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Its advanced driving behavior analytics turn risky drivers into safe and loyal customers
Carrot takes another big step forward in the development of behavioral-based UBI and dynamic pricing of premiums
SEOUL, South Korea, June 8, 2022 /PRNewswire/ -- South Korea's leading InsurTech Carrot ("Carrot" or the "Company") announced the release of new mobile application with Carrot Members Auto embedded, a service that financially incentivizes the citizens for safe driving behavior. The completely rebuilt and redesigned app makes it highly engaging and fun for users to stay connected and more frequently interacted. Safe-driving scores, mission-oriented challenges, personalized feedbacks, and Carrot-Cash rewards are some of the key features being rolled out. The new app also offers other value-added services and information pertinent to mobility-lifestyle, and the company hopes to grow its user base with the intention of converting them into insurance clients through targeted and experiential marketing.
Essentially, the app will monitor a driver's risky behavior, among other variables, such as a vehicle's driven mileage, to determine the safe-driving score, which is one of South Korea's first insurance carrier to have the access and ability to perform such calculations in real time.
In contrast to typical insurance applications of other insurers, the Members Auto leverages gamification to encourage safer driving while increasing the app's user engagement. Gamification is, at its essence, the inclusion of points, competition, and rewards and is deployed to elicit the desired results of proactive engagement of the users, higher interaction, and higher retention. As such, Carrot equipped the app with features, such as missions, progress status, cashable rewards, virtual characters with levels and badges, leaderboard, and progress bar.
Carrot expects that its new service will positively influence driver behavior, impart more effective safe-drive discipline of drivers, higher customer satisfaction, brand awareness, and product understanding. Furthermore, the app's user-friendly design, enhanced performance, streamlined UI/UX topped with consumable contents and helpful features will encourage users to take advantage of the app more often. Cash rewards earned by users who achieve safety goals can be used to pay for Carrot's insurance premiums, or at other partner retailers according to their preference.
"We've launched the Members Auto to accommodate safety and well-being of our current customers and the millions of drivers who are out on the road," said Paul Jung, CEO of Carrot. "We hope that incentivizing drivers to cultivate good road safety habits with financial rewards will reduce traffic incidents and build a safer community and achieve sounding loss ratio for our insurance business as well."
Carrot's announcement marks another step forward in its pursuit of behavioral-based auto insurance, referred to as UBI 2.0 project by the company. Moreover, Carrot anticipates that upcoming operational executions of the Members Auto platform business will be followed by reduced losses, dynamically priced premiums, and growth in its insurance customer base.
About Carrot General Insurance Corp.
Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.
