Prepared for Nicole L. | Delivered September 12, 2019
To understand Root's expansion in the DTC insurance industry.
In January, Root
it was continuing its rapid expansion into 2019 with the goal of becoming a nationwide offering by 2020. To do so, it was increasing its employee count by
Over 2018, Root
from 10 to 22 states, grew its premiums to $100 million (an increased of 2,600% compared to 2017). As of end of Q2 2019, this has increased to
In 2018, Root
in these states: Louisiana, Montana, New Mexico, Arkansas, Delaware, Missouri, Iowa, North Dakota, Maryland, Oregon, Nebraska, South Carolina
2019 plans for Root involve
to these states: New Hampshire, Connecticut, West Virginia, North Carolina, Georgia, Alaska, Hawaii, California, Nevada, Tennessee, Virginia and Washington, D.C.
When Root hit California in May, it stated it was available to
of US drivers. As of today, Root is currently licensed in
Going backwards, Root initially
in Ohio and Arizona in October 2016. Its first
was into Oklahoma and Indiana in July 2017.
By May, Root had
workers with plans to ultimately have 863 employees.
As part of its expansion, Root
its headquarters to a new, larger facility.
In April, Root was part of a larger
with SoFi to help the company expands its portfolio to the insurance space. SoFi partnered with Lemonade, Root and Ladder to be able to offer insurance products on its platform.
Just last week, it was announced that Root has closed another round of funding for
and achieved a
$3.65 billion valuation
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