Carrot General Insurance announced on Feb. 19 that it has secured a contract for the implementation of Behavior Based Insurance (BBI) solutions with Indonesia’s Lippo General Insurance.
This contract acquisition marks the first instance where Carrot’s inherent technological expertise and data capabilities have been recognized in international markets. Moreover, it has generated new revenue streams based on new non-insurance sources, underscoring its significance.
In 2020, shortly after its establishment, Carrot introduced Pay-Per-Mile car insurance, based on its own IoT device, which measures the distance driven by the vehicle and bills insurance premiums on a monthly basis.
Building upon its accumulated data capabilities and experience, Carrot plans to establish various systems necessary for Lippo General Insurance to introduce BBI car insurance products in Indonesia.
In particular, Carrot will focus its capabilities on developing the data platform for the Behavior Based Reward (BBR) service, which integrates driving habits, and providing technical support, to ensure the stable launch and operation of BBI car insurance products in Indonesia.
Additionally, Carrot will receive a certain amount of the collected premiums as royalties after the launch of BBI car insurance in Indonesia.
Indonesia is currently the only country among ASEAN nations where car insurance is not mandatory. However, discussions have been underway regarding the implementation of mandatory car insurance policies led by the local government. Consequently, with a population of approximately 300 million people, Indonesia is considered a country with high growth potential in the car insurance market.
Moon Hyo-il, CEO of Carrot General Insurance, stated, “We will continue to strive even harder until Carrot evolves into a global insurtech company beyond domestic boundaries, demonstrating our dedication to growth through persistent efforts and innovation.”