Company Research Report: Root Inc.
Company Overview
Name: Root Inc.
Mission of the Company: Root was founded with the vision of bettering lives through better insurance. The company believes that car insurance rates should be based primarily on driving behaviors, not demographics.
Founded: 2015
Founders: No information is available on the specific founders.
Key People in the Company:
- Alex Timm: Co-Founder & CEO
- Matt Bonakdarpour: President & Chief Technology Officer
- Megan Binkley: Chief Financial Officer
- Jon Allison: Chief Administrative Officer
- Kelly Ruoff: Chief Communications Officer
- Katelynn Sandy: Chief Information Security Officer
- Mark LeMaster: Chief Claims and Customer Service Officer
- Jill Kellett: Vice President, Product & Marketing
- Jason Shapiro: Senior Vice President, Business Development
Headquarters: 80 E. Rich Street, Suite 500, Columbus, OH 43215
Number of Employees: No information is available
Revenue of the Company: No information is available
What the Company is Known For: Root is known for revolutionizing the auto insurance industry using mobile technology and data science to offer fair, personalized rates to good drivers. It is the nation's first licensed insurance carrier powered entirely by mobile and was Ohio’s largest IPO in 2020.
Products
What Products do they Offer:
- Car Insurance
- Renters Insurance
Car Insurance
High-Level Description: Root provides car insurance by leveraging mobile technology to analyze driving behaviors. Their unique approach focuses on offering personalized rates based primarily on how customers drive rather than traditional metrics like demographics.
Key Features:
- Rates Based on Actual Driving: Utilizes mobile technology to measure driving habits and provide quotes based on safety.
- Savings: Promises savings up to $900/year for the best drivers.
- Policy Management: Policies can be managed conveniently through their app.
- Roadside Assistance: Included with every policy except in CA and NV, where it can be added as separate coverage.
- Quick Claims: Claims can be filed in just three minutes using the app.
- Referral Rewards: Offers cash rewards for referring friends who take a test drive and get a quote.
Renters Insurance
High-Level Description: Offers affordable renters insurance designed to protect personal property and provide liability coverage for renters.
Key Features: No specific information is available.
Recent Developments
What are the Recent Developments in the Company:
- IPO: Root went public in 2020, marking Ohio’s largest IPO.
- Technology Advancements: Introduction of a proprietary claims system paired with advanced machine learning techniques for automated loss expense, fast claims payout, and higher customer satisfaction.
- Expansion: Root has expanded from its home market of Ohio to 34 states as of the latest data.
- Unified Platform: Continues to enhance their mobile platform, offering modern app experiences for policy management and claims.
What are the New Products Launched:
- Renters Insurance: Expanded their product line to include renters insurance in three states as a part of their portfolio diversification.
What are the New Features Added to the Existing Products:
- Roadside Assistance: Included in all car insurance policies except CA and NV, where it can be added separately.
- Telematics Data Expansion: Root has collected 20 billion miles of mobile telematics data to enhance pricing models.
Any New Partnerships:
- Customized APIs: Root meets customers through a highly customized set of APIs allowing partners to integrate insurance seamlessly into other purchases.
- New Funding: Raised $100 million in a Series D funding round led by Tiger Global Management, achieving a $1 billion valuation.
This market research report on Root Inc. provides a detailed view of the company, focusing on major aspects such as company overview, product offerings, and recent developments, ensuring it is professional and information-dense.
