers safety. Our patented endeavor is to acquire the residue unsold salvage from insurers to manufacture articles of utility to remind insureds that safety is not indemnity but daily practice. Articles thus manufactured continue to educate users the necessity of adhering to safety protocols. Each article will have a QR code, when read gives the ‘moral hazard’ that caused fortuitous loss. The claim that ‘using articles of utility will prevent accidents or users will learn safety’ is censured. We merely state - by reminding safety protocols and thereby saving lives and property, we enrich both the society & nation. We took the claims settlement process to its logical consequence – safety - by interacting with the users through QR coded articles (e.g. keychains, rings, bracelets, paperweights, roadblocks etc.) made from the residue unsold insurance salvage.

Written by the company on its public Startup India profile. Not verified by us.

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