Root Insurance is now available in Minnesota, offering personalized auto insurance based on driving behaviors through its mobile app.
Quiver AI Summary
Root, Inc., a technology-driven insurance company, has launched its auto insurance services in Minnesota, expanding its coverage to a total of 35 states and over 4 million drivers. Founded on the principle of basing insurance rates on driving behavior rather than demographics, Root leverages advanced mobile technology and data science for a personalized and fair insurance experience. Drivers in Minnesota can sign up quickly via the Root app, where they complete a test drive to assess their driving habits, which directly influences their insurance rates. CEO Alex Timm emphasized the convenience and affordability of Root’s offerings, which cater specifically to safe drivers. Root continues to partner with both tech-focused companies and independent agents to enhance accessibility to its services.
Potential Positives
- Root Insurance now available in Minnesota, expanding its service to 35 states and reaching over 4 million registered drivers in the state.
- Coverage now represents over 77% of the U.S. population, enhancing market presence and potential customer base.
- The launch emphasizes Root's unique approach to insurance pricing based on driving behavior, potentially attracting consumers looking for fair and personalized insurance options.
- Root’s app has over 14 million downloads and provides significant engagement opportunities, showcasing tech-driven convenience in insurance services.
Potential Negatives
- While Root is expanding to Minnesota, potential customers may be concerned about the company's relatively short history since its founding in 2015, which raises questions about its long-term stability and track record in the insurance industry.
- The press release does not provide any details on the financial health of Root, which may leave investors and stakeholders wondering about the sustainability of the company's growth and profitability.
FAQ
What is Root Insurance and where is it available?
Root Insurance is a technology-driven auto insurance provider now available in Minnesota and 34 other states.
How does Root Insurance determine car insurance rates?
Root's rates are primarily based on driving behaviors rather than demographics, using smartphone technology to assess safe driving.
Can Minnesotans sign up for Root Insurance easily?
Yes, Minnesotans can sign up for Root Insurance in under a minute through the Root mobile app or website.
What are the benefits of using the Root app?
The Root app allows drivers to measure their safe driving habits and potentially save on insurance costs through personalized pricing.
How has Root Insurance performed in terms of user engagement?
The Root app has over 14 million downloads and has analyzed more than 29 billion miles of driving data.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ROOT Insider Trading Activity
$ROOT insiders have traded $ROOT stock on the open market 33 times in the past 6 months. Of those trades, 0 have been purchases and 33 have been sales.
Here’s a breakdown of recent trading of $ROOT stock by insiders over the last 6 months:
- JONATHAN ALLISON (Chief Administrative Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 9,500 shares.
- JULIE SZUDAREK sold 2,000 shares.
- MEYER MALKA has traded it 30 times. They made 0 purchases and 30 sales, selling 446,220 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ROOT Hedge Fund Activity
We have seen 63 institutional investors add shares of $ROOT stock to their portfolio, and 60 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SVB FINANCIAL GROUP removed 783,012 shares (-100.0%) from their portfolio in Q3 2024
- DRIEHAUS CAPITAL MANAGEMENT LLC removed 177,378 shares (-100.0%) from their portfolio in Q3 2024
- GMT CAPITAL CORP added 149,316 shares (+inf%) to their portfolio in Q3 2024
- MORGAN STANLEY removed 140,400 shares (-40.4%) from their portfolio in Q3 2024
- D. E. SHAW & CO., INC. removed 135,579 shares (-32.9%) from their portfolio in Q3 2024
- MARSHALL WACE, LLP added 93,699 shares (+47.3%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 92,594 shares (+92.4%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
COLUMBUS, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), a leading technology company powering insurance solutions and the parent company of Root Property & Casualty Insurance Company, has announced the availability of Root Insurance in Minnesota. The insurer now serves drivers in
35 states
, extending its innovative approach to auto insurance to over 4 million registered drivers in Minnesota and covering more than 77% of the U.S. population.
Root was founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics. By leveraging advanced, mobile-first technology and data science, Root delivers a personalized, seamless, and fair insurance experience to drivers. Root uses smartphone technology to measure safe driving habits, placing driving behavior at the forefront of its pricing models. By making driving performance the top factor in determining rates, Root empowers safe drivers to save more.
“We’re excited to bring an easy, technology-driven, car insurance option to Minnesota, offering drivers a new option for fair, affordable prices that reflect their individual driving habits,” said Alex Timm, Co-Founder and CEO of Root. “Minnesotans now have access to a smarter, more convenient insurance experience based on how they drive.”
Minnesotans can now access Root’s innovative, customer-focused insurance through the Root mobile app or at
joinroot.com
, with the ability to sign up in under a minute. Drivers then complete a test drive over a few weeks, during which the app measures habits like focused driving, smooth braking, and gentle turning. Safe drivers could see significant savings with the flexibility to choose coverage levels and manage claims, all through the app.
Root partners with tech-forward companies as well as independent insurance agents, offering Minnesotans multiple convenient ways to access its services.
About Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Property & Casualty Insurance Company and Root Insurance Company. Root is revolutionizing insurance through data science and technology to provide consumers a personalized, easy, and fair experience. The Root app has more than 14 million app downloads and has collected more than 29 billion miles of driving data to inform their insurance offerings.
For more information about Root, visit
root.com
. Download the Root app today from the Apple App Store or Google Play. To see where Root is available, explore our state-by-state guide on the
website.
Root is headquartered in Columbus, Ohio, and offers auto insurance to drivers in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin. Root Insurance also offers renters insurance in Arkansas, Georgia, Kentucky, Missouri, Nevada, New Mexico, Ohio, Tennessee, and Utah. Minnesota auto insurance is underwritten by Root Property & Casualty Insurance Company.
Contacts:
Media:
press@root.com
Investor Relations:
ir@root.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
