Root Insurance

Root Insurance

Digital auto insurance for good drivers

About Root Insurance

Simplify's Rating
Why Root Insurance is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Fintech

Financial Services

Company Size

1,001-5,000

Company Stage

IPO

Headquarters

Columbus, Ohio

Founded

2015

Overview

Root Insurance provides auto insurance primarily for good drivers, utilizing technology to create a straightforward and efficient insurance experience. The company gathers telematics data from customers' smartphones to assess driving behavior and determine personalized insurance rates. By operating on a direct-to-consumer model, Root eliminates the need for traditional insurance agents, which helps reduce costs and allows them to offer competitive pricing. This focus on fair pricing and customer service has led to high customer satisfaction ratings. Root's use of technology to streamline the insurance process and tailor rates to individual drivers distinguishes it from traditional insurance companies, with the goal of making insurance more accessible and affordable for responsible drivers.

Simplify Jobs

Simplify's Take

What believers are saying

  • Expansion to Minnesota opens access to over 4 million potential customers.
  • Partnership with Hippo's First Connect could improve quote and bind process efficiency.
  • Investment by Raymond James & Associates shows confidence in Root's growth potential.

What critics are saying

  • $975K settlement for data breach may affect customer trust and increase security costs.
  • Expansion to Minnesota could strain resources if not managed effectively.
  • Partnership with Hippo's First Connect may face integration challenges and service disruptions.

What makes Root Insurance unique

  • Root uses telematics data to offer personalized insurance rates for good drivers.
  • The direct-to-consumer model reduces costs by eliminating traditional insurance agents.
  • Root's digital-first approach streamlines the insurance process, enhancing customer experience.

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Funding

Total Funding

$1686.6M

Above

Industry Average

Funded Over

10 Rounds

Post IPO Equity funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Equity Funding Comparison
Coming Soon

Benefits

Flexible Work Hours

Remote Work Options

Health Insurance

401(k) Retirement Plan

Paid Sick Leave

Paid Holidays

Stock Price

Growth & Insights and Company News

Headcount

6 month growth

↑ 0%

1 year growth

↑ 0%

2 year growth

↓ -3%
Paddock Eye
Apr 3rd, 2025
Root Insurance To Serve As Primary Sponsor To Armstrong At Long Beach

Armstrong is no stranger to Root Insurance having been with the organization while competing with Chip Ganassi Racing.

Utica Phoenix
Mar 20th, 2025
AG James Wins $975K Settlement from Root Insurance for Data Breach

AG James wins $975K settlement from Root Insurance for data breach.

The Manila Times
Jan 13th, 2025
Root Insurance to Host Current and Future Partners at National Automobile Dealers Association Show in New Orleans

COLUMBUS, Ohio, Jan. 13, 2025 (GLOBE NEWSWIRE) - Root, Inc. (NASDAQ: ROOT), a leading technology company powering insurance solutions and the parent company of Root Insurance Company, is excited to announce its presence at the National Automobile Dealers Association (NADA) Show in New Orleans, Louisiana, from January 23 to January 26, 2025.

Stock Titan
Dec 17th, 2024
Root Insurance Expands to Minnesota, Offering Personalized, Driver-Based Rates

Root Insurance (NASDAQ: ROOT) has expanded its operations to Minnesota, making its technology-driven auto insurance services available to over 4 million registered drivers in the state.

Insurance Journal
Sep 5th, 2024
Hippo's First Connect Partners With Root Insurance on Quote and Bind Process

Hippo's First Connect partners with Root Insurance on quote and bind process.

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