Carrot partners with LGI to introduce behavior based insurance in Indonesia

Mobility
25/03/2024 News

Carrot General Insurance, a leading South Korean Insurtech firm, has embarked on its global expansion journey through a partnership with Lippo General Insurance (LGI) in Indonesia. The collaboration aims to introduce a Behavior Based Insurance (BBI) solution to the Indonesian market, leveraging Carrot's expertise in data-driven technology and LGI's established presence in the insurance sector.

With its track record of success in South Korea, Carrot has become known for its innovative insurance products such as Pay-Per-Mile auto insurance and Members-Auto service, which reward safe driving habits. Now, Carrot plans to apply its proprietary technology capabilities to develop a comprehensive risk assessment platform tailored to Indonesian policyholders' needs.

Indonesia, with its population of approximately 300 million, presents a significant opportunity for growth in the auto insurance market. Although auto insurance is not currently mandated in the country, discussions are underway to introduce compulsory policies, further driving demand for insurance products.

Moon Hyo-il, CEO of Carrot General Insurance, expressed his enthusiasm for the partnership, emphasizing Carrot's commitment to pursuing growth beyond domestic borders. He highlighted the company's dedication to leveraging data-driven technology to deliver innovative insurance solutions globally, positioning Carrot as a leader in the insurtech space.

As Carrot continues to explore new business opportunities in Indonesia and beyond, the partnership with LGI marks a significant step forward in its quest to become a dominant force in the global insurance market. With its strong technological capabilities and strategic partnerships, Carrot is poised for success in the ever-evolving landscape of digital insurance.

Related news & insights

Embedded Insurance
12/04/2024 Video

Empowering green mobility: Laka's vision for sustainable insurance with embedded solutions

Tobias Taupitz, the CEO and Co-Founder of Laka, drives his company's aspiration to become the world's leading green mobility partner....

Mobility
09/04/2024 Study

Driving forces: The interplay of financial services and the EV sector

The financial services sector and the electric vehicle (EV) sector are two dynamic realms undergoing a significant transformation in today's...

Insurance
09/04/2024 News

MMA's new mobile app: Redefining customer experience

This new offering is tailored for both individual and professional clients, with a primary goal of simplifying their day-to-day interactions...

Insurance
08/04/2024 Article

Insurance Innovation of the Month: Caminhos by Bradesco Seguros

This month’s Qorus Insurance Innovation award goes to Bradesco Seguros for Caminhos, a unique mentoring program designed to support and...

Insurance
08/04/2024 News

AXA and AWS team up to revolutionize global risk management

AXA, a leader in insurance and asset management, has partnered with Amazon Web Services (AWS) to develop the AXA Digital...

Mobility
07/04/2024 News

Consors Finanz and MG Motor Deutschland forge deeper ties

Consors Finanz is becoming the primary financial partner for MG Motor's entire distribution network, encompassing both dealer and agency models.

Mobility
06/04/2024 News

CrashBay: Pioneering collision repair marketplace

CrashBay, a leading digital marketplace revolutionizing collision repair solutions for fleets and carriers, recently secured $1.25 million in funding.

SME Banking
03/04/2024 Study

A bancassurance breakthrough: Nurturing SME relationships through customized insurance products

In this paper, we outline the opportunity bancassurance presents to banks, as well as the key considerations that should be...