carrot

Carrot is a tech-driven insurance company

With technology, we at Carrot provide a whole new concept of insurance. Through seamless policy purchase of on-demand products, we cover different lifecycles of participants

Who We Are

Backed by some of the multi-profile business conglomerates and big name VCs, Carrot is spearheading the modernization of insurance through technology.

Carrot is recognized as the nation’s 1st full-stack 100% digital insurance carrier and its flagship UBI auto insurance cover has achieved distribution of over a million policies within three-year time frame. We are here to redefine insurance by recasting it from the ground up; changing the way people are protected, how people access insurance, how premiums are calculated, and ultimately, changing the way insurance is perceived.

We are changing and evolving

We recognize that our industry is changing rapidly and constantly evolving. We value our team’s ideas on how we can pioneer the digital insurance landscape.

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52%

share of tech workforce

High understanding of technology

Lead to unprecedented convergence with tech-based service

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35.5

years old

Young manpower enabling brand-new insurance

Disruptive innovation with youthful energy, open mind, and vigorous challenging spirit

Customer-centricity has been at the heart of our business from the onset, which we believe has become the major part of our foundation recipe.

Insurance plans that are accessible through mobile instantly, terms and concepts that are easy to understand, transparent pricing where premiums are calculated solely based on the usage, and/or coverages that fulfill each one of our customer’s specific needs and across changing circumstances with options to pause with a click of a button are some of the value-added services offered to our customers.

The pace of innovation for insurance sector has been slow when compared to other industries. The time is now ripe for changes and Carrot is currently spearheading the innovation revolution.

The pace in which we attract customers speaks for itself

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1,048,160

customers

Cumulative number of subscribers to our Pay-per-mile insurance program

as of Feb 2023

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90.2%

Renewal rate of our Pay-Per-Mile auto insurance customers

top-tier retention reflects unparalleled customer satisfaction

Formation of Carrot

Six visionary groups of companies from the fields of insurance, mobility, technology, and financial sectors infused valuable insights and strategic inputs as business partners. Because the allies embrace change, prepare for disruption, identify emerging trends, and as a result, bet big on opportunities afforded by innovation.

The partnership enables stakeholders to share strategies, resources, technologies and together stress on the objective alignment. In addition to their strong financial backings, their input in knowledge and expertise from the fields of insurance, finance, technology and mobility ensure Carrot’s future brighter and strong.

The Carrot Way

Carrot started its journey by tackling the motor insurance sector. The traditional insurance companies have not been transparent when pricing the covers. Fairness at the individual level has been largely ignored. We are challenging the industry by building a company that recognizes each individual is unique and puts customers in control, rewarding them for their actions.

By leveraging technologies, such as AI, big data and IoT devices, we base rates primarily on how much people actually drive, as well as how safe their driving habits are. The result is a far more personal, fair and much simpler experience – thanks to it all being in an app. Registering almost 100k subscribers within the first year since launch of the product demonstrates that the society has long been waiting for such innovative approach. In addition, we have released other smart micro coverages that can be switched on/off as per customer’s need and lifestyle basis, namely travel, mobile phone protection, pet and p&c coverages. All of this reflect our customer-centric philosophy and commitment towards offering superior value and convenience to our customers.

The way we design and deliver insurance is not simple tweak to the traditional insurance model – we are fundamentally reinventing financial instruments through technology, data science and everything that we do stems from maniacal focus on customers. We believe that we represent future of Insurance and are here to make radical paradigm shift in the legacy industry. While our opportunity is expansive and our ambition is global, our purpose-driven journey has just taken off. We will be keep pushing it forward to seek new avenues to create aspiring products for our customers and the society that are financially sound and beneficial.

The way we design and deliver insurance is not simple tweak to the traditional insurance model – we are fundamentally reinventing financial instruments through technology, data science and everything that we do stems from maniacal focus on customers. We believe that we represent future of Insurance and are here to make radical paradigm shift in the legacy industry. While our opportunity is expansive and our ambition is global, our purpose-driven journey has just taken off. We will be keep pushing it forward to seek new avenues to create aspiring products for our customers and the society that are financially sound and beneficial.

Milestone

May 2019

Carrot Established

1H 2020

Launched Korea's 1st pay-per-mile auto insurance & 7 other on-demand digital insurance products

2H 2020

Launched membership based insurance platform

January 2021

Marked 100K per-mile motor policies written

March 2021

Launched Per-mile Pre-Members platform

June 2021

Doubled up capital to $170m (KRW 200bn)

March 2022

Marked 500K per-mile motor policies written HERO spin-off (Claims Management Company Hero established through spin-off) Launched Carrot Good Drive (Safe-driving point-reward program for everyone)

May 2022

Launched delivery return guarantee for online sellers (Naver)

September 2022

Series A funding round of $147m (KRW 175bn) (first round of funding led by an external investor)

January 2023

Marked 1M per-mile policies written

February 2023

Marketing initiative launched for Pay-Per-Mile discount program for Connected Vehicles