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Carrot's 'per-mile' insurance service attracts 100,000 subscribers

Carrot Insurance's head office in Seoul / Courtesy of Carrot Insurance
Carrot Insurance's head office in Seoul / Courtesy of Carrot Insurance

By Lee Min-hyung

Carrot Insurance, the nation's first digital insurer, has attracted more than 100,000 subscribers for its "pay-per-mile" car insurance product in less than a year since its launch last February, the company said Monday.

Earlier last year, the non-life insurer launched the service under the fresh concept of allowing drivers to pay only for the miles they drive and a relatively small monthly fee.

The number of its subscribers has reported steep growth since November when more than 50,000 enrolled in the service for the first time. The figure has since doubled in about two months.

"Customers pay only for what they drive and still get fully insured," Carrot Insurance CEO Paul Jung said. "This is a service they have never experienced before. Such a transparent yet reasonable approach makes our customers feel satisfied, safe and better. This new concept for the insurance business will open up a new paradigm in the industry."

Carrot hopes to continue expanding its foothold in the digital insurance market by securing partnerships with financial firms as well as players in areas such as the shopping and leisure industry. As of the end of 2020, the company clinched more than 20 partnerships and plans to widen the number this year.

Carrot Insurance is one of Hanwha Group's financial subsidiaries. Under close ties with the conglomerate and principal shareholders ― such as SK Telecom and Hyundai Motor ― Carrot is enhancing expertise in the digital insurance market to tighten its position as a first mover.


Carrot Insurance's head office in Seoul / Courtesy of Carrot Insurance
Carrot Insurance's head office in Seoul / Courtesy of Carrot Insurance

By Lee Min-hyung

Carrot Insurance, the nation's first digital insurer, has attracted more than 100,000 subscribers for its "pay-per-mile" car insurance product in less than a year since its launch last February, the company said Monday.

Earlier last year, the non-life insurer launched the service under the fresh concept of allowing drivers to pay only for the miles they drive and a relatively small monthly fee.

The number of its subscribers has reported steep growth since November when more than 50,000 enrolled in the service for the first time. The figure has since doubled in about two months.

"Customers pay only for what they drive and still get fully insured," Carrot Insurance CEO Paul Jung said. "This is a service they have never experienced before. Such a transparent yet reasonable approach makes our customers feel satisfied, safe and better. This new concept for the insurance business will open up a new paradigm in the industry."

Carrot hopes to continue expanding its foothold in the digital insurance market by securing partnerships with financial firms as well as players in areas such as the shopping and leisure industry. As of the end of 2020, the company clinched more than 20 partnerships and plans to widen the number this year.

Carrot Insurance is one of Hanwha Group's financial subsidiaries. Under close ties with the conglomerate and principal shareholders ― such as SK Telecom and Hyundai Motor ― Carrot is enhancing expertise in the digital insurance market to tighten its position as a first mover.


Lee Min-hyung mhlee@koreatimes.co.kr


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