- InsurTech Carrot adds another 100k subscribers to its PAYD in two months
- The company has welcomed more than 600,000 drivers since its creation two years ago
- Quickly becoming a juggernaut in the insurance industry with robust distribution and high-level retention
Seoul, South Korea, May 18, 2022 /PRNewswire/ — Carrot General Insurance (“Carrot” or the “Company”), a comprehensive native digital insurer of South Korea, today announced that the company has attracted hundreds of thousands more customers to its flagship pay-per-mile auto insurance program. The new milestone comes two months after the company announced half a million contract sales in March, reflecting its continued delivery of an impressive sales trajectory.
The surge in demand for Carrot’s usage-based insurance product may have been driven by the wave of consumers seeking more personalized but fairly priced insurance that suits their way of life. life. More importantly, however, Carrot’s continued innovation efforts throughout the customer’s insurance journey, meaningful customer touchpoints and tangible service benefits are seen as key drivers of growth.
As an example, the company earlier this year launched the “Campaign for Safe Driving”, which rewards participating drivers with cash incentives for driving safely. Built on Carrot’s mobile app platform with real-time driving data analytics, the national campaign resulted in increased safety awareness among drivers, and its benefits quickly spread through word of mouth. .
The company also launched an AI-based accident and claims management business in collaboration with two historical players last April. Leading the creation of the JV with the vision of advancing current industry service standards, their offerings were structured purely customer-centric. Automated damage assessments and claims process, AI-powered FNOL intake, faster rescue or emergency dispatch are some of the services customers can take advantage of.
carrot CEO Paul Jung “We are delighted with the response from customers and our efforts to transform the insurance experience into a seamless digital offering have been well received by consumers and the industry,” he continued. “Earlier this year, Carrot was named the second most reputable insurer on the Korean Brand Reputation Index and was recognized as Korea’s most searched insurer – a solid ranking for a young company like Carrot. customer base of over 86% also indicate that our customers are very satisfied and find our service reliable.We expect the company to continue its trend of healthy growth in the future.
Jung also noted that a new version of Carrot’s mobile app will be released in a few weeks. He expects the new app’s fun insurance experience to drive customer engagement and attract new customers.
Carrot’s trajectory suggests the company could hit one million contract sales by the end of the year and the speed of its growth is exceeding expectations. As such, the company has attracted strong interest from global investors since last year.
About Carrot General Insurance Corp.
Situated at Seoul, Korea the company was created through a JV partnership with some of the big investors including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures and Stic Investments. As the country’s first fully licensed, 100% digital insurer, Carrot disrupted the market with innovative products and outpaced global peers in customer acquisition speed for its usage-based insurance program. The company’s successful footprint is due to strong customer value propositions, including easy and accessible insurance, transparent premiums, automated AI accident recording and rapid dispatch of help services , all made possible by proprietary technology. The company also pursues business in Pay-As-How-You-Drive auto insurance, which assesses premiums based on driving habits and customer behavior through the analysis of sensor data. In line with the company’s open innovation strategy, Carrot has more than 100 domestic and international partnerships, including the South Korean government unit that oversees national highways and traffic controls.
CONTACT: David J. Park, [email protected]
SOURCE Carrot General Insurance Corp.