What Carrot General Insurance does

Carrot General Insurance (캐롯) is the digital direct insurance brand of Hanwha General Insurance Co., Ltd. (한화손해보험), headquartered in Seoul, South Korea, and operating exclusively in the Korean market. Founded as a digital channel in 2019–2020, the brand offers a portfolio of consumer and SME insurance products distributed entirely online through carrotins.com, iOS/Android mobile applications, and a KakaoTalk customer service channel, with no physical agent network. The product suite centers on usage-based per-mile automobile insurance supported by the Carrot Plug OBD telematics device and extends into corporate fleet auto insurance, long-term driver insurance, overseas travel insurance (short-term and extended-stay), women's signature health insurance (version 4.0), golf hole-in-one insurance, house fire insurance, and mobile claims filing via Silsun24.

Under the hood, the platform combines GPS and Bluetooth-collected driving data with smartphone sensors to compute monthly per-kilometer premiums, generate driving scores, and feed an AI-powered accident detection module that automatically coordinates emergency dispatch through SK Speedmate. Discount provisions stack on top of base pricing — including mileage reduction rebates, accident-free discounts (14.5%), connected-car discounts, TMAP safe-driving discounts, child/family discounts, and hardware-based safety device discounts — producing an average personal auto price point that the company states is 22.3% below its own offline Hanwha channel.

The business model is recurring premium revenue from monthly-billed personal auto, corporate fleet, and specialty insurance lines. Marketing is conducted through digital channels (website, app, blog, social), an extensive affiliate card program spanning nine major Korean card issuers plus Naver Pay, friend-referral events, and Hanwha cross-sell. Disclosed funding of approximately $214.9M across 2021 and 2022 rounds from investors including Affirma Capital, Altos Ventures, Hanwha Life, Hyundai Motor Company, T-Map Mobility, and STIC Investment indicates the brand was capitalized for scale, with the 2025 launch of Women's Health Insurance 4.0 and a comprehensive auto product revision in November 2025 signalling continued product-led expansion within its single Korean market.

Name

Carrot General Insurance

Legal name

Hanwha General Insurance Co., Ltd. (한화손해보험 주식회사)

Website

https://carrotins.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Carrot General Insurance (캐롯) is the digital direct insurance brand of Hanwha General Insurance, offering usage-based per-mile auto insurance, corporate fleet, driver, overseas travel, and women's health insurance products to Korean consumers and SMEs entirely online and via mobile app.

Ownership category

akta.pro rank

Product category

Personal Auto Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Insurance Carriers, Nec (6399)

akta.pro primary industry

Pay-Per-Mile Personal Auto Insurance (FSAJAAAC)

akta.pro secondary industries

Standard Personal Auto Insurance (Liability, Collision & Comprehensive) (FSAJAAAA), Personal Auto Insurance (FSAJAMAA)

Keywords

• Usage-based auto insurance
• Digital direct insurance
• Per-mile car insurance
• Telematics auto coverage
• Personal motor insurance

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Auto Insurance Premiums: Primary revenue from car insurance premiums, including both traditional fixed-rate and usage-based per-mile pricing models. Monthly payments collected via credit card or account transfer
2. Long-term Insurance Products: Revenue from term insurance products including driver insurance, women's health insurance, overseas travel insurance, and overseas long-stay insurance
3. Corporate Fleet Insurance: Revenue from corporate vehicle insurance covering business fleets with multiple vehicles under single management

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Carrot General Insurance is a digital direct insurance brand of Hanwha General Insurance that sells auto and personal insurance products directly to consumers through online and mobile channels. Its flagship offering is a per-mile (kilometers-driven) auto insurance product that prices premiums based on actual driving distance and behavior, supported by a telematics plug-in device and a mobile app. The brand also offers personal auto, corporate fleet, driver, overseas travel, and women's health insurance products.

Product overview

Carrot General Insurance (캐롯) is the digital direct insurance brand of Hanwha General Insurance (한화손해보험). It operates as a platform of standalone insurance products offered through a mobile-first and online-first distribution model available 24/7. The core product portfolio includes: automobile insurance (personal and corporate) with mileage-based (per-mile) premium payments as the key differentiator; long-term driver insurance; overseas travel insurance (short-term and extended stay); and Hanwha Direct Signature Women's Health Insurance 4.0 — a women-focused health product covering pregnancy/childbirth, infertility, and women's diseases. The Carrot ecosystem is extended by the Carrot Plug OBD device and companion app that enables real-time driving data collection, AI-powered accident detection, per-mile premium calculations, and driving score analytics. Supporting services include Carrot GoodDrive driving analysis, the Silsun24 paperless claims filing tool, Carrot Simple Authentication, partner card cashback and interest-free installment programs, and the Carrot Point loyalty system. Insurance products are distributed exclusively online via the website and app, or via phone through Hanwha Direct, with no physical agent channel.

Differentiator

Problem solved

Functional benefit

Brands

• Carrot Plug (캐롯 플러그): A telematics device plugged into vehicles to track driving behavior and provide per-mile insurance pricing
• Carrot Permile (캐롯 퍼마일)
• Carrot Plug-in (캐롯 플러그인)
• Carrot Together (캐롯 투게더)
• Good Drive (굿드라이브)

Products and services

• Carrot Permile (캐롯퍼마일) Usage-based personal auto insurance that prices premiums according to actual kilometers driven, targeted at individual vehicle owners who drive less than average and want to reduce their insurance costs.
• Carrot Plug (캐롯플러그) OBD-II telematics device that plugs into a vehicle to record driving distance and behavior, enabling the per-mile pricing of Carrot Permile insurance. Sold to individual consumers enrolled in the per-mile product.
• Carrot GoodDrive (캐롯굿드라이브) Personal auto insurance product distributed under the Carrot brand, providing standard motor insurance coverage to individual drivers via the digital direct channel.
• Carrot Together Hole-in-One (캐롯함께홀인원) Personal auto insurance product for individual drivers marketed under the Carrot digital direct brand.
• Corporate Fleet Auto Insurance (법인용 자동차보험) Auto insurance policy for corporate customers that insures fleets of business-owned vehicles under a single contract, offered as a separate product line from the personal auto policies.
• Driver Insurance (운전자보험) Personal accident and liability insurance covering the driver, marketed to individual consumers through the Carrot digital direct channel.
• Overseas Travel Insurance (해외여행보험)

Quantifiable outcome

• 22.3% lower cost compared to offline competitors (personal auto insurance basis)
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature5 records

Partnerships

14 partnerships are on record, tiered core, major, minor and flagship.

• SK Speedmate (SK스피드메이트)coreImplementation/ SI/ Consulting PartnerPartnership with SK Speedmate for nationwide emergency dispatch and roadside assistance services. SK Speedmate coordinates with its network of service providers across South Korea to deliver rapid on-site response for Carrot policyholders involved in accidents.
• Hero Loss Adjustment (히어로손해사정)coreTechnology or IntegrationCollaboration with Hero for loss adjustment services, providing professional claims handling and assessment for accident claims.
• KB Kookmin Card (KB국민카드)coreGTM or Marketing PartnerAffiliation partnership offering monthly insurance premium discounts up to 17,000 KRW and up to 70,000 KRW cashback benefits for new subscribers.
• Hyundai CardcoreGTM or Marketing PartnerPartnership providing up to 415,000 KRW in annual benefits for Hyundai Card users subscribing to Carrot insurance.
• Lotte Card (롯데카드)majorGTM or Marketing PartnerAffiliation offering up to 15,000 KRW monthly discounts plus 50,000 KRW cashback for new subscribers. Also provides interest-free installment payment options.
• Samsung CardmajorGTM or Marketing PartnerPartnership providing 2-5 month interest-free installments and extended installment options (7/11/18/24 months) for insurance payments.
• Shinhan Card (신한카드)majorGTM or Marketing PartnerAffiliation providing 2-5 month interest-free installments and partial interest-free options for 7/9/11 month terms.
• NH Nonghyup Card (NH농협카드)majorGTM or Marketing PartnerPartnership offering 2-6 month interest-free installments and extended partial interest-free options for insurance payments.
• Woori Card (우리카드)minorGTM or Marketing PartnerAffiliation providing 2-5 month interest-free installments and partial interest-free options for 10/12 month terms.
• BC CardminorGTM or Marketing PartnerPartnership offering 2-5 month interest-free installments and partial interest-free options for insurance payments.
• Hana Card (하나카드)minorGTM or Marketing PartnerAffiliation providing partial interest-free installment options for 6/10/12/18/24 month terms.
• Hanwha General Insurance (한화손해보험)flagshipStrategic or Co-development PartnerCarrot is the digital direct brand fully owned and operated by Hanwha General Insurance. Hanwha provides the insurance license, regulatory framework, and product development while Carrot handles digital distribution and customer experience.
• Naver PayminorGTM or Marketing PartnerMarketing partnership offering up to 30,000 Naver Pay points for new subscribers of Women's Health Insurance with monthly payments of 30,000 KRW or more.
• KakaominorGTM or Marketing PartnerKakaoTalk customer service channel for real-time consultation and support for Carrot customers.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Root Insurance: US-based direct-to-consumer auto insurer built on usage-based telematics pricing. Closest international analog to Carrot's per-mile model, mobile-first enrollment, and driving-behavior data underwriting.
• Lemonade: US digital-native insurer offering mobile-first, AI-driven direct insurance. Comparable as a tech-led, agent-free insurance carrier pursuing product expansion beyond a single line, similar to Carrot's auto-anchored multi-product strategy.
• Metromile: Pioneered pay-per-mile auto insurance in the US with an OBD telematics device, the most direct precedent to Carrot's Carrot Plug / per-mile offering. Now part of Lemonade, but historically the clearest UBI peer.
• Direct Line Group: UK-based direct insurance brand selling auto and home coverage with no agents, online and phone enrollment. Comparable as an established direct-only insurer that competes on price and digital experience in a mature auto market.

Broad incumbents

• Samsung Fire & Marine Insurance: Largest P&C insurer in Korea with broad auto, long-term, and accident/health lines and its own digital channels. Comparable as a domestic incumbent competing head-to-head with Carrot in Korean auto insurance.
• Hyundai Marine & Fire Insurance: Major Korean P&C insurer affiliated with Hyundai Motor Group with digital and direct channels. Competes with Carrot in Korean auto, fleet, and telematics-based products.
• KB Insurance: Korean P&C insurer within KB Financial Group with growing digital/direct auto and long-term offerings. Domestic incumbent competitor to Carrot across auto and specialty products.
• Meritz Fire & Marine Insurance: Rapidly growing Korean P&C insurer that has invested in direct digital channels and competitive pricing. Direct Korean auto competitor, especially price-sensitive segments overlapping Carrot's value proposition.

Emerging players

• Trov: Digital-first, on-demand insurance platform focused on flexible, mobile-based coverage. Comparable to Carrot's mobile-first product philosophy and tech-led insurance distribution.

Regional players

• SK Encar / SK Insurance: Korean auto and mobility ecosystem player connected to SK Speedmate, Carrot's emergency-dispatch partner. Adjacent ecosystem participant shaping UBI and mobility-linked insurance in Korea.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/carrot_insu
• Facebookfacebook.com/carrotins
• LinkedInlinkedin.com/company/carrotins

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carrot General Insurance