Carrot General Insurance, a South Korean digital insurance company, has partnered with Lippo General Insurance (LGI), Indonesia to develop a Behaviour Based Insurance (BBI) 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 (BBR) 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.
Currently, 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 successfully 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.
Moon Hyo-il, CEO of Carrot General Insurance, underscores the significance of this collaboration, stating, “This business partnership demonstrates Carrot’s commitment to relentlessly pursuing growth and development beyond domestic borders, showcasing Carrot’s journey towards becoming a leading insurtech service provider, leveraging our expertise in data-driven insurance technology.”
