“The Plug supplement issue will start to ease starting next month,” Jung said.
“Through the application of our fast-advancing technology, we look to introduce usage-based automobile insurance to our customers soon. This will enable us to engage in the creation of new value for a mobility insurance market and, at the same time, move closer to the realization of a safe and secure traffic environment for society, which will contribute to reducing accident related spending.”
Carrot Insurance is a financial subsidiary of Hanwha Group. Carrot has for years sought to increase its share of the market for insurtech ― a combination of insurance and technology by enhancing partnerships with local tech and auto giants ― such as SK Telecom and Hyundai Motor.
Even if Carrot’s auto insurance market share is not large enough to compete against big players, the company is on track with rapid growth. The number of subscribers for the service reached 50,000 in November last year, but doubled in the two months following.
“Stories through word-of-mouth as well as social communities have helped ease concerns the market had regarding Carrot,” a spokesman of the insurer said.