Carrot General Insurance

Carrot General Insurance is a direct-to-consumer digital carrier licensed in South Korea for non-life insurance, with core products in personal auto, general liability, travel, and family coverage. Founded in May 2019 as a joint venture among Hanwha General Insurance, SK Telecom, Hyundai Motor Group, Altos Ventures, and STIC Investments, the company became South Korea's first fully digital general insurance carrier to launch and operate entirely without physical branches.

The company built its platform around telematics-driven premium pricing -- pay-per-mile insurance that charges based on actual kilometers driven, and behavior-based insurance (BBI) that uses vehicle sensor data to assess driving patterns and set personalized rates. Beyond its domestic auto products, Carrot developed a white-label BBI platform that it deployed to Lippo General Insurance in Indonesia, extending its technology model to a partner carrier in a neighboring market. Core infrastructure runs on Microsoft Azure with GlobalSign for certificate management.

By 2024, Carrot had issued over 1.7 million auto insurance policies. The company raised USD 350M across multiple funding rounds, reaching a valuation of approximately USD 850M in 2022. In April 2025, majority shareholder Hanwha General Insurance completed an acquisition of additional shares for 205.6 billion KRW (approximately USD 144M), raising its stake from 50.6% to 98.3%. Carrot continues to operate under its own brand within Hanwha's portfolio.