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| This graph shows the number of subscribers for Carrot Insurance's pay-per-mile auto insurance service. Courtesy of Carrot Insurance |
By Lee Min-hyung
The "pay-per-mile" auto insurance service operated by Carrot Insurance has attracted another 100,000 subscribers in the four months after it reached its first 100,000 users in January, the nation's first digital insurer said Thursday.
The company launched the pay-as-you-go service for the first time here early last year, enabling its subscribers to save auto insurance costs, as it allows drivers to pay only for the miles they drive.
"This milestone we reached in such record time translates into the demand and trust customers have in Carrot's value-added service and products," Carrot co-founder and CEO Paul Jung said.
The leader of the company also noted that it would resume supplying its Carrot Plug device for users next month. The device is used by customers who opted for monthly payment subscription services, as the device calculates the mileage driven in their vehicles.
But starting from March, the company suspended supplying the device amid the global semiconductor shortage.
"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 the 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 with 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.
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