Root Insurance parent names new president

Root Insurance parent names new president | Insurance Business America

Technology

Root Insurance parent names new president

Promoted CTO takes on new responsibilities

Technology

By
Terry Gangcuangco

Chief technology officer Matt Bonakdarpour (pictured) has been promoted to president and CTO of Root, Inc.

In a release, the parent firm of Root Insurance said: “Since joining Root in 2018, Bonakdarpour’s exceptional leadership, innovative approach, and technical expertise have been instrumental in driving the company’s advancements in pricing and automation.

“With a background in computer science and statistics, Bonakdarpour has played a pivotal role in Root’s strategy by spearheading the development and deployment of statistical machine learning methods within the company’s telematics risk scoring, pricing, marketing, and more.”

While retaining his CTO remit – which spans Root’s data science, analytics, engineering, IT, infosec, state management, marketing, and pricing actuarial teams – the new president now has a “more comprehensive role” and will guide Root’s prioritization and initiatives to drive growth and profitability.

“Matt has consistently demonstrated strong leadership and strategic thinking beyond the realm of technology,” chief executive Alex Timm said. “The addition of ‘president’ to his title is a well-deserved acknowledgment of Matt’s contributions and reflects the broader scope of his role within the company.

“I am confident that with Matt’s partnership, Root will continue to thrive as we grow and excel in our industry.”

Aside from his stint at Root, Bonakdarpour’s credentials also include time spent in high-frequency trading and statistical arbitrage.

Commenting on his promotion, the president and CTO said: “I am honored and excited to step into this role. I’m eager to work alongside Alex on our continued journey of disrupting the insurance world.”

Based in Columbus Ohio, Root was set up in 2015 and, through its app, has collected more than 25 billion miles of driving data to inform the company’s insurance offerings.

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