omniture

Carrot Extends Aggressive Growth Track 1H 2022

2022-05-18 21:31 1586
  • InsurTech Carrot adds another 100k subscribers to its PAYD in two months
  • The company welcomed more than 600 thousand drivers since inception two years ago
  • Rapidly becoming a juggernaut in the insurance industry with robust distribution & top-level retention

SEOUL, South Korea, May 18, 2022 /PRNewswire/ -- Carrot General Insurance ("Carrot" or the "Company"), a full stack digital-native insurer of South Korea, today made an announcement that the company has attracted additional hundred thousand customers to its flagship pay-per-mile auto insurance program. This new milestone comes two months after the company reported half a million contract sales in March, reflecting its continuous delivery of impressive sales trajectory.

The surge in demand for Carrot's usage-based insurance product may have been driven by the wave of consumers on the hunt for more personalized yet fairly priced insurance to suit their lifestyles. More importantly, however, Carrot's non-stop innovation efforts along the customer's insurance journey, meaningful customer touch points and tangible service benefits are perceived as the primary drivers of growth.

As one example, the company launched 'Safe Driving Campaign' earlier this year, which rewards participating drivers with cash incentives for their safe driving. Built on Carrot's mobile app platform with real-time driving data analytics, the nationwide campaign resulted in increased safety awareness among drivers, and its benefits quickly spread through word of mouth.

The company also launched an AI-driven accident and claims management business in collaboration with two incumbent players past April. Leading the establishment of the JV with vision to advance current industry service standards, their offerings were structured purely customer-centric. Automated damage assessments and claims process, AI-powered FNOL intake, faster rescue or emergency dispatch are some of the services which the customers can take advantage of.

Carrot CEO Paul Jung said, "We are thrilled about the customer response and our efforts to transform insurance experience into a seamless, digital offering have been well-received by consumers and the industry," he continued. "Earlier this year, Carrot was named the second-reputable insurer on Korea Brand Reputation Index and was recognized as the most searched insurer of Korea – a solid ranking for a young company like Carrot. Top-level customer retention of above 86% level also indicate our customers are highly satisfied and that they find our service reliable. We expect the company to continue its healthy growth trend going forward."

Jung also noted a new version of Carrot's mobile app will be released in a few weeks. He expects that the new app's gamified insurance experience will drive higher customer engagement and attract new customers.

Carrot's trajectory suggests the company may hit a million contract sales by year's end and the speed of its growth is exceeding expectations. As such, the company has attracted high interest from global investors since last year.

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.

CONTACT: David J Park, dave@carrotins.com

Source: Carrot General Insurance Corp.
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