Alex Timm: CEO of the Year 2019 finalist
Large for-profit finalist: Alex Timm, CEO, Root Insurance
Alex Timm co-founded Root Insurance in 2015 with a vision of completely transforming the insurance industry. His idea was that rates should be based on driving behaviors, not demographics. As CEO, he leads the company in revolutionizing an outdated industry by using mobile technology and data science to offer personalized auto insurance rates to good drivers. Potential customers download the Root app—allowing them to bypass dealing with agents in person or over the phone—and then take a test drive that’s monitored on a smartphone before choosing a recommend plan or creating their own. Claims also are handled in the app for an all-in-one experience. After a recent $350 million funding round, Root’s valuation hit $3.65 billion. The company has raised more than $523 million plus an additional $100 million in debt financing, which it is using to expand across the U.S. Before co-founding Root, Timm worked at Nationwide Insurance as a senior strategy consultant for the property and casualty lines of the business. He is a fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.