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OUR PARTNER
Carrot Insurance
About Carrot Insurance
Carrot Insurance is a digital property and casualty insurer that uses its own IoT product to measure the number of miles driven to offer a car insurance product that pays monthly in arrears for only what you drive
Customer Needs
To create an insurance product that measures mileage by installing an IoT product in the cigarette lighter of the vehicle and charges premiums accordingly.
Customer Pain Points
01
Potential data loss
Data must be collected without loss to charge users insurance premiums
02
Unable to ingest data
with existing DBMS
Need to be able to collect large amounts of data (GPS and vehicle operation information in seconds) from hundreds of thousands of users, which the existing DBMS cannot handle.
Solution
Utilized cloud instances for data processing and built a Machbase cluster using three instances.
Ensured redundancy for both master and data nodes to prevent a single point of failure (SPOF) and configured for automatic failover in case of a failure. Additionally, supported HA and scale-out to ensure 24/7 reliable service.
Results
01
Stable operation
The number of subscribers increased exponentially in a short period, from 100,000 in 2020 to 1 million in 2022, without any issues.
02
Revenue growth
Started service in February 2020 and grew to KRW 39.5 billion in 2020 and KRW 442.5 billion in 2022 (cf. 90% of total revenue from auto insurance)
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