Seoul, South Korea, 25 August 2021 / PRNewswire / – A Fast Growing Insurtech Carrot General Insurance Corp. (“Carrot” or the “Company”) announced a memorandum of understanding with Korea Expressway Corporation (KEC) to “co-develop a safe driving coaching platform for drivers” with the aim of fostering a culture of driving safely and reducing accident rates in the country KEC is a South Korean state-owned company responsible for the entire country’s highway system and traffic management, including checks on safety measures. Carrot’s expertise in driver data analysis, data translation and machine learning technology will be applied in the design of the platform and KEC will bring its quantitative road traffic and access management capabilities. to the database.
“The recent agreement between government and business speaks of a vision shared by both parties, which lays the groundwork for broad promotion of disciplinary programs for citizens of South Korea to be safer on the road, thus reducing the socio-economic burden and the accident rate in the country ”, Paul jung, said Carrot’s CEO.
The MoU provides the framework for allies to initiate collaboration in the development of a score-based driver guidance platform called SMART Safe Drive Assist. By connecting each vehicle to Carrot’s telematics device, the driver will be informed in real time of the driving score, coaching, advice and danger alerts via his mobile application. Personalized safe driving assistance with features like asking the driver to take a break from non-stop long-distance driving, or incentivizing those good drivers with compensations is part of the value the platform will deliver.
As in other parts of the world, the high number of road accidents in South Korea reported to involve commercial trucks. Representing over 50% of the entire auto accident scene, Carrot has been exploring ways to resolve truck issues for some time. As such, the collaborative initiative will first take off with the implementation of a program specially designed for medium to large truck drivers. 300 truck drivers will receive Carrot’s telematics plug-in device to install in the vehicle and their driving data will be analyzed according to Carrot’s big data translation and machine learning algorithm.
The driver data analysis and Carrot’s risk scoring translation technology, which they plan to apply to the project, are derived from the company’s UBI know-how. Usage Based Insurance or UBI is a new trend in the auto insurance industry where the driver’s premium is calculated based on the driver’s driving habits, such as mileage driven and driving behavior. The segment has seen significant traction globally in recent years and the market is expected to reach $ 145 billion by 2027.
Carrot, a full-stack digital insurer created in 2019 has a core competence in the technology surrounding auto and digital on-demand insurance. It took two years for Carrot to attract more than 250,000 new customers to its UBI auto-per-mile program and the company plans to expand its presence in global markets soon. According to a source, the company currently has a number of talks on the table for an additional infusion of fresh capital and global partnerships.
View original content to download multimedia: https://www.prnewswire.com/news-releases/insurtech-carrot-reaches-strategic-collaboration-with-korea-expressway-corporation-301362392.html
SOURCE Carrot General Insurance Corp.