Alex Timm: November 7, 2017

DRIVING DOWN CAR INSURANCE COSTS IN PENNSYLVANIA

Leveraging Mobile Technology To Produce Fairer Rates

Alex Timm

Co-founder and CEO, Root Insurance Company

The largest insurers in Pennsylvania have increased auto insurance rates an average of 22% since 2011, with Philadelphia ranking 5th in the nation for the highest rates. What if there was a way to avoid these rate hikes? Most traditional insurers calculate rates by categorizing drivers into risk pools based only on their demographics (e.g., gender, age and credit score). Since these factors have little to do with actual driving ability, good drivers end up unfairly paying for the bad drivers in their risk pool. One InsurTech startup, which just expanded its services to Pennsylvania drivers, is taking a more modern approach to determining rates. Root Insurance uses the power of mobile technology to measure actual driving behavior in order to offer personalized rates, which means major $$ savings for good Pennsylvania drivers.

Did you know?

        Auto insurance rates have increased an average of 22% since 2011 in Pennsylvania among the largest insurers in the state.

        Last year there were 129,395 reportable crashes in Pennsylvania, which is a 1.8% increase from 2015, according to the Pennsylvania Department of Transportation.

        Philadelphia is an economically depressed area to begin with and still pays 110 percent more than the state average ($3,189 to $1,522) for car insurance per year, per a report on CarInsurance.com

On Tuesday, November 7th, Alex Timm, Co-founder and CEO of Root Insurance, is available to you and your listeners. Alex will offer insight into what’s behind Pennsylvania drivers’ high car insurance rates and how the use of telematics can drive down auto insurance costs for good drivers statewide. As the nation’s first car insurer based entirely on mobile, Root leverages modern technology and data science to measure driving activity, such as acceleration, braking, turns and mileage (among 200 driving variables), and calculate risk. Root provides custom rates based primarily on driving behavior, saving good drivers up to 52 percent on their car insurance.

 

For more information, go to: www.joinroot.com 

 

MORE ABOUT ALEX TIMM:

Alex Timm is the Co-Founder and Chief Executive Officer of Root Insurance. Prior to Root, he worked at Nationwide Insurance, most recently as Senior Strategy Consultant for the property and casualty lines of business. Alex has been in the insurance industry since he was 14, gaining experience across finance, mergers & acquisitions, pricing, and reserving. He’s a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.

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