Carrot General Insurance Corp, South Korea's leading digital insurance provider, has secured the exclusive right to use behavioral-based insurance (BBI) for auto insurance. Granted by the General Insurance Association of Korea, this exclusive right will be in effect for six months, making Carrot the only company in the sector to receive such rights since the early 2020s.
Carrot’s behavioral-based insurance offers discounts for safe driving
Launched on May 30, Carrot's behavioral-based insurance rewards policyholders with up to a 20% discount on premiums for safe driving. Using advanced technology, Carrot collects driving data and calculates monthly safe driving scores, providing discounts and reimbursements to drivers who meet safety criteria. The system encourages responsible driving and helps reduce accidents on the road.
Data-driven insights from 7.4 billion kilometers of driving
Over the past four years, Carrot has analyzed driving data from 1.5 million customers, totaling 7.4 billion kilometers. This data-driven approach enables Carrot to offer personalized feedback and improve driving habits, resulting in safer roads. In June 2024, drivers using Carrot’s BBI had an accident rate of just 12%, compared to the industry average of 15-17% in previous years.
Innovation in South Korea’s auto insurance industry
Carrot’s innovative approach to behavioral-based auto insurance has been praised for its originality. Kevin Yang, Director of Carrot's Mobility Division, noted, "This exclusive right reflects the hard work of our team and Carrot’s commitment to expanding insurance options for customers."
Carrot continues to lead innovation in South Korea's auto insurance market, helping drivers stay safe while providing financial rewards for responsible behavior on the road.
