Root launches insurance services in California

InsurTech unicorn Root Insurance has launched its services into California, making its services now available to 60 per cent of the US population.

Residents of the state can register for insurance policies through the Root mobile app or through the website.

Founded in 2015, Root is an auto insurance app that provides users with better rates through its own rating algorithm. Consumers get a personalised quote based on their driving behaviour, this includes aspects like hard brakes, aggressive turns and mileage driven. Through this method, the company claims drivers can save up to 52 per cent more.

To receive a rate, the consumer simply estimates their annual mileage and submits their information.

Root CEO Alex Timm said, “Root brings unparalleled personalization and control to the auto insurance market in California.

“Through the Root app or website, customers can sign up and customize their coverage to immediately see how some coverage options can impact deductibles and limits. Root’s app makes the process easy—including filing claims.”

Last year, the InsurTech joined the unicorn club after it closed a $100m Series D round. The round, which was led by Tiger Global Management, was raised to support the launch of its services to other markets and new US states.

Copyright © 2019 FinTech Global

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