PriyaPatel
TLDR:
- South Korean Insurtech Carrot secured a Behavior Based Insurance (BBI) solution project with Lippo General Insurance in Indonesia.
- Carrot aims to diversify revenue streams and explore new business opportunities.
Key Elements:
South Korean Insurtech company, Carrot General Insurance, has partnered with Lippo General Insurance in Indonesia to develop a Behavior Based Insurance (BBI) solution. Carrot plans to leverage its data processing and analytics capabilities to create a tech-driven platform for real-time risk assessment for policyholders, ultimately launching a behavior-based auto insurance product in Indonesia. This partnership marks Carrot’s move towards becoming a global player in the insurtech industry.
Carrot’s successful track record with innovative insurance products, such as Pay-Per-Mile auto insurance and Members-Auto service, has positioned them as a leader in data-driven insurance technology. By accumulating vast amounts of driving data and utilizing advanced analytics, Carrot aims to support LGI’s launch of the BBI product in the Indonesian market.
Indonesia, with a population of approximately 300 million, presents significant growth potential in the auto insurance sector. Discussions around mandatory auto insurance policies in the country further highlight the need for innovative insurance solutions. Carrot’s CEO, Moon Hyo-il, emphasizes the company’s commitment to growth beyond domestic borders and its focus on becoming a leading insurtech service provider globally.
Established in 2019 through a JV partnership with key investors, Carrot has disrupted the market with its 100% digital insurance carrier model. The company’s strong customer value propositions, transparent premiums, and AI-driven services have set it apart in the industry. With over 1.7 million auto insurance policies written and a focus on Pay-As-How-You-Drive auto insurance, Carrot continues to innovate and expand its reach through strategic partnerships and funding rounds.
Overall, Carrot’s partnership with LGI in Indonesia signals a significant milestone in its journey towards becoming a global insurtech leader, showcasing its expertise in data-driven insurance technology and commitment to driving growth and development in international markets.
