Root’s insurance model will fundamentally change the business—as well as make better drivers out of all of us.
COLUMBUS, Ohio (PRWEB)
April 27, 2017
Root, the first insurance company founded on the principle of fundamental fairness, today announced that Cindy Powell has joined as Chief Financial Officer (CFO). A respected industry executive, Powell comes to Root following 26 years with State Auto Insurance Companies where she served in various roles including controller, treasurer and chief accounting officer, and chief audit executive. Notably, she was named State Auto’s first chief risk officer in 2012.
With diverse experience in finance, operations, compliance, and risk advisory capacities, Powell has a comprehensive understanding of the insurance industry and is known for confident leadership during complicated times. She has an established track record of enabling large-scale growth initiatives, as well as leading teams through regulatory changes, economic shifts and significant catastrophic events. During her tenure at State Auto, sales increased from $500 million to over $2 billion, and assets grew from $800 million to $4.2 million.
“Cindy is a tremendous addition to our team,” said Alex Timm, co-founder and CEO of Root. “She’s both an innovator and an industry veteran, something that’s extremely rare – and something we’ve been searching for since the inception of the company. We’re very protective of our culture here at Root, and Cindy is a fantastic addition.”
The addition of Powell will impact Root well beyond the boardroom as she has been a pillar in the central Ohio business and nonprofit communities. Over the course of her career, she served on the board of the Ohio Hospital Association (OHA) Insurance Solutions, and is currently Board President of The Jefferson Avenue Center, a nonprofit that owns and operates historic and newly developed properties for a community of nonprofits.
Powell joins Root just as the company is gearing up for expansion across the country. After launching in Ohio in late 2016, Root recently became the first insurance company to offer discounts to drivers of self-driving cars. Not letting off the gas, the company then announced a unique “Lyft on Us” program that allows Root policyholders to take free Lyft rides on certain holidays.
“I’ve navigated decades of change in insurance, and I’m certain that Root has the potential to reshape the insurance industry,” said Powell. “Root’s insurance model will fundamentally change the business—as well as make better drivers out of all of us. I’m thrilled to join this team on a mission to make auto insurance fairer and hopefully even save lives in the process.”
A life-long community advocate, she served on the…