Internalization of IoT-telematics technology will drive Carrot to further expand applications of IoT across new insurance business opportunities
IoT technology will accelerate transformation of insurance as it will empower preemptive detection of risks and real-time communication with customers
SEOUL, South Korea, May 20, 2022 /PRNewswire/ — Carrot (“Carrot” or the “Company”) and Luxrobo announced today the establishment of a Joint Venture (JV) that brings together two premier tech companies from the field of digital insurance and IoT-technology. Together they operate as Lucky Box Solutions Inc. to deliver the most optimized IoT systems and telematics devices while positioning itself as the leader of InsurTech, industry that has become the noise of the town in recent years. Both companies have established proven track records of providing innovation in emerging sectors and are poised to offer cutting-edge solutions in the areas of Artificial Intelligence, Machine Learning, Data Interoperability, Analytics and Processing, and Internet of Things while providing risk prevention and insurance protection services.
Carrot has made a name for itself over the past few years by providing modernized insurance service to the consumers of South Korea with its customer-centered design of Pay-Per-Mile auto insurance product. As seen with its top-tier customer retention, customers are highly praising for its fair and transparent pricing, month-end payment term, IoT-driven emergency and other value-added services, and cash incentive program that rewards customers based on their safe-driving scores.
The insurance landscape has been transforming over the years through the adoption of technologies and tech-embracing insurers are disrupting the legacy industry with changes across vectors of customer experience, distribution experience and product and pricing innovation. For an instant, IoT-infused insurance data analytics may monitor health or behavioral data, predictively calculate risk, and provide preventive measures before incidents are accounted. Whereas, legacy insurance has only been relying on the past insurance records and statistical data, which are far limited and inaccurate in terms of risk prediction.
Through the recent JV formation, Carrot plans to absorb and internalize IoT technology, and expand the scope of IoT application across other insurance business opportunities, such as pet and mobility, while deploying exceptional quality control and fulfillment of supply chain of Carrot’s IoT-telematics devices.
About Carrot General Insurance Corp.
Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation’s first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company’s successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer’s driving patterns and behavior through sensor data analytics. In line with the company’s open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.