Members from several insurtechs, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a trade organization working to shape the future of insurance. The letter states …
Calling embedded insurance the “next secular trend in distribution,” Root Inc. CEO Alex Timm in a letter to shareholders said the company has an advantage to scale access in the channel and become profitable. Root reported a net loss of …
Root Inc. reported a third-quarter net loss of $64 million, down from a net loss of $133 million during the same quarter last year. Year-to-date losses sit at $230 million, which is down from $411 million at the end of …
At a time when auto insurers react to inflation shocks by filing rate increases at a frenetic pace, an insurtech CEO says automation of the activity is speeding his company’s actuarial rate indications onto regulators’ desks. “We had a loss …
Root, Inc. has hired Rob Bateman as its new chief financial officer, effective April 11. Bateman joins Columbus, Ohio-based Root as CFO with over two decades of broad strategic, financial and operational experience across the insurance industry, most recently as …
While he didn’t say that distribution of Root Insurance products through independent agents was off the table in 2022, the insurtech’s chief executive officer did say during a recent earnings call that the company is now laser-focused on embedded insurance. …
Pay-per-mile digital auto insurer Metromile is pursuing what it is calling a “significant” expansion of its use of independent agents to sell its insurance, and it has hired a Travelers Insurance executive to lead the effort. San Francisco-based Metromile, which …
With shares of Root Inc. trading at less than 50 percent of the late October 2020 IPO price of $27 per share, the insurtech carrier has been named in a shareholders class action complaint, Carrier Management has reported. At least …
Root Inc.’s second earnings report as a public company reveals that the digital auto insurance startup continues to lose substantial amounts of money but it is generating substantial premium and customer growth overall. The Ohio-based insurtech lost $133.3 million in …
Automobile insurance startup Root Inc. said on Tuesday it plans to raise as much as $604.1 million in its initial public offering on the Nasdaq, the latest in a line of insurers looking to tap the current boom in U.S. …
