Carrot Insurance is Korea's first digital non-life insurance company leading the digital transformation of the non-life insurance industry.
Carrot Insurance's core focus is to advance outdated insurance and deliver insurance that is fair and reliable through the use of technology.
Carrot Insurance was established jointly in 2019 by large investment companies such as Hanwha, SK Telecom, Hyundai Motor, and Altos Ventures. The company is headquartered in Seoul, South Korea.
Carrot Insurance launched Korea's first per-mile auto insurance, Smart ON insurance, and 990 driver's insurance, leading the digital transformation of the non-life insurance industry.
Carrot'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.
Carrot 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. Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.
Carrot Insurance is backed by Affirma Capital, Hanwha Group, SK Telecom, Stic Investments, Altos Ventures, Tmap Mobility, Hyundai Motor Group, and others. The company raised $250M (300 billion Won) in new financing on Sep 08, 2022. This brings Carrot Insurance's total funding to $427.7M to date. The latest round valued the company at over $850M post-money.