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.
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.
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ADP, AEP, Aer Lingus, American Airlines, Arkema, BBVA Compass, Beaumont, Cheddar's, Chiquita, Citizens Energy, etc.
Ohio Department of Insurance
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)
Dan Manges, Alex Timm
Board Members and Advisors:
Elliot Geidt, Doug Ulman
NUMBER OF EMPLOYEES:
Tiger Global Management, Drive Capital, Silicon Valley Bank, Munich RE, MAIDEN RE, OdysseyRe, Redpoint Ventures, Scale Venture Partners, and Ribbit Capital.
Alexander Timm (CEO); Dan Manges (CTO)
VALUATION / MARKET CAP:
$1 Billion in 2018
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.
Root has a license to operate in 23 states and plans to expand to the other states of the US by 2020.
In Q4, Root wrote more than $100 million in direct premiums. Also, app downloads have grown to 60% month-over-month. (Mar. 2019)
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company will use its funds to penetrate existing markets, expand into new states, and accelerate hiring plans. (Aug. 2018)