Carrot Surpasses 100,000 Subscription Contracts for 'PerMile Auto Insurance'

Product Launch After 11 Months

[Asia Economy Reporter Ki Ha-young] Carrot Insurance announced on the 11th that the number of new subscriptions to its flagship product, 'Per-Mile Auto Insurance,' surpassed 100,000 contracts just 11 months after its launch.

Per-Mile Auto Insurance is a new concept auto insurance in Korea that charges a monthly base fee plus a postpaid amount based on the distance driven. Carrot first introduced this product domestically in February last year. Following the launch of a new advertisement featuring actress Shin Min-a in October last year, the number of contracts exceeded 50,000 in early November, just eight months after launch, and reached 100,000 within about two more months.

The company evaluated this achievement as a success in the auto insurance market, which has been dominated by large companies. In particular, Carrot's unique technology, which links Carrot Plug with an IoT platform to measure driving distance in real time, has been highly praised for its innovation and rationality among users, leading to the creation of new customers.

Additionally, under the active support of Kim Dong-won, Executive Director and Chief Digital Strategy Officer (CDSO) of Hanwha Life Insurance, continuous discussions on digital financial trends and digital future new business strategies with Hanwha Financial Group helped establish a stable business foundation, which was also cited as a success factor. Furthermore, partnerships with other major shareholders such as SK Telecom and Hyundai Motor Company have expanded possibilities across industries based on innovative technologies through collaborations like the Per-Mile Challenge and connected car systems.

Alongside this, Carrot has aggressively pursued various partnerships not only with financial and fintech companies such as Shinhan Financial Group, Hyundai Card, Lotte Card, Toss, and Fink but also with shopping and commerce sectors including 11st, GS Home Shopping, and TMON, as well as leisure industries like Golfzon. Carrot plans to further enhance customer benefits through more diverse partnerships this year.

Jung Young-ho, CEO of Carrot, said, "The rapid growth of Per-Mile in a short period is due not only to its unique digital convenience and rationality but also to meeting the latent needs of existing customers who desire innovative auto insurance products. The reasonable concept of 'paying only for what you drive,' which has never been experienced before, is improving customers' lifestyles and forming a new paradigm in auto insurance."

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