Home > News > featured news > InsurTech Carrot Continues On Its Explosive Growth Trajectory With Written Policies Surpassing 400k Mark

INSURANCE TECHNOLOGY

InsurTech Carrot Continues On Its Explosive Growth Trajectory With Written Policies Surpassing 400k Mark

Carrot General Insurance Corp. | December 27, 2021

Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January.

"What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward."

- Paul Jung, CEO of Carrot

The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration.

"We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance,"

- Paul Jung, CEO of Carrot

He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation.

Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort.

About Carrot General Insurance Corp.
Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.

Spotlight

Power of the collective: The rise of insurance associations

No single insurer is spared by fraud. Globally, fraud is estimated to cost the insurance industry hundreds of billions of GBP per year. This figure isn’t just fraud on an individual or opportunistic scale, but also the result of insurance fraud networks who represent an industry unto themselves.

More featured news

Spotlight

Power of the collective: The rise of insurance associations

Related News

AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

Devron Works with Cover Whale to Promote Road Safety

Cover Whale | March 02, 2023

On March 1, 2023, Devron, a pioneer in artificial intelligence and machine learning for distributed and private data, announced its cooperation with Cover Whale Insurance Solutions, Inc., a top commercial trucking insurer and a rapidly expanding insurtech. Using Devron's federated data science platform, Cover Whale will build and train AI models that can quickly add new and different data sources to estimate risk better, offer to coach drivers, and align premiums. The Driver Safety Program offered by Cover Whale uses data science and AI to analyze risk and develop strategies to reduce it, making roads safer. The platform provided by Devron simplifies the process by enabling access to additional datasets and doing away with the requirement, cost, and privacy risk associated with relocating data. This federated method enables Cover Whale to design, train, and run more effective models to identify unsafe driving behaviors or circumstances more efficiently. In the past, for businesses to extract, duplicate, and move large amounts of data to get insights, they were required to develop complicated infrastructures. Devron gets around this requirement, so Cover Whale can build and train machine learning models on datasets where they are already stored. These datasets may include, for example, claims information, various vehicle telematics, external data related to highways, weather conditions, and other such information to acquire a more informed perspective on risk. Cover Whale has commissioned Devron to speed up ongoing data science projects, lay the groundwork for the future development of its operations, and enable faster access to various data sources, formats, and types while producing richer insights with less effort. About Cover Whale Cover Whale is an insurtech founded by industry veterans and tech entrepreneurs that provides cutting-edge policies for commercial vehicles through AI, sophisticated underwriting, and extensive data integration. Coverage, telematics, dash cams, and real-time driver teaching are part of its innovative Driver Safety Program, which aims to reduce claims, improve road safety, and save lives in the United States. The company also provides over 5,000 agencies with the quickest and most user-friendly online quote system.

CORE INSURANCE, INSURANCE TECHNOLOGY

Canal Insurance Company Partners CLARA Analytics

Canal Insurance Company | February 16, 2023

Canal Insurance Company has recently announced its partnership with CLARA Analytics to accelerate the resolution of commercial insurance claims with an artificial intelligence interface. CLARA Analytics will optimize commercial insurance claims with the technology of AI. There is a tremendous increase in claims outcomes of commercial transportation, burdening insurers of the trucking industry. They are forced to search for innovative ways of managing claims so that they can produce better outcomes for their clients. Through the partnership, Canal will access CLARA’s Triage and Litigation modules for its commercial auto claims. The AI-based insights will monitor these claims and filter those claims which are on the verge of escalation. The Triage module assists insurance claim managers with the best path for the resolution, whereas the Litigation module provides insights for clients to acquire amicable settlements and reduce complicated processes and the cost of litigation. President and CEO of Canal, Paul Brocklebank, said, “At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value.” He added, “As a well-established insurance specialist in commercial transportation, Canal is addressing many of the same challenges facing commercial auto insurers at large. Through advanced data analytics, CLARA provides the expertise and track record to help Canal drive better and more efficient claims outcomes, and this benefits both our customers and the Canal enterprise. We are excited about CLARA as a critical new business partner and extension of the Canal team as we join forces to embrace future opportunities in motor carrier insurance.” (Source – Business Wire) CEO of CLARA Analytics, Heather H. Wilson, said, “Canal is experiencing tremendous results, in large part because they’re led by a visionary CEO and proactive about finding innovative ways to tackle the problems facing the industry. CLARA will help them to resolve claims in ways that serve their policyholders.” She added, “With our AI technology, innovators like Canal can drive measurable loss cost and expense savings.” (Source – Business Wire) About Canal Insurance Company Headquartered in Greenville, South Carolina, Canal company has been providing insurance solutions for commercial trucking and specialty transportation operations since 1939. It offers insurance products and services like auto liability, physical damage, transportation insurance, insurance claims, underwriting, trucking insurance, specialty transportation insurance, motor truck cargo, trucker’s general liability coverages and risk management services. It distributes its insurance products nationwide through professional general insurance agents. It connects shareholders, employees and partners with innovation and expertise for insurance protection and coverage.

CORE INSURANCE, COMPLIANCE

Utmost Group Upgrades Financial Compliance Capabilities with Napier

Napier and Utmost Group | February 01, 2023

On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider. Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner. The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms. Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services." (Source – Business Wire) About Napier London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry. About Utmost Group Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.