Carrot gains exclusive rights to use behavioural-based insurance

Carrot General Insurance, a South Korean insurtech company, has secured exclusive rights from the General Insurance Association of Korea to use a behavioural-based insurance (BBI) system for auto insurance. This marks the first such exclusive right granted in the auto insurance category among property and casualty insurers in over four years. Carrot’s innovative system calculates safe driving scores monthly and rewards customers with discounts and reimbursements for safe driving achievements during the insurance period, regardless of their past driving history. The New Product Review Committee of the General Insurance Association of Korea praised Carrot’s system for its originality and progressiveness, leading to the granting of the exclusive right.

Over the past four years, Carrot has collected driving data from around 1.5 million customers through its Per-mile auto insurance, analyzing 7.4 billion kilometres of driving data to derive driving scores and encourage safe driving habits. The exclusive rights have come into effect, with Carrot starting to offer the BBI auto insurance product since May 24th. Carrot plans to continue innovating in the insurance industry to expand choices and benefits for customers.

Established in 2019 in Seoul, Carrot is the first fully licensed digital insurance carrier in South Korea, founded through a joint venture with investors such as Hanwha, SK Telecom, Altos Ventures, Hyundai Motor Group, and STIC Investments.