Insurance startup Root is tapping a former State Auto executive Cindy Powell as its chief financial officer.
Powell had been at State Auto Insurance Companies for 26 years, and served as its first chief risk officer beginning in 2012. She also was control, treasurer, chief accounting officer and chief audit executive at various times there.
Root co-founder and CEO Alex Timm said that Powell was a particularly good find for his company, which uses telematics and a customer’s smartphone to produce cheaper rates for the best drivers based on their current driving data.
“She’s both an innovator and an industry veteran, something that’s extremely rate – and something we’ve been search for since the inception of the company,” Timm said in prepared remarks. “We’ve very protective of our culture at Root, and [Powell] is a fantastic addition.”
Root is an Ohio-based startup that officially debuted in the U.S. market on Oct. 25 after 18 months of development. Drive Capital supplied an initial $7 million in funding for Root. Munich Re, Odyssey Re and Maiden Re are providing reinsurance and Silicon Valley Bank is backing Root’s reserves.
Root’s hiring announcement noted that Powell is joining up just as the company is gearing up for nationwide expansion.
Back in October 2016, Timm told Carrier Management that he saw Root becoming “close to national” by the end of 2017.