The internalization of IoT-telematics technology will lead Carrot to further expand IoT applications through new insurance business opportunities
IoT technology will accelerate insurance transformation as it will enable pre-emptive risk detection and real-time communication with customers
Seoul, South Korea, May 20, 2022 /PRNewswire/ — Carrot (“Carrot” or the “Company”) and Luxrobo today announced a joint venture (JV) that brings together two leading digital insurance technology companies and IoT technology. Together, they operate as Lucky Box Solutions Inc. to deliver the most optimized IoT systems and telematics devices while positioning themselves as the leader in InsurTech, an industry that has become the noise of the town in recent years. Both companies have established a proven track record of innovation in emerging industries and are poised to deliver cutting-edge solutions in the areas of artificial intelligence, machine learning, data interoperability, analysis and processing and the Internet of Things while providing risk prevention and insurance protection. services.
Carrot has made a name for itself over the past few years by offering a modernized insurance service to consumers of South Korea with its customer-centric design of the Pay-Per-Mile auto insurance product. As seen with its industry-leading customer retention, customers highly praise its fair and transparent pricing, month-end payment terms, emergency services and other IoT-focused value-added services, and its cash incentive program that rewards customers based on their safety. driving scores.
The insurance landscape has transformed over the years through the adoption of technology and insurers adopting technology are disrupting the legacy industry with changes in the vectors of customer experience, distribution and innovation in terms of products and pricing. For a moment, IoT-based insurance data analytics can monitor health or behavior data, predictively calculate risk, and provide preventative action before incidents are counted. While legacy insurance relied only on past insurance records and statistical data, which are very limited and inaccurate in terms of risk prediction.
With the recent formation of the joint venture, Carrot plans to absorb and internalize IoT technology and expand the scope of IoT application to other insurance business opportunities, such as pets and mobility, while deploying exceptional quality control and supply chain execution of Carrot’s IoT telematics devices. .
About Carrot General Insurance Corp.
Situated at Seoul, Korea the company was created through a JV partnership with some of the big investors including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures and Stic Investments. As the country’s first fully licensed, 100% digital insurer, Carrot disrupted the market with innovative products and outpaced global peers in customer acquisition speed for its usage-based insurance program. The company’s successful footprint is due to strong customer value propositions, including easy and accessible insurance, transparent premiums, automated AI accident recording and rapid dispatch of help services , all made possible by proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses premiums based on driving habits and customer behavior through the analysis of sensor data. In line with the company’s open innovation strategy, Carrot has more than 100 domestic and international partnerships, including the South Korean government unit that oversees national highways and traffic controls.