The public-private alliance aims to construct data-driven systems around safety & mobility parameters
Carrot’s partnerships with government units accelerate advancement of the nation’s traffic safety system
SEOUL, South Korea, May 18, 2022 /PRNewswire/ — Carrot General Insurance Corp. (“Carrot” or the “Company”), South Korea’s first fully-licensed digital insurance carrier accelerating insurance innovation through technology, is pleased to announce the execution of a memorandum of understanding (MoU) with Korea Transportation Safety Authority (“TS”). With vision to improve road safety & traffic management system, TS focuses its efforts in deploying adequate automobile-related government policies, resources, procedures, and technologies.
The new public-private partnership will collaborate resources, infrastructure, expertise and technology to advance the nation’s current traffic safety systems, as well as operate state-level safe-driving campaigns for truck drivers throughout the streets of metropolitan Seoul area.
Wider implementation of Safe-driving program & campaign
The announcement is the latest of a series of partnership deals between Carrot and the Korean government. Since August 2021 South Korean InsurTech has joined forces with Korea Expressway Corporation, to administer Carrot’s telematics-driven safe-driving programs designed for the truck drivers travelling country’s high-speed freeways. With the new partnership, however, Carrot will extend its safe-driving algorithm’s application to truck drivers who travel local roads with low speed limits or in safety zones. Data suggest that in line with other developed countries, commercial trucks account for over 50% of the entire auto accidents of Korea.
Government partnerships validate Carrot’s technology
On the heels of the execution of MoU, extensive R&D projects will kick off with aim to reduce accident rates by raising social awareness of the safe driving. Incorporating real-time driving data, big data analytics & safe-driving scoring algorithm are the key components that enable the development of the program. As such, the government’s on-going partnerships with Carrot demonstrate that the authorities are keen to advance the current traffic safety system through the deployment of Carrot’s proven technology.
Carrot’s spokesperson stated, “The goal of the current project is to have fleets and commercial truck drivers cause less accidents on the road,” he continued, “through joint efforts with the government bodies, we plan to implement our safe-drive programs for all driving citizens…by continually developing and deploying technology, we intend to pursue new avenues for improving the nation’s traffic safety system moving forward.”
About Carrot General Insurance Corp.
Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation’s first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company’s successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer’s driving patterns and behavior through sensor data analytics. In line with the company’s open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.
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SOURCE Carrot General Insurance Corp.