Carrot, South Korea’s first and largest full-stack digital insurance platform, has gained the exclusive right to use behaviourial-based insurance, BBI, for six months.
The firm acquired this privilege from the General Insurance Association of Korea.
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In addition, this marks the first time in four years and four months that an exclusive right has been granted in the auto insurance category among all property and casualty insurers.
Auto insurance, a compulsory product sold by 12 general insurance companies, is typically standardised with minimal differentiation. Therefore, exclusive rights for auto insurance are rare. Since the early 2020s, only two such rights have been granted, both to Carrot.
Since launch four years ago, Carrot has collected data from 1.5 million customers and analysed 7.4 billion km to derive driving scores.
Furthermore, since Carrot launched a BBI on May 30 2024, the accident rate for customers who achieved a safe driving score was recorded at 12% in June. This is lower than the average of 15-17%.
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By GlobalDataKevin Yang, director of Carrot’s mobility division, said: “We believe that the acquisition of the exclusive right to use is the result of the efforts of all executives and employees to realise the value and vision that Carrot pursues.”
He added: “We will continue to work hard to create more innovation in the insurance industry in line with Carrot’s founding purpose of expanding insurance choices and benefits for customers.”
