insurance last year, aiming to cross-sell these policies with auto, thus generating additional premiums without having to substantially raise marketing costs. In addition, users can customize and purchase policies, find their insurance card, make changes to their policy, and file a claim all through the Root app—creating a seamless customer experience.
We expect the IPO raise to be a success, as Root is improving its financials and the coronavirus pandemic is encouraging the use of usage-based insurance. Root's loss ratio is decreasing thanks to its growing sales and efforts to bring operations costs down through tech—akin to Lemonade's pre-IPO situation. Root For context, the industry average for private auto insurance claims stood at in Q2.
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