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
Spearheading the modernization of the insurance industry through innovative technology, Carrot is at the forefront of transforming the sector, creating a more customer-centric and efficient experience while pioneering enhanced levels of service and convenience.
Carrot is recognized as the nation’s 1st full-stack 100% digital insurance carrier and its flagship data-driven auto insurance cover has achieved distribution of over 1.8 million policies within four-year time frame. We are here to revolutionize insurance, fundamentally reshaping how people are protected, how insurance is accessed, how premiums are calculated, and ultimately, how insurance is perceived.
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.
53%
share of tech workforce
High understanding of technology
Lead to unprecedented convergence with tech-based service
37
years old
Young manpower enabling brand-new insurance
Disruptive innovation with youthful energy, open mind, and vigorous challenging spirit
1,852,644
Cumulative number of auto policies written
as of April 2024
90.7%
Renewal rate of our Pay-Per-Mile auto insurance customers
top-tier retention reflects unparalleled customer satisfaction
August 2023 ~ March 2024
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.
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.
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
Reached 100K Per-mile auto policies written
March 2021
Launched Per-mile Pre-Members platform
June 2021
Doubled up capital to $170m (KRW 200bn)
March 2022
Reached 500K Per-mile auto policies written
HERO spin-off (Claims Management Company Hero established through spin-off)
Launched Carrot Members Auto (Safe-driving point-reward program for everyone)
May 2022
Launched “Return Safe Care” (Compensates for shipping costs due to returns and exchanges for e-commerce seller) with Naver
September 2022
Secured a Series A funding round, resulting in a capital increase of KRW 175 billion (the first round of funding led by an external investor)
January 2023
Reached the milestone of 1 million Per-mile auto policies written
February 2023
Obtained Information Security Management System (ISMS) certification
March 2023
Launched Per-mile Auto Insurance “Connected Vehicle Discount Program” with Hyundai Motor Group
August 2023
Launched Per-mile Auto Insurance "Safe Driving Discount Program” with Tmap Mobility"
November 2023
Reached 1.5M Per-mile auto policies written
December 2023
Secured a capital increase of KRW 130.5 billion
January 2024
Achieved the highest renewal rate of 91.5%
January 2024
Secured BBI (Behavior Based Insurance) solution project of Lippo General Insurance, Indonesia
Reached 1.7M Per-mile auto policies written
March 2024
Unveiled a new CI and Logo