Root launches Root Enterprise
After we’ve reported that Root Insurance is eyeing the B2B space, the Columbus-based insurer is officially announcing Root Enterprise, its new business dedicated to “improving the way commercial companies assess and manage driving risk.”
“For insurance companies, Root Enterprise is a platform that captures and analyzes impactful data that reveals risky driving behavior, resulting in more accurate individual underwriting and risk reduction from the overall risk pool of the insurer. Using telematic data captured on drivers’ personal mobile devices, Root Enterprise can capture leading risk/cause of accidents, such as distracted driving, which older, plug-in devices cannot measure. Risk models generated from the Root Enterprise platform have proven to be 8x more predictive than other leading telematics platforms.”
In other words, Root Enterprise will enable insurers and fleets to offer its own telematics program.
“From day one, we can help insurers and fleets fundamentally change how they interact with drivers, lower business risk, and reduce outright cost and losses. The insurance experience of our team and platform gives us more in-depth understanding than any other provider on how to leverage telematics to impact product innovation. We’ve seen what our technology and data can do for individuals – more than 3 million drivers have downloaded the Root app powered by the Root Enterprise platform – and we’re committed to bringing the power of our data science to businesses, too. Our seamless data collection and unparalleled security is available to companies of all types and sizes.” – Raja Chakravorti, GM of Root Enterprise.
Bottom Line: Root is a competitor and a friend. And you better believe there’s only one winner in this relationship.