Startup insurer Root has cut 20% of its jobs in the second round of reductions it has made this year.
the Columbus-based auto insurance startup has made this year as it works to become profitable.
In January, Root eliminated 330 jobs, or about 20% of its workforce then, blaming the pandemic for spiraling costs that drove big losses for the company.Beyond head count, Root said it is reducing other expenses as well. "As we continue to transform the business with an objective to shorten the time horizon to reach profitability, we are narrowing our focus to initiatives that we believe will have a clear and immediate return," Timm said in the letter."We are utilizing our deep understanding by customer segment and geography to drive profitable new writings through our direct offering with very limited marketing.
Drivers download the Root app to their phones and drive as they normally would. The app tracks speed, rapid acceleration, hard stops, swerves and whether drivers are fussing with their phone while behind the wheel.
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