Hanwha General Insurance announced that it achieved its highest-ever auto insurance revenue within six months of merging with Carrot Insurance.
Auto insurance revenue exceeded KRW300bn ($230m) in the first quarter of this year, with March alone contributing over KRW110bn, marking a record monthly performance.
Revenue from the CM channel also rose by around 10%, increasing from an average of about KRW37bn per month prior to the merger to approximately KRW40bn per month in the first quarter.
Meanwhile, the company’s auto insurance market share expanded from 5.6% before the merger to 6% in the first quarter this year.
The company reorganised its auto claims operations by integrating Carrot Insurance personnel with existing staff from Hanwha General Insurance.
It said the combination of Carrot’s agility with Hanwha General Insurance’s established claims infrastructure has improved both initial response times and on-site service capabilities.