'First Digital Non-Life Insurer' Carrot Insurance Begins Operations
Launch of Two 'SmartON' Products Including Pet and Traveler Insurance
Car Insurance with Premiums Based on Mileage Driven
[Asia Economy Reporter Oh Hyung-gil] Carrot Insurance, the first digital non-life insurance company in Korea, officially started its business on the 14th by launching two new concept insurance services called 'SmartON.'
Carrot obtained a preliminary license from the Financial Services Commission in January last year and has been operating the 'Smart Saving Project' to develop digital-based products and services.
The SmartON insurance consists of two types: 'Pet Walking Insurance' and 'Overseas Travel Insurance,' which reduce the subscription process for convenience and lower premiums for each product.
SmartON Pet Walking Insurance allows registration of up to three pets, providing peace of mind during walks by covering incidents such as bites. By paying 2,000 KRW, users can utilize up to 44 walks at a minimum cost of 45 KRW per walk. If the amount is fully used, additional walks can be settled afterward based on the number of times used.
SmartON Overseas Travel Insurance is optimized for people who travel abroad more than twice a year. At first use, a standard insurance premium is paid, but from the second trip onward, when the switch is turned on, only the premium excluding subscription and business expenses is paid. Customers traveling twice a year on a 3-night, 4-day schedule can use this insurance at a price 37% cheaper than traditional travel insurance, with greater discounts the more they use it.
Carrot Insurance is also in the final stages of preparing to launch a 'per mile' concept auto insurance, where premiums are paid based on driving distance, targeted for release in the first quarter.
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Jung Young-ho, CEO of Carrot Insurance, stated, “We will release follow-up SmartON products, Korea’s first return insurance, and new products based on artificial intelligence (AI) and blockchain technology. As the first digital non-life insurance company, we will continuously innovate.”
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