Carrot has been appointed by South Korea’s Ministry of Land to investigate the use of drones in local government.
Through the use of drones and AI technology, a South Korean InsurTech Carrot (“Carrot” or the “Company”) is pushing the boundaries of innovation in an effort to make the road safer and reduce accident-related losses.
Carrot has been formally appointed as one of the business entities to participate in the “Accelerating the Potential Use of Drones for Local Government” project, according to a recent announcement issued by the Ministry of Land, Infrastructure, and Transportation of South Korea. The project will bring together key players from a variety of industries to help local governments realise the revolutionary potential of drones.
Carrot seeks to build a state-wide traffic accident control system powered by drone technology, starting with the city of SungNam in the Greater Seoul area, and bring socio-economic advantages to the town and its residents. When it comes to handling a third-party accident, getting the appropriate information at the right time is crucial for minimising damages and conducting an accurate investigation.
Crash reconstruction investigations have traditionally needed workers to be on the roadside to collect measurements, photograph elements of the crash, and sketch details in order to determine skid tracks and the cause of the accident, which could take hours.
Furthermore, crash scenes are chaotic, dangerous for first responders and drivers, and can result in secondary collisions because moving traffic is frequently forced to make abrupt stops or reroute.
Motorists travelling near the accident scene are at a high risk of being involved in a collision due to changing traffic patterns while the accident is being investigated. Carrot believes that bringing drones to the disaster site will assist overcome these obstacles and give the precision needed to reconstruct the accident properly. The drone will not only speed up the deployment of necessary emergency services, but also the collecting of evidence, the recording of the scene from an overhead view, and the creation of a map of the site for precise crash reconstruction.
“One of our ambitious plans has been to use this unique drone technology across insurance,” stated Paul Jung, Carrot’s CEO. “With the government’s help and state-level project initiative, we hope to be able to commercialise the service sooner so that our clients and people can have more peace of mind… Our ongoing research and development, as well as our collaboration with the government, will hasten the construction of emergency drone roads that connect the airspace above our cities.”
Motorists travelling near the accident scene are at a high risk of being involved in a collision due to changing traffic patterns while the accident is being investigated. Carrot believes that bringing drones to the disaster site will assist overcome these obstacles and give the precision needed to reconstruct the accident properly. The drone will not only speed up the deployment of necessary emergency services, but also the collecting of evidence, the recording of the scene from an overhead view, and the creation of a map of the site for precise crash reconstruction.
Carrot General Insurance Corp. information
The company, based in Seoul, Korea, was founded through a joint venture with some of the world’s most well-known investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Carrot has disrupted the market with novel products and surpassed its global peers in terms of attracting subscribers to its usage-based insurance programme as the country’s first fully licenced 100 percent digital insurance company. The company’s success is due to strong consumer value propositions such as easy and accessible insurance, transparent pricing, AI-assisted accident registration, and rapid dispatch of assistance services, all of which are made possible by unique technology.
The company is also looking to expand its Pay-As-You-Drive vehicle insurance service, which calculates premiums based on a customer’s driving patterns and behaviour using sensor data analytics. Carrot has over 100 national and international relationships, including a South Korean government unit that administers national highways and traffic management, as part of the company’s open innovation approach.
