Root Insurance Expands to Minnesota, Offering Personalized, Driver-Based Rates
Root Insurance (NASDAQ: ROOT) has expanded its operations to Minnesota, making its technology-driven auto insurance services available to over 4 million registered drivers in the state. This expansion marks Root's presence in 35 states, covering more than 77% of the U.S. population.
The company's innovative approach uses smartphone technology to measure driving behaviors, making these the primary factor in determining insurance rates rather than traditional demographics. Through the Root mobile app, Minnesota drivers can sign up in under a minute and complete a test drive period where the app evaluates habits like focused driving, smooth braking, and gentle turning.
Root offers multiple access points for its services, partnering with tech-forward companies and independent insurance agents to serve Minnesota customers.
Root Insurance (NASDAQ: ROOT) ha ampliato le proprie operazioni in Minnesota, rendendo disponibili i suoi servizi di assicurazione auto basati sulla tecnologia a oltre 4 milioni di conducenti registrati nello stato. Questa espansione segna la presenza di Root in 35 stati, coprendo oltre il 77% della popolazione degli Stati Uniti.
L'approccio innovativo dell'azienda utilizza la tecnologia degli smartphone per misurare i comportamenti di guida, facendo di questi il fattore principale nella determinazione dei tassi assicurativi, piuttosto che i tradizionali dati demografici. Attraverso l'app mobile di Root, i conducenti del Minnesota possono iscriversi in meno di un minuto e completare un periodo di prova in cui l'app valuta abitudini come la guida concentrata, la frenata morbida e le curve delicate.
Root offre molteplici punti di accesso ai propri servizi, collaborando con aziende tecnologicamente avanzate e agenti assicurativi indipendenti per servire i clienti del Minnesota.
Root Insurance (NASDAQ: ROOT) ha ampliado sus operaciones en Minnesota, haciendo que sus servicios de seguros de automóvil impulsados por la tecnología estén disponibles para más de 4 millones de conductores registrados en el estado. Esta expansión marca la presencia de Root en 35 estados, cubriendo más del 77% de la población de EE. UU.
El enfoque innovador de la empresa utiliza tecnología de teléfonos inteligentes para medir los comportamientos de conducción, convirtiendo estos en el factor principal para determinar las tarifas de seguros en lugar de los datos demográficos tradicionales. A través de la aplicación móvil de Root, los conductores de Minnesota pueden registrarse en menos de un minuto y completar un período de prueba en el que la aplicación evalúa hábitos como la conducción atenta, el frenado suave y el giro gentil.
Root ofrece múltiples puntos de acceso a sus servicios, colaborando con empresas de tecnología avanzada y agentes de seguros independientes para atender a los clientes de Minnesota.
Root Insurance (NASDAQ: ROOT)는 미네소타에서 사업을 확장하여 4백만 명 이상의 등록된 운전자가 기술 기반 자동차 보험 서비스를 이용할 수 있게 되었습니다. 이번 확장은 Root의 35개 주 진출을 의미하며, 이는 미국 인구의 77% 이상을 커버합니다.
회사의 혁신적인 접근 방식은 스마트폰 기술을 이용해 운전 행동을 측정하며, 이를 전통적인 인구 통계보다 보험료 결정의 주요 요소로 삼고 있습니다. Root 모바일 앱을 통해 미네소타 운전자는 1분도 채 되지 않아 가입할 수 있으며, 앱이 집중 운전, 부드러운 제동, 부드러운 회전 같은 습관을 평가하는 테스트 드라이브 기간을 완료할 수 있습니다.
Root는 기술 중심의 기업 및 독립 보험 대리인과 협력하여 미네소타 고객에게 여러 접근 포인트를 제공합니다.
Root Insurance (NASDAQ: ROOT) a élargi ses opérations au Minnesota, rendant ses services d'assurance automobile axés sur la technologie accessibles à plus de 4 millions de conducteurs enregistrés dans l'État. Cette expansion marque la présence de Root dans 35 États, couvrant plus de 77 % de la population américaine.
L'approche innovante de l'entreprise utilise la technologie des smartphones pour mesurer les comportements de conduite, en faisant le principal facteur dans la détermination des tarifs d'assurance, plutôt que les données démographiques traditionnelles. Grâce à l'application mobile Root, les conducteurs du Minnesota peuvent s'inscrire en moins d'une minute et compléter une période d'essai où l'application évalue des habitudes telles que la conduite attentive, le freinage en douceur et les virages délicats.
Root propose plusieurs points d'accès à ses services, en s'associant à des entreprises tournées vers la technologie et à des agents d'assurance indépendants pour servir les clients du Minnesota.
Root Insurance (NASDAQ: ROOT) hat seine Aktivitäten in Minnesota ausgeweitet und bietet seine technologiegestützten Kfz-Versicherungsdienste über 4 Millionen registrierten Fahrern im Bundesstaat an. Diese Expansion markiert Roots Präsenz in 35 Bundesstaaten und deckt mehr als 77% der US-Bevölkerung ab.
Der innovative Ansatz des Unternehmens nutzt Smartphontechnologie, um Fahrverhalten zu messen, wodurch diese zum Hauptfaktor für die Bestimmung der Versicherungsprämien werden, anstatt auf traditionellen demografischen Daten zu basieren. Über die Root-Mobile-App können die Fahrer in Minnesota in weniger als einer Minute anmelden und eine Testfahrt absolvieren, bei der die App Gewohnheiten wie konzentriertes Fahren, sanftes Bremsen und sanftes Lenken bewertet.
Root bietet verschiedene Zugangsoptionen für seine Dienste, indem es mit technologieorientierten Unternehmen und unabhängigen Versicherungsagenten zusammenarbeitet, um die Kunden in Minnesota zu betreuen.
- Expansion to 35th state, reaching 77% of U.S. population coverage
- Market expansion adding potential customer base of 4+ million Minnesota drivers
- None.
Insights
The Minnesota expansion marks a strategic move for Root Insurance, increasing its addressable market by 4 million potential customers and reaching 77% of the U.S. population. This growth trajectory is particularly significant given Minnesota's competitive auto insurance landscape, where the average premium is higher than the national average. The company's technology-driven approach, focusing on behavioral pricing, positions it well to capture market share from traditional insurers.
The expansion aligns with ROOT's growth strategy but faces challenges in customer acquisition costs and the need to maintain loss ratios. While the telematics-based model could attract safer drivers and potentially improve underwriting results, the success will largely depend on adoption rates and the ability to convert test drives into policies.
Fast, fair, affordable auto insurance now available to more than 4 million Minnesotans
COLUMBUS, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), a leading technology company powering insurance solutions and the parent company of Root Property & Casualty Insurance Company, has announced the availability of Root Insurance in Minnesota. The insurer now serves drivers in 35 states, extending its innovative approach to auto insurance to over 4 million registered drivers in Minnesota and covering more than
Root was founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics. By leveraging advanced, mobile-first technology and data science, Root delivers a personalized, seamless, and fair insurance experience to drivers. Root uses smartphone technology to measure safe driving habits, placing driving behavior at the forefront of its pricing models. By making driving performance the top factor in determining rates, Root empowers safe drivers to save more.
“We’re excited to bring an easy, technology-driven, car insurance option to Minnesota, offering drivers a new option for fair, affordable prices that reflect their individual driving habits,” said Alex Timm, Co-Founder and CEO of Root. “Minnesotans now have access to a smarter, more convenient insurance experience based on how they drive.”
Minnesotans can now access Root’s innovative, customer-focused insurance through the Root mobile app or at joinroot.com, with the ability to sign up in under a minute. Drivers then complete a test drive over a few weeks, during which the app measures habits like focused driving, smooth braking, and gentle turning. Safe drivers could see significant savings with the flexibility to choose coverage levels and manage claims, all through the app.
Root partners with tech-forward companies as well as independent insurance agents, offering Minnesotans multiple convenient ways to access its services.
About Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Property & Casualty Insurance Company and Root Insurance Company. Root is revolutionizing insurance through data science and technology to provide consumers a personalized, easy, and fair experience. The Root app has more than 14 million app downloads and has collected more than 29 billion miles of driving data to inform their insurance offerings.
For more information about Root, visit root.com. Download the Root app today from the Apple App Store or Google Play. To see where Root is available, explore our state-by-state guide on the website.
Root is headquartered in Columbus, Ohio, and offers auto insurance to drivers in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin. Root Insurance also offers renters insurance in Arkansas, Georgia, Kentucky, Missouri, Nevada, New Mexico, Ohio, Tennessee, and Utah. Minnesota auto insurance is underwritten by Root Property & Casualty Insurance Company.
Contacts:
Media:
press@root.com
Investor Relations:
ir@root.com
FAQ
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