Root Insurance sealed a collaboration deal with The Goodyear Tire & Rubber Company that will allow its auto insurance policyholders to access tire purchase and installation services.
“We are thrilled to collaborate with Goodyear to provide our customers with another benefit for using Root Insurance,” Kumi Walker, Root’s chief corporate development & strategy officer, said in prepared remarks. “This program will further elevate the Root experience.”
Root’s auto insurance policyholders will be able to take advantage of this program through Goodyear’s purchase platforms and installation network, according to the collaboration announcement.
Root’s app uses smartphone technology, telematics and data science to measure driving behavior such as braking, speed of turns, phone use while driving and mileage, and it assesses over 200 driving variables to calculate a final rate. Better drivers get better rates, and Root members typically are early adopters of new online services and are familiar with mobile purchasing programs. The deal announcement notes that Goodyear wanted to tap into this audience to learn more about changing consumer expectations.
“Goodyear continues to test and innovate ways to make it easier for consumers to buy and install tires,” Mike Dauberman, chief digital officer, Goodyear North America, said in prepared remarks. “Root’s cutting-edge business model provides a great opportunity for Goodyear to get in front of a unique, rapidly growing customer base and connect more consumers with our aligned installer network of dealers.”
Just under a year ago, Root raised a $100 million Series D financing designed to fuel a national market expansion and hiring. Investors include Tiger Global Management, Redpoint Ventures, Ribbit Capital and Scale Venture Partners.
Sources: Root, Goodyear