Root, Inc. (ROOT) saw its stock price soar by 13.78% during intraday trading on Wednesday, following the release of its impressive third-quarter financial results. The insurance technology company reported record levels of policies-in-force and revenue, showcasing strong growth and improved operational efficiency.

According to the company's report, Root Inc. achieved a 27% year-over-year increase in total revenue for the third quarter. Additionally, the company's net earned premium grew by 29% compared to the same period last year. These robust financial metrics have evidently boosted investor confidence, leading to the significant stock price surge.

Root Inc.'s performance was further bolstered by its expanding Partnership channel, with new writings from independent agents more than tripling year-over-year. The company also maintained a gross loss ratio of 59%, which falls below its long-term target range of 60-65%. This achievement underscores Root's effective use of technology in pricing and underwriting, potentially contributing to the positive market reaction. As Root continues to demonstrate growth and operational improvements, investors appear optimistic about the company's future prospects in the competitive insurance market.