Carrot Sonbo Acquires Exclusive Rights for 'Per Mile Auto Insurance'

[Asia Economy Reporter Oh Hyung-gil] Carrot General Insurance announced on the 16th that it has obtained two exclusive usage rights related to the per-mile auto insurance, which it introduced for the first time in Korea.

Carrot General Insurance acquired exclusive usage rights for six months each for two new risk coverages, new systems, and services related to per-mile auto insurance.

The rights cover a per-kilometer risk coverage rate system that calculates insurance premiums based on a basic fee and distance traveled, similar to taxi fares, as well as automatic driving information collection through Carrot Plug, new compensation services, and real-time provision of driving distance and insurance premiums via a mobile app.

In February, Carrot General Insurance also received a BM (Business Model) patent from the Korean Intellectual Property Office for the "automatic premium calculation system based on automobile trip information" related to per-mile auto insurance.

Lee Pyung-bok, Head of the Auto Business Division at Carrot General Insurance, said, "The exclusive usage rights granted by the General Insurance Association for per-mile auto insurance are intended to encourage the overall industry atmosphere toward new insurance products," adding, "We will continue to improve the experience of per-mile auto insurance so as not to disappoint market and customer expectations."

This content was produced with the assistance of AI translation services.