Days after it announced it had to lay off 330 employees due to worsening loss costs, auto insurer Root Insurance has finalized a $300 million term loan from BlackRock Financial Management. The five-year loan will carry an interest rate of …
Technology company Root Inc., the Columbus, Ohio-based parent company of Root Insurance, announced yesterday that it has laid off approximately 330 team members throughout its business. Co-Founder and CEO Alex Timm in an emailed statement cited pandemic losses as factoring …
Root Insurance pledged to eliminate the use of credit scoring from its car insurance pricing model by 2025, a move the insurtech said will help remove bias and discrimination from the process. “Eliminating credit scores is a major and necessary …
Columbus, Ohio-based auto insurer Root Insurance, which incorporates individual driver behavior data from mobile phone apps in every quote, announced the closing of a $51-million Series C funding round. Investors were led by Redpoint Ventures, with Scale Venture Partners and …
Root officially debuted in the U.S. market on October 25. The fledgling auto insurer, just 18 months old, relies on telematics and a customer’s smartphone to deliver what it says will be significantly cheaper rates for the best drivers based …
