Seoul-based insurtech Carrot has announced it has crossed 300,000 subscriptions to its pay-per-mile auto insurance programme.
The announcement comes just 28 months after establishing its operation in a single market Speaking about the recent achievement, Paul Jung, CEO of Carrot, said: "These figures are a testament to Carrot's commitment to its customers and society as a whole, to keep providing truly customer-centric protection covers that are reliable and equitable." He added that "the speed of growth Carrot is realizing is something the industry has never seen before, globally. In line with our continuous effort to supply high-value services, we will keep push forward to advance our core technology and better serve consumers with more innovative products down the road."
What factors have driven Carrot’s growth?
The key factors fueling the startup's exponential growth seem to be contributed by the high level of IT applications to its product and services, added with superior customer experience surrounding claims process and payouts. In fact, the modern way of getting insured under a new concept of the insurance system, where paying the premiums based on the mileage driven at month's end has triggered customers to generate positive reviews and feedbacks, which has helped the company to penetrate into the market faster.
Carrot’s self-drive-scoring service
In addition, Carrot has recently introduced a safe-drive-scoring service freely available for all the citizens of South Korea, with the aim of promoting a culture of safe driving at the national level. 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.
The company is also in the process of expanding its scopes of auto insurance business to include wider mobility ecosystems; such as EV's, car-sharing, commercial trucks, two-wheelers, and delivery vehicles. Carrot's AI-triggered FNOL (First Notice Of Loss) and accident detection will be introduced later this year, adding more values for the customers while enhancing operational efficiency.
Carrot has been reached by a number of big players from the global insurance segment for collaboration opportunities and international business partnerships, according to a source. Considering the company's ambitious plans to expand its business out to international territories, investors will want to keep an eye on Carrot's upcoming executions and potential partnership announcements. The company may offer an intriguing opportunity for investors who wish to get in early on a growing company with a technology background in the robust Insurtech market.