Root Insurance

insurtechiot-preventive insurance/telematics

FOUNDING YEAR: 2015
LOCATION: United States
Last Update: 17/07/2020

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About

Root Insurance was formerly known as Club Insurance Company. The company has been operating from the year 2015. It offers liability coverage for bodily injury & property damage; and non-liability coverage for collision, comprehensive, medical payments, personal injury protection, uninsured/underinsured motorist bodily injury, uninsured motorist property damage, rental, and roadside assistance. Recently, Root was selected for the 2019 Forbes Fintech 50 startups list.

Focus

PRODUCTS & SERVICES

The online platform uses smart technology to understand individual driving behavior such as hard brakes, aggressive turns, and mileage driven. It calculates insurance premiums based upon driver behavior.

REVENUE MODEL

The company generates revenue based on the premium fees. It charges a flat fee per insurance premium.

MAIN CLIENTS

ADP

AEP

Aer Lingus

American Airlines

Arkema

BBVA Compass

Beaumont

Cheddar's

Chiquita

Citizens Energy

etc.

EXISTING PARTNERSHIPS

Ohio Department of Insurance

COMMENT

The company provides mobile-based Root app to its customers where they can purchase and manage their policy. It uses AI algorithms to adjust risk. (Aug.2018)

Traction

VALUATION / MARKET CAP:

$1 B in 2018

VALUATION COMMENT:

The company has been valued at $1 billion after the latest funding round on August 2018.

ACTIVE USERS COMMENT:

The company claims that good drivers can save up to $1,187 per year on car insurance.

OTHER INFO:

Root has a license to operate in 23 states and plans to expand to the other states of the US by 2020.

TRACTION COMMENT:

In Q4, Root wrote more than $100 million in direct premiums. Also, app downloads have grown to 60% month-over-month. (Mar. 2019)

People

FOUNDERS

Dan Manges

Alex Timm

BOARD MEMBERS AND ADVISORS

Elliot Geidt

Doug Ulman

NUMBER OF EMPLOYEES

501-1000

INVESTORS:

and Ribbit Capital.

Coatue Management

Drive Capital

DST Global

MAIDEN RE

Munich Re

OdysseyRe

RedPoint Ventures

Ribbit Capital

Scale Venture Partners

Silicon Valley Bank

Tiger Global Management

KEY EMPLOYEES:

Alexander Timm (CEO); Dan Manges (CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$527.5 M

DATE OF LAST FUNDING

Aug 2019

TOTAL FUNDING COMMENT

The company will use its funds to penetrate existing markets, expand into new states, and accelerate hiring plans. (Aug. 2018)

FUNDING SERIES

SERIES A  · $5 M  · Oct 2016

SERIES B  · $21.5 M  · Jun 2017

SERIES C  · $51 M  · Mar 2018

SERIES D  · $100 M  · Aug 2018

SERIES E  · $350 M  · Aug 2019

LISTED

NO

BASICS

FOUNDING YEAR:

2015

LOCATION:

United States

Views:

293 VISITORS | 562 VIEWS
LATEST FUNDING ROUND

$528 M

TOTAL EMPLOYEES
501-1000

About

Root Insurance was formerly known as Club Insurance Company. The company has been operating from the year 2015. It offers liability coverage for bodily injury & property damage; and non-liability coverage for collision, comprehensive, medical payments, personal injury protection, uninsured/underinsured motorist bodily injury, uninsured motorist property damage, rental, and roadside assistance. Recently, Root was selected for the 2019 Forbes Fintech 50 startups list.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

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