SEOUL: Seoul-based tech-driven insurer Carrot General Insurance Corp has signed up 300,000 subscribers to its pay-per-mile auto insurance in just two years.
Carrot has been seen as the upstart that has been creating buzz from the moment it entered the Korean market dominated by large incumbents.
The key factors fuelling the startup's exponential growth seemed to be contributed by the high level of IT applications to its product and services, backed by superior customer experience surrounding claims process and payouts.
The pay-per-mile insurance product is becoming popular with motorists and Carrot's entry at the right time has enabled it to capture more market share.
Carrot had recently introduced a safe-drive-scoring service freely available to South Koreans, with the aim of promoting a culture of safe driving. 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.
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The company is also expanding its scope of auto insurance business to include wider mobility ecosystems; such as electric cars, car-sharing, commercial trucks, two-wheelers, and delivery vehicles.
Carrot's AI-triggered FNOL (First Notice Of Loss) and accident detection is set to roll out later this year, adding more value to customers while enhancing operational efficiency.
Carrot's disruptive practices has attracted some global insurance players who have expreseed interest in partnering with the company as it eyes the overseas market.
"The speed of growth Carrot is realising is something the industry has never seen before, globally," said Carrot CEO Paul Jung.
"In line with our continuous effort to supply high value services, we will keep pushing forward to advance our core technology and better serve consumers with more innovative products down the road."
