Insurtech Carrot General Insurance has partnered with Lippo General Insurance, Indonesia to develop a Behaviour Based Insurance solution.
Drawing on its extensive data capabilities and experience, Carrot aims to create essential systems to support LGI’s introduction of the BBI product in Indonesia.
This involves developing a real-time mobility data analytics platform for the Behaviour Based Reward service and offering modelling support for precise risk assessment for both individual drivers and fleets.
Carrot will utilise its proven know-how and data capabilities gained from years of underwriting operations in Korea to ensure the successful launch and operation of the BBI product in Indonesia.
Indonesia is the only ASEAN nation where auto insurance is not mandatory. However, discussions are underway for mandatory auto insurance policies led by the local government.
By launching in the promising Indonesian auto insurance market, Carrot anticipates significant growth potential and opportunities to diversify revenue streams.
This partnership marks a significant milestone for Carrot and represents a major step towards establishing itself as a global insurtech company, showcasing its technological expertise and data capabilities in international markets.
Carrot General Insurance, established in Seoul, South Korea in 2019, is the nation’s first fully digital insurance carrier, leveraging technology to offer innovative products, such as its usage-based auto insurance
This product assesses premiums based on a user’s driving patterns and behaviors, employing sensor data analytics to incentivize safe driving.
The company’s approach to insurance is grounded in the use of current technology to enhance customer experience and efficiency, offering a range of products that cater to the consumer’s needs while striving to reduce costs.
by Peter Sonner
