Columbus, Ohio-based insurtech company, Root Insurance, has received authorization to sell property/casualty (excluding workers’ compensation) products in Arkansas.
Root is a private passenger auto insurance company that began operations in June 2016. Root is wholly owned by IBOD Inc. and is currently licensed in 18 states. The company’s policies are reinsured by Munich Re [A.M. Best rated A+ (superior)], Maiden Re [A.M. Best rated A (excellent)], and Odyssey Re [A.M. Best rated A (excellent)].
With the addition of Root, Arkansas Insurance Commissioner Allen Kerr has approved 30 new insurers in the state in 2017.
Root utilizes telematics data, provided by consumers through its smartphone application to more accurately price insurance coverage. Customers will use the application to scan their driver’s license which Root uses to gather data, including their driving history and other demographic information. The application will turn the customer’s phone into a telematics device, gathering additional data about the customer’s driving habits by measuring driving speeds, acceleration and breaking patterns, changing lanes and other activities related to automobile accidents.
Source: Arkansas Insurance Department
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