Industry-leading integrated insurance solution enables Carvana customers to seamlessly secure insurance for their vehicle purchase
COLUMBUS, Ohio, July 27 2022 (GLOBE NEWSWIRE) — Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company (“Root”), the leading insurtech insurer, and carvana (NYSE: CVNA), the industry pioneer of buying and selling used cars online, today announced the next evolution of the Root and Carvana partnership that brings a transparent and industry-leading online car buying experience.
The launch of Carvana Insurance built with Root offers an enhanced customer experience made possible by deep integration that pre-populates key customer information so a customer can skip data entry and go straight to quote evaluation and coverage customization. This fully integrated product experience, from quote to payment, takes place entirely within the Carvana payment process. The Carvana and Root teams worked for months to build this bold technology platform. A first iteration involved 24 screens in the customer experience flow. This experiment now involves just three simple steps.
“Adding car insurance should be as easy as any other aspect of shopping online,” said Alex Timm, co-founder and CEO of Root. “Instead of starting a lengthy application or questionnaire elsewhere, Carvana customers can now easily insure their new vehicle on the same platform they purchased it on. Together, Carvana and Root have created the experience of simplest and fastest insurance, allowing Carvana customers to buy the right vehicle and be sure to have the right cover immediately.
Carvana and Root have revolutionized online used car shopping and car insurance experiences respectively. Customers have been conditioned to expect difficulty when making these purchases, and through this partnership, the challenge and inconvenience of finding and buying insurance has been removed from the purchase process. ‘a car.
“Carvana has always been committed to simplifying and improving the process of buying and selling cars for the benefit of our customers, so meeting our customers’ insurance needs was a natural next step for us,” said Ernie. Garcia, founder and CEO of Carvana. “We are thrilled to enhance our customers’ car buying experience with this very seamless and transparent insurance experience in partnership with Root.”
Carvana Insurance Built With Root demonstrates a customer-centric, technology-driven product experience, and is available in 33 states.
About Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Insurance Company. Root is revolutionizing insurance through data science and technology to provide consumers with a personalized, simple and fair experience. The Root app has over nine million app downloads and has collected 15 billion miles of driving data to inform their insurance offerings.
Root Insurance Company is headquartered in Columbus, Ohio, with renter’s insurance available in Arkansas, Missouri, Ohio, Georgia, Kentucky, Nevada, Tennessee, and Utah, and auto insurance currently available for drivers in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada , North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia and Wisconsin. Auto insurance is underwritten by Root Property and Casualty Insurance Company in some states and also by Redpoint County Mutual Insurance Company in Texas. Carvana Insurance Built with Root is only available in states where Root carries insurance, excluding California.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy and sell cars. With a focus on customers, technology and innovation, Carvana provides an intuitive and convenient online car buying, selling and financing experience. Carvana.com makes it quick and easy for customers to purchase over 70,000 Vehicles, finance, trade or sell their current vehicle in Carvana, sign contracts and schedule delivery or pickup at one of its patented car vending machines. Carvana is a Fortune 500 company, offering next day delivery to customers in more than 300 US markets.
Root Investor Relations
Vice President, Investor Relations
Safe Harbor for forward-looking statements
This press release and any related oral statements made by representatives of Root or Carvana may contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements may relate to future operations, strategies, plans, partnerships, investments, financial results or other developments, and are subject to assumptions, risks and uncertainties. Statements such as “direction”, “expect”, “anticipate”, “strong”, “believe”, “intend”, “goal”, “objective”, “target”, “position” , “potential”, “will”, “may”, “should”, “should”, “may”, “deliver”, “accelerate”, “enable”, “estimate”, “projects”, “outlook”, ” opportunity”, “expansion”, “creation” or similar words, and specific projections of future events or results are considered forward-looking statements. Forward-looking statements, by their nature, are subject to a variety of risks. and inherent uncertainties that could cause actual results to differ materially from projected results. Many of these risks and uncertainties are beyond Root’s or Carvana’s control. Factors that may cause our decisions or actual results to differ materially of those contemplated by these forward-looking statements can be found in the form Root’s 10-K and Form 10-Qs filed with the United States Securities and Exchange Commission and Carvana’s Form 10-K and Form 10-Q filed with the United States Securities and Exchange Commission, respectively . Forward-looking statements speak only as of the date the statement was made and neither Root nor Carvana undertakes to update such forward-looking statements. There can be no assurance that other factors not currently disclosed or anticipated by Root or Carvana will not materially adversely affect the results of operations or plans of either company. Investors are cautioned not to place undue reliance on any forward-looking statements made by or on behalf of either company.