SEOUL, South Korea, Sept. 8, 2021 /PRNewswire/ — Seoul-based tech-driven Insurance company Carrot General Insurance Corp. (“Carrot” or the “Company”) has hit another major milestone: it has crossed 300,000 subscriptions to its pay-per-mile auto insurance program. The announcement comes just 28 months after establishing its operation in a single market and it is viewed quite impressive, as the speed of growth in such short period of time is unprecedented in the sphere of insurance.
Far outpacing its peers in the global Insurtech scene, in terms of their speedy expansion of customer base, Carrot has been creating buzz from the moment it entered the concentrated South Korean market dominated by large incumbents. The key factors fueling the startup’s exponential growth seem to be contributed by the high level of IT applications to its product and services, added with superior customer experience surrounding claims process and payouts. In fact, modern way of getting insured under a new concept of insurance system, where paying the premiums based on the mileage driven at month’s end has triggered customers to generate positive reviews and feedbacks, which has helped the company to penetrate into the market faster.
In addition, Carrot has recently introduced safe-drive-scoring service freely available for all the citizens of South Korea, with the aim of promoting a culture of safe driving at the national level. Drivers with reduced risk exposure will receive points based on the driving score calculated via Carrot’s sensor-based algorithm and the users may exchange the points for a desired voucher or gift card.
The company is also in the process of expanding its scopes of auto insurance business to include wider mobility ecosystems; such as EV’s, car-sharing, commercial trucks, two-wheelers, and delivery vehicles. Carrot’s AI-triggered FNOL (First Notice Of Loss) and accident detection will be introduced later this year, adding more values for the customers while enhancing operational efficiency.
Speaking about the recent achievement, Paul Jung, CEO of Carrot, explained, “[These figures] are a testament to Carrot’s commitment to its customers and society as a whole, to keep providing truly customer-centric protection covers that are reliable and equitable.” He continued, “the speed of growth Carrot is realizing is something the industry has never seen before, globally. In line with our continuous effort to supply high value services, we will keep push forward to advance our core technology and better serve consumers with more innovative products down the road.”
Carrot has been reached by a number of big players from the global insurance segment for collaboration opportunities and international business partnerships, according to a source. Considering the company’s ambitious plans to expand its business out to international territories, investors will want to keep an eye on Carrot’s upcoming executions and potential partnership announcements. The company may offer an intriguing opportunity for investors who wish to get in early on a growing company with technology background in the robust Insurtech market.
Backed by Hanwha, Hyndai Motor Group, SK Telecom, Altos Ventures and Stic Investments, Carrot is South Korea’s first full-stack digital insurer established back in late 2019. With its core competency in technology surrounding auto and on-demand digital insurance, the company is at the forefront of industry innovation, while providing consumers delightful insurance experience.
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David J. Park
Source: Carrot General Insurance Corp.