Carrot eyes new products

Carrot General Insurance and Luxrobo established Lucky Box Solutions Inc., a JV that will operate in intersection of insurance and telematics.

Carrot has made a name for itself over the past few years by providing modernized insurance services to the consumers of South Korea with its customer-centered design of a Pay-Per-Mile auto insurance product.

Through the recent JV formation, Carrot plans to absorb and internalize IoT technology, and expand the scope of IoT application across other insurance business opportunities, such as pet and mobility. It’s looking to expand to pay-as-you-drive (PAYD) car insurance.