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
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 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.
52%
share of tech workforce
High understanding of technology
Lead to unprecedented convergence with tech-based service
35.5
years old
Young manpower enabling brand-new insurance
Disruptive innovation with youthful energy, open mind, and vigorous challenging spirit
1,048,160
customers
Cumulative number of subscribers to our Pay-per-mile insurance program
as of Feb 2023
90.2%
Renewal rate of our Pay-Per-Mile auto insurance customers
top-tier retention reflects unparalleled customer satisfaction
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
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 Members Auto (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