COLUMBUS, Ohio - Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance and a key player in technology-driven insurance solutions, announced the promotion of Matt Bonakdarpour to the dual role of President and Chief Technology Officer (CTO). Since his start at the company in 2018, Bonakdarpour has been pivotal in advancing Root's capabilities in pricing and automation through his leadership and expertise in data science and technology.
Bonakdarpour's tenure at Root has seen him at the forefront of incorporating statistical machine learning for telematics risk scoring and pricing, among other areas. His expanded role as President and CTO will now see him overseeing strategic and operational efforts across the company, aiming to drive profitability and growth. This move reflects his significant contributions to Root's strategy and operations.
CEO Alex Timm praised Bonakdarpour's strategic thinking and leadership, expressing confidence in his ability to continue driving the company's success. Bonakdarpour, expressing his eagerness to take on the new responsibilities, is set to work closely with Timm in Root's ongoing efforts to disrupt the insurance industry.
Root, founded in 2015, has made a name for itself by leveraging data science and technology to provide personalized and fair insurance experiences. The company's app has been downloaded nearly 13 million times and has collected over 25 billion miles of driving data, which informs their insurance models.
Prior to joining Root, Bonakdarpour's career spanned high-frequency trading and statistical arbitrage. He holds a BS in Computer Science and Mathematics from Carnegie Mellon University and a PhD in Statistics from the University of Chicago.
The promotion is based on a press release statement.
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