To stand out in the insurance business, innovation and use of modern technology must be considered to have an edge in the intense car insurance market. Root Insurance answers to this challenge by using the new capabilities of a smartphone to bring a more accurate and better quote for your car insurance. By promising better rates and discounted car insurance, Root is quick to secure its own market share especially with its introduction of features that is intended to challenge the traditional method of gathering data for a quote on your car insurance as most established insurance companies do.
How does it work?
Starting with its most defining feature, Root Insurance uses your smartphone’s location tracking services while you drive your car in order to gather data it can then use to accurately measure the quote your car needs. Unlike the traditional method of filling out forms and providing your driver’s license to insurance companies, Root Insurance is using a more reliable method of creating a profile about your driving.
By undergoing a series of test drives required for the smartphone application to gather enough data, Root Insurance is capable of even influencing drivers to drive safely as safer driving during the test drives may result to lower insurance prices and more discounts for its users. With the application’s built-in score card metric, you too can analyze and see the results of your driving and see where you can improve upon and develop your driving skills to further decrease the price you will get. This type of incentivization leads to more drivers to practice safe driving which results to safer roads and traffic.
What does it cover?
Root Insurance is also not restrictive when it comes to your coverage. Their application allows you to customize your insurance coverage instantly and according to your liking. The process is also hassle-free and easy because all changes can be done with only the application required with no middle men like agents needed to close off the deal. When accidents happen, Root Insurance stays committed in keeping the process easy for the user as claims can be made easily through the application itself. Everything you need to make a claim, such as your insurance card and the processing of your claim, is all done through the application with the process taking up only five minutes.
Since Root Insurance operates in a market already full of established players and competitors, they are more than happy to incentivize their users further with their referral program. By offering actual cash they save from marketing to you when you refer a friend or relative to their application, Root Insurance not only saves a huge amount of money but also use the most important form of advertising ever, the word of mouth. To keep its users engaged and invested in the application, Root Insurance also has an achievements section in their application which aims to promote better driving attitude among their users by giving them bragging rights which they can show off to their friends.
With these features, Root Insurance is able to provide an excellent service to their customers while also contributing their part in making the roads safer for both drivers and pedestrians. These traits make Root Insurance a unique player in the insurance market which may then serve as a good example for other insurance companies to follow.