Root Insurance Company
Root Insurance Company is a car insurance startup founded in March 2015 and headquartered in Columbus, Ohio.[1] Root primarily bases its rates on individual driving habits during a 2-3 week “test drive.”[2] The company uses smartphone technology, artificial intelligence, and data science to track hundreds of factors including miles driven, time of day, hard braking, and ease of turning.[3] As of April 2018, insurance through Root is available in Arizona, Arkansas, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Montana, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas, and Utah.[2] The company only offers personal car insurance policies at this time.[1]
History[edit]
Root Insurance Company was founded in Columbus, Ohio in March 2015.[1] Alex Timm is the acting CEO and Dan Manges is the acting Chief Technology Officer.[1] The company publicly launched in Ohio in October 2016 after a period of limited private availability.[4] In April 2017, Cindy Powell was named Chief Financial Officer.[5]
Root is headquartered in downtown Columbus.[1] As of April 2018, the company has raised $77.5M[1] in funding, with investors including Drive Capital, Redpoint Ventures, Ribbit Capital, Scale Venture Partners and Silicon Valley Bank.[6] They are also backed by the following reinsurance companies: Munich Re, Maiden Re and Odyssey Re.[3] In March 2018, Root announced they received $51 million in Series C funding.[1]
The Root App first went public on iPhone for iOS in Oct 2016[4] and a version for Android was released in April 2017.[7]
See also[edit]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "Root Insurance – Crunchbase". Crunchbase.com. Retrieved 2018-05-31.
- ↑ 2.0 2.1 "Root Car Insurance Review: Cheap Rates for Basic Coverage". ValuePenguin. Retrieved 2018-05-31.
- ↑ 3.0 3.1 "Startup Auto Insurer Root Targets Good Drivers with Smartphones". Insurance Journal. Retrieved 2018-05-31.
- ↑ 4.0 4.1 "Business Unusual: Car Insurance Innovations for Consumers". NerdWallet. Retrieved 2018-05-31.
- ↑ "Startup auto insurer Root hires CFO from stalwart Safe Auto". Columbus Business First. Retrieved 2018-05-31.
- ↑ "Root Insurance's $51 million funding round is one of the largest raised by an Ohio tech startup". VentureBeat. Retrieved 2018-05-31.
- ↑ "Root Car Insurance Launches New Android App, Expands Fast-Growing Insurance Service". Coverager. Retrieved 2018-05-31.
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