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Root Insurance
Car insurance platform
- 501-1000 employees
- B2C
- Cars
- Insurance
- SaaS
- Downtown, Columbus, OH
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Company mission
To simplify car insurance by providing coverage based on how you drive, not who you are.
-19% employee growth in 12 months
Our take
Car insurance providers have traditionally found it challenging to determine what makes a driver safe. Sometimes arbitrary data goes into calculating the premiums that drivers must pay, and prices are set by demographics and generalizations. People can be penalized for all kinds of things that are unrelated to driving, including low credit scores. 93% of drivers who are aware of this think the industry needs to remove bias from its pricing policies.
Root Insurance is changing that by offering personalized rates based on a driver’s actual driving skill. Would-be customers can download the company’s app and do “test drives” over a couple of weeks that give the company data about how safely they drive. The insurance quote is based on this and can save drivers up to 50% on their insurance.
The company’s reduced prices and use of AI to better calculate risk means it can offer much better prices to many customers without taking on high-risk drivers. It's able to make informed decisions, giving itself a boost over other insurance providers and offering a more attractive price point.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Work from home opportunities
Company values
- Be curious and push boundaries
- Be courageous and build trust
- Be focused and deliver impact
Funding (last 2 of 6 rounds)
Aug 2019
$350m
SERIES E
Aug 2018
$100m
SERIES D
Total funding: $534.5m
This company has top investors
Leadership
Alex Timm
(CEO)They started their career at Nationwide Insurance, where they spent almost 4 years before co-founding Root in March 2015. They have been CEO since, alongside becoming a Board Member at GoHealth in January 2020.