In a time where Amazon had turned retail industry upside-down, Uber revolutionizing taxi cab industry and Netflix had changed the way OTT streaming platform used to work, the insurance industry used to run on same old ideas. Massive expenses on TV ads, high pay cheques for executive and insurance agents but nothing new to offer for customers.
Dan Manges and Alex Timm were tired of hearing that you cannot change anything about insurance during their time at office. They were unable to understand how the same old insurance ways is still tolerated by the customers. So they decided to offer something new on insurance sector, which was never done before.
Dan Manges and Alex Timm founded Root Insurance Company on March 2015 in Ohio, Columbus.
Root Insurance Company is a car insurance startup. It provides car insurance to the drivers. Not entirely a new concept but opened with tech twist. It analyzes driving along with other factors before providing you with insurance policy.
To get insurance, customers have to download the Root app on your mobile phones. Car drivers have to take test drive which usually last 2-3 weeks. The company uses Al algorithm to analyze your driving behavior and provide you with quotation of car insurance. Good driving behavior is rewarded, as company provides discount to those who drive safely.
Root Insurance, an Ohio-based car insurance startup with a tech twist, said on 2018 that it has raised $100 million in a Series D funding round led by Tiger Global Management, pushing the company’s valuation to $1 billion. Root Insurance has grown from its home market of Ohio into 20 other states in the past 2 years. The company plans to expand to all over America by the end of 2019.
Root changed the way insurance use to work. Now you can get your car insurance without contacting agents, making any phone calls and hassle free in less than a minute with Root mobile insurance.