Carrot Sonbo Per Mile Auto Insurance Surpasses 500,000 Policies Sold
[Asia Economy Reporter Changhwan Lee] Carrot General Insurance announced on the 7th that the cumulative number of subscriptions for its per-mile auto insurance has surpassed 500,000 contracts. This was achieved in about two years since its launch in February 2020.
Unlike traditional auto insurance products where customers pay a one-year premium in advance, the per-mile auto insurance uses a GPS-based measurement device called 'Carrot Plug' to recognize driving distance and charges the insurance premium monthly in arrears based on the actual mileage driven.
They also operate safety driving programs specialized for the new system, such as 'Per-Mile Premembers,' which awards safe driving points based on analysis of the driver's driving patterns, and 'Per-Mile Challenge,' which offers a 10,000 KRW reward if the monthly safe driving criteria are met.
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A Carrot General Insurance official stated, "Per-mile auto insurance has attracted customers seeking economy and safe driving, achieving a cumulative 500,000 subscriptions within two years of launch," and emphasized, "While there are some global insurtech companies offering mileage-linked auto insurance, Carrot shows clear differentiation in technology and growth potential."
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