Root Insurance Company

Root Insurance Company
Industry	Insurance
Founded	March 2015
Founders	Alex Timm; Dan Manges
Headquarters	Columbus, Ohio, United States
Area served	30 States (Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and West Virginia)
Key people	Alex Timm (CEO); Dan Manges (Chief Technology Officer); Dan Rosenthal (CFO)
Products	Car insurance, Renters insurance, Homeowners insurance
Number of employees	700 (2019)
Website	www.joinroot.com
	Footnotes / references; [1]

Root Insurance Company provides car insurance to drivers in 30 US states. Root requires drivers to download their mobile app and perform test driving for several weeks while the app monitors the driving behavior in the background. If the driver passes the driving test, they are offered a premium which is based in part on the driving score calculated during the test drive. Root advertises that they only insure good drivers in order to keep premiums lower than other insurance companies.

Root offers a discount to Tesla owners who drive using Autosteer mode, making them the first insurance company to adjust premiums based on whether the driver is operating a semi-autonomous vehicle.[2]

History

Root was founded in March 2015. In 2018, Root became the first insurance tech startup outside the health-care sector to achieve unicorn status (a privately held startup valued at over a billion dollars).[3]

On September 9, 2019, Root announced their Series E funding round of $350 million on a $3.6 billion valuation. The round was led by DST Global and Coatue Management. [4]

References

"Root Insurance Press, Bios & Media | Resources for Journalists". Root Insurance. Retrieved 2019-08-11.
Muoio, Danielle (2017-03-15). "Tesla owners are already getting insurance discounts for using Autopilot". Business Insider. Retrieved 2019-07-04.
Chernova, Yuliya (2018-08-22). "Auto-Focused Root Insurance Reaches $1 Billion Valuation". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-07-04.
Korosec, Kirsten (2019-09-09). "Root Insurance valuation hits $3.65 billion in latest round led by DST Global and Coatue". Tech Crunch. Retrieved 2019-09-11.

External links

Official website

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[1] "Root Insurance Press, Bios & Media | Resources for Journalists". Root Insurance. Retrieved 2019-08-11.

[2] Muoio, Danielle (2017-03-15). "Tesla owners are already getting insurance discounts for using Autopilot". Business Insider. Retrieved 2019-07-04.

[3] Chernova, Yuliya (2018-08-22). "Auto-Focused Root Insurance Reaches $1 Billion Valuation". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-07-04.

[4] Korosec, Kirsten (2019-09-09). "Root Insurance valuation hits $3.65 billion in latest round led by DST Global and Coatue". Tech Crunch. Retrieved 2019-09-11.