Carrot General Insurance

Carrot is South Korea’s first fully licensed 100% digital insurance carrier. With technology ingrained into its DNA, Carrot was founded with the vision of redefining insurance by changing the way people are protected, how they access insurance policies and information, how premiums are calculated and, ultimately, by recasting how insurance is perceived.

Carrot began by addressing the automotive insurance sector with a strictly usage-based insurance (UBI) strategy. Paying via online or mobile phone only for the number of miles driven at the end of each month was a novel concept for Korean consumers. A huge hit, the pay-per-mile program has now attracted more than 700,000 customers in our third year since launch. Ease of accessibility, fee transparency based on usage, AI-driven auto claims and accident detection and automated first notification of loss (FNOL) intake all support strong customer adoption, enabled by Carrot’s proprietary technology and data science.

Carrot’s innovation continues with focused R&D efforts into additional insurance carrier technology, including a recently introduced safe driving incentive algorithm. Using proprietary data analytics, Carrot monitors driving performance and provides driver customers with personalized scores based on key risk indicators. The algorithm’s integrated in-app challenge rewards safe driving with cash points that has proven effective in reducing losses.

Carrot’s wholly new insurance concept translates to non-auto insurance products as well. For instance, the SMART-ON series enables customers to instantly purchase plans without any charge until needed and then can be turned on with a click of a button. Carrot’s options, tailored to various online platforms and ecosystems, also include coverage for SMEs, leisure, sports, pets, travel and ecommerce transactions and returns.

Traditional insurance companies have not always been transparent when pricing coverage. Likewise, fairness at the individual policy level has often been overlooked. Carrot is challenging the industry by building a company that recognizes that every individual is unique. We put customers in control and reward them for their actions.

We believe Carrot represents the future of insurance and we envision a paradigm shift in the legacy industry. While our opportunities are expansive and our ambitions are global, our purpose-driven journey has only just begun. We will keep moving forward to create financially sound and beneficial inspirational products for our customers and society.

Carrot General Insurance

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