South Korean Insurtech Carrot lands BBI project with Lippo General.

March 23, 2024
1 min read




Summary of South Korean Insurtech Article

TLDR:

  • Carrot General Insurance has secured a Behavior Based Insurance (BBI) solution project with Lippo General Insurance in Indonesia.
  • Carrot aims to expand its global presence by leveraging its data processing and analytics capabilities.

Carrot General Insurance, a South Korean insurtech company, has secured a project with Lippo General Insurance in Indonesia to develop a Behavior Based Insurance (BBI) solution. This partnership marks a significant milestone for Carrot as it aims to expand its global presence by utilizing its data processing and analytics capabilities.

The collaboration between Carrot and LGI is a strategic move for both companies to tap into the high-potential Indonesian auto insurance market and explore new business opportunities in other Southeast Asian markets. Carrot’s expertise in data-driven insurance technology will enable LGI to introduce innovative insurance products tailored to the Indonesian market.

With a population of approximately 300 million, Indonesia presents a lucrative opportunity for growth in the auto insurance sector. Carrot plans to leverage its accumulated driving data and analytics capabilities to support LGI in launching and operating the BBI product successfully in Indonesia.

Carrot General Insurance, established in 2019, has quickly established itself as a leading digital insurance carrier in South Korea. The company’s disruptive offerings, such as Pay-Per-Mile auto insurance and Members-Auto service, have garnered significant traction in the market.

Through strategic partnerships and continuous innovation, Carrot aims to solidify its position as a global insurtech service provider and drive growth beyond its domestic borders. The company’s commitment to leveraging technology and data analytics to deliver customer-centric insurance solutions sets it apart in the competitive insurance landscape.


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