Tory MP Craig Tracey is questioning whether its tech is "fit for purpose," and has called for the UK's Financial Conduct Authority to investigate the matter — which told the BBC that Carrot had the most complaints relative to the size of the company in H2 2018. Carrot has apologized about the poor experience of some of its users, and maintained that its business model enables it to reduce premiums for the majority of young drivers.
The insurtech leverages smartphone- and blackbox-generated driving data to reward or ding customers accordingly — which can be attractive to younger, "riskier" drivers, in particular. For example, Carrot measures acceleration, braking, swerving, and length of journey with the help of either a blackbox fitted into a user's car, or their iOS or Android apps. For the latter option, Carrot relies on GPS and bluetooth, and requires either a Wi-Fi or data connection.
But more than 20 users have reported issues with the app incorrectly recording data, especially when leveraging smartphone data — and issues like this could damage the smaller insurtech's reputation. Customers reported issues like being recorded as driving while they were actually cycling or on the train, which may have been marked as speeding.
While a number of insurtechs and insurers use telematic devices to offer perks and discounts, it seems that relying on devices connected to cars — rather than smartphones — is a more accurate way to assess driving data. Telematic devices can help insurers offer their members perks in the form of cheaper policies due to more accurate underwriting data, as well as additional perks like discounts to merchants.
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