InsurTech Carrot Continues Explosive Growth Trajectory With Written Policies Surpassing 400,000 Mark


Seoul, South Korea, December 24, 2021 / PRNewswire / – Carrot General Insurance Corp. (“Carrot” or the “Company”), one of South Korea’s fastest growing insurance companies, today announced that the company recently surpassed 400,000 written contracts for its insurance program. automobile insurance on a per-kilometer basis. . The news follows the announcement made 11 months ago that it had made 100,000 registrations in January.

Speaking of the achievement, Paul jung, CEO of Carrot, commented, “What is remarkable when you consider our growing number of written policies is that Carrot has commercially operated a mile-per-mile auto insurance service for less than two years. “He continued,” This milestone validates aspects of customer value that we deliver and we will continue to introduce innovative products powered by technology as we move forward.

The company says it has generated strong interest from potential investors keen to assess the appetite for Carrot’s future growth potentials. Carrot’s leading customer retention rate, rapid growth in revenue and market share, and normalization of the loss rate can be seen as positive factors to support investments in the business. In terms of growing the commercial presence and expanding its total addressable target market, Carrot is considering a possible acquisition and South East Asia is one of the geographies under study.

“We are well positioned to seize the opportunities for organic and inorganic growth. Our digital product lines, our extensive technological development, our solid relationships with our partners and major distributors and the favorable market context will allow us to continue to play a key role in driving the evolution of insurance ”, Jung said.

He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further expand its service offerings and achieve technological advancements. As a result, the company is close to signing a joint venture agreement whereby it will focus its efforts on advancing Carrot’s Internet of Things (IoT) technologies, expanding its applications while ensuring a sustainable supply of devices. Recently, the company also announced that it has formed a joint venture with other general insurance peers to offer technology-based claims management services to its clients while realizing efficiencies through the automation of processes.

Given Carrot’s incredible track record and ambitious future plans, keeping an eye on the company’s upcoming executions may be worth it.

About Carrot General Insurance Corp.

Situated at Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big investors including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has established itself as a disruptor and has outstripped its global peers in terms of the speed of acquiring new customers for its pay-per-kilometer auto insurance. The successful footprint of the company is owed to strong customer value propositions, such as easy and accessible insurance, transparent premiums, automated accident recording by AI and a help dispatch service, etc. insurance, which assesses premiums according to the customer’s driving habits through the use of proprietary telematics technology. In line with the company’s open innovation strategy, Carrot has more than 100 national and international partnerships, including a South Korean government unit.

SOURCE Carrot General Insurance Corp.

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