Carrot General Insurance

Launched in 2019, Carrot is South Korea's first fully-licensed 100% digital insurance carrier. Based on a strong foundation of technology and data–driven insights, we are setting new standards for the industry with our innovative products and services, reaching an estimated value of value of USD 766.04 million, just four years after being established.

Carrot, which already ranks fifth in the car insurance industry just three years since its launch, has been making remarkable achievements centered on its pay-per-mile program. Under this program, consumers pay only for the number of miles driven at the end of each month, offering a new standard from the existing strict usage-based insurance (UBI) strategy.

With Carrot Plug, customers can measure and check real-time mileage and insurance premiums within the app. In addition, in case of emergency, they can simply press Carrot Plug’s built-in SOS button. Bypassing the need to directly call the insurance company, we have further enhanced convenience for the customer by handling the accident with a call from our customer center. Through tech-based new initiatives such as this, the pay-per-mile program has not only achieved the highest subscription renewal rate in the industry at 91.3% but has also surpassed 1.7 million in cumulative subscriptions.

Carrot’s entirely new approach to insurance is found in non-auto insurance products as well. For instance, the SMART-ON series enables customers to instantly purchase plans without any charge until needed. It can then be turned on with a tap of a button. Carrot includes insurance options tailored to various needs such as overseas travel, pet walking, and leisure activities. In addition, we plan to soon launch an innovative pet insurance that utilizes IoT devices for pets, highlighting our commitment to cutting-edge solutions.

Carrot strives to provide a variety of innovative products and services beyond just insurance. The Carrot Drive Service, which operates via connected data generated from the customer’s driving, not only encourages customers to drive safely by assigning safe driving scores and points, but also actively manages loss ratios. To secure potential customers, Carrot Walk, which can be used by anyone who has signed up for the app, was launched to track walks using a smartphone, prompting safer walking habits while looking out for the health of our users.

Carrot Insurance aims to play a leading role in the digital insurance sector by leveraging its unique data assets. In doing so, we will use connected data to develop new services and products that intertwine with everyday life, further expanding our business areas and creating more innovative experiences for customers.

Carrot General Insurance

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