Carrot General Insurance
Korea's first digital non-life insurance company established jointly by large investment companies such as Hanwha, SK Telecom, Hyundai Motor, and Altos Ventures to present a new paradigm of insurance with new products and differentiated services to customers.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor investor investor investor | €0.0 | round | |
| investor investor investor investor | €0.0 Valuation: €0.0 | round | |
* | KRW206m Valuation: KRW532.1b | Acquisition | |
| Total Funding | 000k | ||
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| % growth | - | 28 % |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Carrot General Insurance is a digital insurance company based in South Korea, licensed for general insurance. The company primarily focuses on providing data-driven car insurance policies. Their main product is a usage-based insurance (UBI) where premiums are calculated based on the analysis of the driver's behavior and vehicle data, collected through telematics devices.
Carrot General Insurance serves individual car owners who are looking for more flexible and potentially cheaper insurance options compared to traditional policies. The company operates in the South Korean insurance market and has also expanded its services to Indonesia through a partnership with Lippo General Insurance, providing its Behavior Based Insurance (BBI) solution. Their business model is based on selling insurance policies and collecting premiums, with the use of technology to assess risk more accurately and reduce costs. The company makes money by underwriting insurance policies and from the difference between premiums collected and claims paid out.
Keywords: Digital insurance, usage-based insurance, telematics, car insurance, insurtech, data-driven insurance, risk assessment, behavior-based insurance, South Korea, policy management.