A South Korean InsurTech Carrot (“Carrot” or the “Company”) is pushing the boundaries of innovation in an effort to keep the road safer and minimize the accident-related losses through the use of drones and AI technology.
According to a recent announcement made by the Ministry of Land, Infrastructure and Transportation of South Korea, Carrot has been officially appointed as one of the private entities to participate in the “Accelerating the Potential Use of Drones for Local Government” project. The project will bring together key stakeholders across multiple sectors to unlock the transformative potential of drones for Local Authorities.
Starting from the City of SungNam of Greater Seoul area, Carrot aims to construct state-wide traffic accident management system powered by drone technology and deliver socio-economic benefits to the community and its citizens.When it comes to managing an accident involving third party, timing and recording the right information are key to mitigate losses and accurate investigation.
Traditionally, crash reconstruction investigations have required personnel to be in the roadway to perform measurement gatherings, photographing aspects of the crash and sketching details to identify skid marks and the cause of the accident, which could take hours.Moreover, crash scenes are hectic, dangerous for first responders and drivers, and can lead to secondary crashes as moving traffics often have to make sudden stops or re-route.
The motorists traveling in the vicinity of the scene are at great risk of getting involved in crash as well due to altered traffic patterns while accidents are being handled.Carrot anticipates incorporating drones to the crash site will help overcome these challenges and help provide the accuracy that is necessary to properly reconstruct the accident. The drone will not only expedite fast dispatch of adequate emergency services but will also speed up the evidence collection, record of the scene from the aerial view and map of the scene for accurate crash reconstruction.Not to mention, a small mistake in the data can change the accident scenario, and who is responsible for the accident. Drone’s aerial viewpoint can provide an enhanced perspective of the scope and scale of scenes. Their recordings and 3D rendering of a scene or large evidence items will allow investigators to verify information and make the right decisions.Having its initial test flights completed last year, Carrot aims to commercialize the service soon. The company has successfully carried out more complex pilot tests during this year, including autonomous drone flights to the accident scene and transmit of aerial view in crisp 3D images from 100 meters above the sky.”Utilization of this innovative drone technology across insurance has been one of our ambitious plan,” said Paul Jung, CEO of Carrot. “With the government’s support and its state-level project initiative, we look forward commercializing the service sooner so that our customers, as well as the citizens, are provided with extra peace of mind…Our continued R&D and collaboration with the government will also expedite the construction of emergency drone highways that link airspace above our cities.”
About Carrot General Insurance Corp.
Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation’s first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company’s successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer’s driving patterns and behavior through sensor data analytics. In line with the company’s open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.