Strong momentum demonstrates positive impact insurance-specific AI delivers; addresses insurers’ critical need to reduce costs, increase productivity and provide exceptional customer experiences
NEW YORK, Jan. 28, 2025 /PRNewswire/ — Roots Automation, creator of the Agentic AI platform for insurance and InsurGPT™, the world’s first generative AI model for insurance, today announced its fourth straight year of triple-digit revenue growth with significant company and customer expansion. In 2024, the company continued to prioritize research and development of its insurance AI technology, allowing insurance companies to increase revenue by quoting business faster, decrease claims leakage by interpreting data accurately, and delight policyholders by improving person-to-person engagement.
Following are milestones Roots Automation saw in 2024:
- More than 100% revenue growth from new and existing insurance customers. Roots Automation is trusted by a notable customer list that includes three of the top five property and casualty (P&C) carriers, three of the top ten brokers, and the industry’s largest TPA. This rapid expansion builds upon an incredible 500% revenue growth in the last three years and is driven by new customer acquisition and the expansion of current customer relationships through the successful implementation of Roots Automation across claims, underwriting and premium audit.
- New funding to accelerate growth and build upon Roots’ market-leading, made-for-insurance AI. In September, Roots secured $22 million in Series B funding led by Harbert Growth Partners, with follow-on investments from MissionOG, Liberty Mutual Strategic Ventures and Vestigo Ventures. The significant demand from the insurance industry for Roots’ products drove the need for new capital to support market growth, organizational expansion, and product development for its innovative AI.
- More than 100% staff growth, further deepening Roots’ expertise in insurance-specific AI. The company more than doubled in size, heading into 2025 with a global team of 100+ employees. This includes the addition of Sunny Chen as Roots’ new CFO and Deirdre Grubbs as CMO.
- Significant insurance document data pipeline to drive high levels of accuracy. In 2024, Roots processed more than 250 million unique, non-public insurance documents enabling ‘out of the box’ support for the largest variety of insurance document types and delivering accuracy rates greater than 98% across most use cases.
“We thank our valued customers and team for enabling these achievements in 2024,” said Chaz Perera, CEO and co-founder of Roots Automation. “Given the anticipated slowdown of premium growth across most insurance products, companies will need to focus on operational improvements that enable personalized experiences that delight customers to outcompete their peers. Roots’ technology empowers them to do that. We look forward to building on our achievements and to further demonstrate the critical impact insurance-specific AI will have on transforming the way insurance companies protect their policyholders.”
About Roots Automation
Roots Automation is a leading provider of AI-powered solutions for the insurance industry. The company’s Agentic AI platform enables insurers to transform their operations with unmatched accuracy and speed. Roots Automation’s pre-trained, insurance-specific AI, InsurGPT™, delivers rapid time-to-value, measured in weeks, not months. Used by three of the top five P&C carriers and three of the top ten brokers, Roots Automation enables brands to liberate their teams from complex workflows, allowing them to focus on what truly matters – delighting customers with superior service and care. For more information, visit www.rootsautomation.com.
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SOURCE Roots Automation Inc