South Korean digital insurance carrier Carrot has entered an alliance with Indonesia’s Lippo General Insurance (LGI) to develop a behaviour-based insurance (BBI) solution.
This collaboration is set to use Carrot’s technological and data analytics capabilities to introduce insurance products in the Indonesian market.
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LGI, a non-life insurance provider, offers a range of products including health, property, motor vehicle, transport and personal accident insurance.
Carrot said its partnership with LGI offers the potential for new revenue streams beyond traditional underwriting income as it explores opportunities in other South East Asian markets.
Established in 2019, Carrot offers pay-per-mile auto insurance that calculates premiums based on actual driving distance, tracked by its proprietary IT device.
The company also rewards safe driving through its members-auto service, which utilises advanced analytics to evaluate driving habits.
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By GlobalDataIt collects around 300 million kilometres of driving data monthly.
The company aims to use this data to support LGI’s launch of BBI products in Indonesia, focusing on real-time mobility data analytics and precise risk assessment for drivers and fleets.
Indonesia, with its large population and ongoing discussions about mandating auto insurance, presents a significant growth opportunity for the auto insurance market, the insurtech company noted.
Carrot General Insurance CEO Moon Hyo-il said: “This business partnership demonstrates Carrot’s commitment to relentlessly pursuing growth and development beyond domestic borders, showcasing Carrot’s journey towards becoming a leading insurtech service provider, leveraging our expertise in data-driven insurance technology.”
As of February 2024, Carrot claims to have issued more than 1.7 million auto insurance policies and has expanded its product offerings through cross-selling and embedded insurance platforms.
In December 2023, the insurer received a fresh infusion of Won130bn ($97.09m).
