Root, Inc.
Root Inc currently provides car insurance to drivers in 32 U.S. states, homeowners insurance in 19 states, and renters insurance in 9 states. About. Root requires drivers to download their mobile app, and perform test driving for a couple of weeks. If the driver passes the driving test, they are offered a premium based on the driving score calculated during the test drive which differentiates the company from traditional car insurance. Root advocates to drop the credit score when determining how much car insurers decide to charge a customer as a way to break barriers on racial and  social inequality issues. History. Root, Inc was founded in March 2015 by Alex Timm and Dan Manges. In 2021, Dan Manges co-founder retired from CTO and remained a consultant to the company in an advisory role through December 31, 2021. In 2017, Root began offering a discount to Tesla owners who drive using Autosteer mode, making Root the first insurance company to adjust premiums based on the deciding fact of whether the vehicle being insured is operating under semi-autonomous vehicle conditions. On August 11, 2021, Root announced a partnership deal with Carvana to develop personalized auto insurance programs  for Carvana’s online car-buying platform. The deal includes a $126 million investment from Carvana with a 5% stake in Root. The plan in the collaboration is to use both company's technology to develop an embedded experience for customers at the point of purchasing a car through Carvana. On January 26, 2022, Root closed on a $300 million five-year term loan with BlackRock. The maturity of this term loan is January 27, 2027. Sponsorship. On December 14, 2020, 23XI Racing announced that Root will be one of the sponsors of the No. 23 Toyota Camry  driven by Bubba Wallace in the NASCAR Cup Series in 2021. Root had collaborated with Wallace for an advertisement during the 2020 season that highlights his involvement in racial equality movements.