Carrot (“Carrot” or the “Company”) and Luxrobo announced today the establishment of a Joint Venture (JV) that brings together two premier tech companies from the field of digital insurance and IoT-technology. Together they operate as Lucky Box Solutions Inc. to deliver the most optimized IoT systems and telematics devices while positioning themselves as the leader of InsurTech, an industry that has become the noise of the town in recent years. Both companies have established proven track records of providing innovation in emerging sectors and are poised to offer cutting-edge solutions in the areas of Artificial Intelligence, Machine Learning, Data Interoperability, Analytics and Processing, and the Internet of Things while providing risk prevention and insurance protection services.
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 Pay-Per-Mile auto insurance products. As seen with its top-tier customer retention, customers are highly praised for its fair and transparent pricing, month-end payment term, IoT-driven emergency, and other value-added services, and cash incentive program that rewards customers based on their safe-driving scores.
The insurance landscape has been transforming over the years through the adoption of technologies and tech-embracing insurers are disrupting the legacy industry with changes across vectors of customer experience, distribution experience, and product and pricing innovation. For instant, IoT-infused insurance data analytics may monitor health or behavioral data, predictively calculate risk, and provide preventive measures before incidents are accounted. Whereas, legacy insurance has only been relying on past insurance records and statistical data, which are far limited and inaccurate in terms of risk prediction.