The announcement comes two years because the tech-driven insurer unveiled its UBI product
The firm doesn’t cease taking daring steps to achieve wider viewers
SEOUL, South Korea, March 9, 2022 /PRNewswire/ — A main insurance coverage expertise platform Carrot General Insurance Corp. (“Carrot” or the “Company”), at present introduced that it has offered greater than 500 thousand insurance policies for its flagship pay-per-mile usage-based (UBI) auto insurance coverage program.
Having achieved such speedy progress two years after launching the product, this milestone is seen as extremely vital, particularly within the sphere of UBI, the place such momentum is seldom seen.
With expertise deeply ingrained in its core DNA, Carrot was based with the imaginative and prescient of redefining insurance coverage by recasting it from the bottom up; altering the best way persons are protected, how individuals entry insurance coverage, how premiums are calculated, and in the end, altering the best way insurance coverage is perceived.
Carrot’s innovation continues to be underpinned by its centered R&D efforts round insurance coverage expertise, with its lately launched safe-driving incentive algorithm being one instance. Using proprietary driving information analytics, Carrot screens driving efficiency and offers drivers with customized scores primarily based on the important thing danger indicators.
The algorithm built-in in-app competitors problem that reward drivers with money factors in alternate for secure driving have been proven to be efficient, as score-conscious driving resulted 70% discount in accident frequency. Moreover, throughout a current research performed by Carrot with 100 thousand prospects revealed that the drivers with scores of 70 and above incurred much less loss quantity (loss ratio) and severity degree by 18.2% and 25% respectively in comparison with these with scores of under 70.
According to Carrot, customized identification of driving episodes with feedbacks and monetary incentives will profit society economically and environmentally since there can be fewer crashes, prices, and emissions, thus changing into eco-friendly.
It appears the corporate has nailed its product-market match, as indicated by its regular, however fast-growing buyer base. The ease of accessibility, the transparency of charges primarily based on utilization, AI-driven accident detection, and automatic registration of first-notice-of-loss all level to sturdy buyer propositions enabled by expertise and information science.
“Following two years of substantial growth, we are delighted to have reached this meaningful milestone, which further validates our commitment to innovation and value that we create for the people and society” stated Paul Jung, CEO of Carrot. “This is only the beginning for Carrot. We will keep push forward to offer customers modern insurance experience through the use of technology.”
About Carrot General Insurance Corp.
Based in Seoul Korea the corporate was established by way of a JV partnership with a number of the big-name buyers, together with Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation’s first fully-licensed 100% digital insurance coverage provider, Carrot has been disrupting the market with revolutionary merchandise and has outpaced its international friends when it comes to the velocity of buying prospects to its usage-based insurance coverage program. The firm’s profitable footprint owes itself to sturdy buyer worth propositions, together with straightforward and accessible insurance coverage, clear premiums, AI automated accident registration and immediate dispatch of assist providers all made potential by way of proprietary expertise. The firm can also be pursuing enterprise in Pay-As-How-You-Drive auto insurance coverage, which assesses the premiums as per buyer’s driving patterns and habits by way of sensor information analytics. In line with the corporate’s open innovation technique, Carrot has 100+ nationwide & worldwide partnerships, together with South Korean authorities unit that oversees nationwide highways and visitors controls.
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SOURCE Carrot General Insurance Corp.