2017-03-01 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2016》。
LETTER TO SHAREHOLDERS 致股东的信函
Each year our CEO chooses a theme surrounding the annual report and then selects art that reflects and complements that theme. When it was time for me to determine the theme for 2016, it was not difficult. I quickly landed on tran·si·tion: the process or a period of changing from one state or condition to another; a movement, development, or evolution from one form, stage, or style to another.
每年，我们的首席执行官都会围绕年度报告选择一个主题，并挑选能够反映和衬托该主题的艺术作品。当我需要确定 2016 年的主题时，这并不困难。我很快就确定了“转型”：从一种状态或情况转变为另一种状态或情况的过程或时期；从一种形式、阶段或风格向另一种的转变、发展或演变。
In some companies, one might have chosen a theme like “reinvent” with the expectation that a new CEO starts with a blank slate for both strategy and talent. That was not the case for me. To use a runner’s analogy, Glenn smoothly handed the baton to me after sprinting with it for sixteen years. This transition was not about a “movement” and much more about our “evolution” as a company and my being able to use my leadership “style” to grab that baton and achieve the objectives that we collectively set as a team.
在一些公司，人们可能会选择“重塑”这样的主题，期望新任首席执行官在战略和人才方面从零开始。但对我而言并非如此。用跑步者的比喻来说，格伦在持棒冲刺了十六年后，顺利地将接力棒交给了我。这次交接并非一次“变革”，而更多是我们公司的一次“演进”，以及我能够运用自己的领导“风格”，接过接力棒，实现我们作为团队共同设定的目标。
Our strategy around the Destination Era and the leadership team that I am privileged to lead going forward are incredibly strong. The way this transition was approached reflects our joint commitment to transparency around our business model and goals as well as the importance of continuity, the theme of the last annual report.
我们围绕“目的地时代”的战略以及我有幸领导的管理团队都非常强大。这次转型的方式体现了我们共同致力于业务模式和目标的透明度，以及延续性的重要性，这也是上一份年度报告的主题。
RESULTS OVERVIEW
业绩概览
There are two topics that are discussed during almost every meeting at Progressive, our financial goal of making at least four cents of underwriting profit on every dollar earned while growing as fast as we can and our Core Values. In 2016, the majority of our product lines met or exceeded this goal and the year ended with a 95.1 combined ratio at net premiums written growth of 14%. Our employee culture survey results improved in every single category versus the prior year. Having that balance of solid business results and a great place to work makes for a winning formula.
在 Progressive 的几乎每次会议上都会讨论两个话题：一是我们的财务目标，即在实现尽可能快速增长的同时，每赚取一美元至少获得四美分的承保利润；二是我们的核心价值观。2016 年，我们大部分产品线达到或超过了这一目标，全年综合比率为 95.1，净保费收入增长了 14%。我们的员工文化调查结果在每个类别上都较前一年有所改善。稳健的业务表现与良好的工作环境相结合，构成了成功的秘诀。
Having just commemorated reaching $20 billion in premiums written at the end of 2015, adding an additional $2.8 billion in 2016 is also something to be celebrated. We reward the success of Progressive, for both employees and shareholders, through a variable performance measure we call Gainshare. Our Gainshare score (on a possible scale between 0 and 2) was a 1.67 for 2016. This is the highest score we have seen since 2004. We declared a variable dividend of 68 cents per share, based on our publicly communicated formula that includes the Gainshare score.
在刚刚庆祝了 2015 年底保费收入达到 200 亿美元之后，2016 年又增加了 28 亿美元，这同样值得庆贺。我们通过一种名为 Gainshare 的可变绩效指标，奖励 Progressive 公司员工和股东的成功表现。2016 年，我们的 Gainshare 得分（范围在 0 到 2 之间）为 1.67，这是自 2004 年以来的最高分。根据我们公开公布的公式（其中包括 Gainshare 得分），我们宣布派发每股 68 美分的浮动股息。
奖励股东，不是很好理解的逻辑。
Another area of note in 2016 was our retention performance. Though we have reached higher retention levels intra-year, 2016 marks the best year-end personal auto retention in our history. Our retention, as measured by our trailing 12-month policy life expectancy, was up 5% and maintained strength even with the headwind of rising loss costs and resulting rate increases. Despite the danger in conflating the causes of our retention gains, I feel comfortable reporting that our retention engine is firing on all cylinders. We continue to grow new policy applications and we’re seeing a shift to higher retaining consumer segments. Through our Destination Era initiatives, these customers are bundling more often. But even within these consumer segments, we are extending relationships with our customers. For example, our Robinsons segment (think bundled auto and home customers) has seen retention gains that now top 10%, which are a result of both more competitive prices relative to competitors and experience improvements. We are applying the same obsession to leveraging our use of customer data as we have with our pricing data. We believe this will result in further retention growth.
2016 年另一个值得关注的领域是我们的客户留存表现。尽管我们在年内曾达到过更高的留存水平，但 2016 年标志着我们历史上年终个人汽车保险留存率的最佳表现。以过去 12 个月的保单预期寿命衡量，我们的留存率提高了 5%，即使在损失成本上升和随之而来的费率上涨的不利环境下，仍保持了强劲表现。尽管将留存率提升的原因混为一谈存在风险，但我可以放心地报告，我们的留存机制正全面高效运转。我们继续增加新保单申请量，并且看到消费者群体向留存率更高的细分市场转移。通过我们的“目的地时代”计划，这些客户更频繁地选择捆绑购买。但即使在这些消费者群体内部，我们也在延长与客户的关系。例如，我们的 Robinsons 细分市场（即同时购买汽车和房屋保险的客户）留存率提升已超过 10%，这得益于相较竞争对手更具竞争力的价格以及客户体验的改善。我们正以与定价数据同样的专注程度，致力于更好地利用客户数据。我们相信，这将进一步推动留存率的增长。
Robinsons在后面几年的报告中提及的不多，房屋保险可能不是Progressive擅长的业务。
We are also at an all-time high relative to our goal of having more and more customers stay with us a decade or longer with an increase of nearly 10% in 2016. While price actions may cause wider shopping in the industry in 2017, we look forward to rising above this retention challenge.
相较于我们让越来越多客户与我们保持十年或更长时间的目标，我们也达到了历史最高水平，2016 年增长了近 10%。尽管价格调整可能导致 2017 年行业内更广泛的比价行为，我们期待克服这一客户留存挑战。
We are extraordinarily proud of our operating results especially given the high volume of catastrophes in 2016 and the higher costs associated with bringing on so much new business. That said, we try not to talk in terms of excluding catastrophes because they are what they are and the important part is how we react. When we found ourselves slightly over our publicly stated profit goal, the entire company made adjustments to get us back on track. That’s one of many situations where our Core Values come into play - the desire to win, but doing so in the right way.
我们对自身的经营业绩感到非常自豪，尤其是在 2016 年灾害频发以及大量新业务带来更高成本的情况下。尽管如此，我们尽量不去谈论排除灾害因素的情况，因为灾害本身就是现实，更重要的是我们如何应对。当我们发现自己略微超出公开声明的利润目标时，全公司都做出了调整，使我们重回正轨。这正是我们核心价值观发挥作用的众多情形之一——渴望胜利，但要以正确的方式实现。
On the Investments side we produced a 4% total return on our $23.5 billion portfolio, which added about $515 million to our after-tax comprehensive income in 2016. Our investment results more than doubled last year’s total return, helped by a strong late year rally in equities and our short duration in fixed-income as rates rose. Most importantly, we achieved these returns while protecting our ability to write all the profitable insurance we can.
在投资方面，我们 235 亿美元的投资组合实现了 4%的总回报，为 2016 年的税后综合收益增加了约 5.15 亿美元。我们的投资业绩是去年总回报的两倍多，这得益于年底股票市场的强劲上涨，以及利率上升时我们在固定收益投资中的短久期策略。最重要的是，我们在实现这些回报的同时，保护了我们承保所有盈利保险业务的能力。
While the economic and political environments were volatile and, as always, not exactly as we expected at the start of the year, it did provide us with some opportunities. We were well positioned to take advantage of opportunities in non-Treasury sectors early in the year when valuations were attractive, and later in the year to extend our fixed-income duration at higher rates. We are committed to maintaining our disciplined investment strategy and will only accept risks for which we feel we are being adequately compensated.
尽管经济和政治环境波动不定，并且一如既往地与我们年初的预期有所不同，但这也为我们提供了一些机会。年初，当非国债领域的估值具有吸引力时，我们已做好充分准备抓住这些机会；而在年末，我们则利用更高的利率延长了固定收益投资的久期。我们致力于保持严格的投资策略，只接受那些我们认为能获得充分回报的风险。
During the third quarter of 2016, we added to our capital base by issuing $500 million of ten-year senior notes with a coupon of 2.45%. This added capital will support our future growth and allow us to maintain capital flexibility. Our debt-to-total capital ratio ended the year at 28.3%, which is well below our guideline to not exceed 30% for any significant period of time.
在 2016 年第三季度，我们通过发行 5 亿美元、票面利率为 2.45%的十年期优先债券增加了资本基础。这笔新增资本将支持我们未来的增长，并使我们能够保持资本灵活性。截至年底，我们的债务占总资本的比率为 28.3%，远低于我们设定的在任何较长时期内不超过 30%的标准。
格式化的报告，以及格式化的做法最大的弊病是不知道在做什么。
Headed into 2017, we’re bullish on what we can accomplish based on having the right talent, infrastructure, and momentum in place to hit the ground running.
迈入 2017 年，我们对未来的成就充满信心，因为我们已具备合适的人才、基础设施和良好的发展势头，能够迅速展开行动。
A CLOSER LOOK
近距离观察
The most impressive part of 2016 was the much awaited growth in our Agency channel. Having over 35,000 independent agents wanting to sell our products is a meaningful way to be able to reach and serve consumers from all of our segments and we don’t take those relationships lightly. We grew Agency auto policies in force by an impressive 7%. One highlight this year, working collectively with the product groups from both Progressive and ASI, was our ability to have the data to understand the competitiveness, state-by-state and segment-by-segment, in our Robinsons cohort. We are confident that we have a firm grasp on when we are and are not competitive in either the auto or home market and, more importantly, have plans to address any issues through future product development and underwriting actions. We know what we need to do in order to increase our penetration with the auto and home bundled customers (aka the Robinsons), our biggest opportunity.
2016 年最令人印象深刻的是我们代理渠道期待已久的增长。超过 35,000 名独立代理人希望销售我们的产品，这为我们触及并服务所有细分市场的消费者提供了重要途径，我们非常重视这些合作关系。我们的代理汽车保单有效数量实现了令人瞩目的 7%增长。今年的一个亮点是，我们与 Progressive 和 ASI 的产品团队共同合作，能够获得数据，逐州逐细分市场地了解我们在 Robinsons 客户群中的竞争力。我们确信，我们已清楚掌握了在汽车或房屋市场中何时具有竞争力、何时不具竞争力，更重要的是，我们已制定计划，通过未来的产品开发和承保措施解决任何问题。我们清楚地知道，为了提高我们在汽车和房屋捆绑客户（即 Robinsons 客户群）中的渗透率，我们需要做些什么，这是我们最大的机遇。
After a slower than desired start with our Platinum offering, growth in the Agency channel has really started to gain momentum as we are seeing policies in force growth for the Robinsons through the Platinum program in the +50% range. We are working en masse with ASI to make sure that we leverage what we both bring to the table--for Progressive a known brand and for ASI a preferred property product. Those attributes, together with great service on both sides, we believe are a winning combination.
尽管我们的铂金产品起步比预期缓慢，但代理渠道的增长势头现已明显加快，通过铂金计划，我们看到 Robinsons 的有效保单增长率达到 50%以上。我们正与 ASI 密切合作，确保充分发挥双方优势——Progressive 拥有知名品牌，而 ASI 拥有优质的房产产品。我们相信，这些优势加上双方卓越的服务，将是一个成功的组合。
On the Direct side, we continue to be pleased with our growth in auto policies in force up 9%. We set record sales each month through August. Sales growth in the first half of 2016 was in the high teens. In the second half of 2016, sales growth declined substantially due to our decision to reduce advertising spend in the last third of the year to ensure that we achieved our stated profit goal of an aggregate calendar year combined ratio of 96. In total, we ended the year at a very respectable 9% overall sales growth.
在直销业务方面，我们对汽车保单数量增长 9%的表现持续感到满意。截至 8 月，我们每个月的销售额均创下新高。2016 年上半年销售增长率达到十几个百分点。2016 年下半年，由于我们决定在全年最后三分之一的时间内减少广告支出，以确保实现我们设定的全年综合比率为 96 的盈利目标，销售增长明显放缓。总体而言，我们全年实现了非常可观的 9%的整体销售增长。
Within our in-house agency, known as Progressive Advantage Agency, we took the year to invest in talent and technology and test enhancements to our post acquisition customer experience. In addition, we continue to round out the options of what we have to offer customers in the agency including auto, motorcycle, recreational vehicles, boat, and umbrella as well as our Property offerings (home, condominium, and rental). We have been able to increase our Robinsons sales alone, through the agency, by close to 100%.
在我们名为 Progressive Advantage Agency 的内部代理机构中，我们在这一年投入了人才和技术，并测试了客户获取后的体验提升。此外，我们继续丰富代理机构为客户提供的产品选择，包括汽车、摩托车、休闲车辆、船只和伞式保险，以及我们的财产保险产品（住宅、公寓和租赁）。仅通过该代理机构，我们 Robinsons 的销售额就增长了近 100%。
We will continue to invest in our in-house agency in 2017, in order to be available for both our customers who want additional protection and consumers who decide to become policyholders. Our aspiration is to be available when, how, and where they wish to shop with an easy process.
2017 年，我们将继续投资于内部代理机构，以便为希望获得额外保障的现有客户以及决定成为保单持有人的消费者提供服务。我们的目标是通过简单便捷的流程，在客户希望的时间、方式和地点提供服务。
Our Commercial Lines business has outperformed the commercial auto insurance industry by a wide margin on profitability in recent years, and is currently holding the #1 market share position. Mid-year, we saw a material spike in accident frequency and took swift actions to slow growth and took additional rate while addressing high frequency segments. While the rate actions will take some time to earn in due to the fact that the majority of these polices are annual, we feel positive where we are positioned going into 2017.
我们的商业保险业务近年来在盈利能力方面远超商业汽车保险行业，目前市场份额排名第一。年中时，我们发现事故频率显著上升，迅速采取措施放缓增长，并针对高频事故细分市场实施了额外费率调整。由于这些保单大多为年度保单，费率调整需要一定时间才能体现效果，但我们对进入 2017 年的市场定位感到乐观。
Special lines policies in force increased 4% year over year. The products that we sell under the heading of special lines (boats, motorcycles, recreational vehicles, and manufactured homes) had the same headwind from catastrophes that we saw with our other products and we still managed to meet our targeted profit goals.
特殊险种有效保单数量同比增长了 4%。我们在特殊险种类别下销售的产品（船只、摩托车、休闲车辆和活动房屋）同样面临了与其他产品类似的灾害不利因素，但我们仍然成功实现了预期的盈利目标。
We hired in advance of need in both our customer relationship and claims organizations this year. This served us well given our incoming sales and services volume were at all-time highs and the need for us to be there for our customers when they have a claim. In total, we hired over 6,600 new people in 2016 and the retention rate of our existing employees improved approximately 12%.
今年，我们提前在客户关系和理赔部门进行了人员招聘。这一举措对我们非常有利，因为我们的销售和服务量达到了历史最高水平，同时也需要在客户提出理赔时及时提供支持。2016 年，我们共招聘了超过 6,600 名新员工，现有员工的留任率提高了约 12%。
We strive to provide accurate, fast, and empathetic claims service every day. A catastrophic weather event places a premium on all the elements of claims delivery and at Progressive, we’ve developed a culture in claims where our people are proud to serve and want to help our customers get back to normal as quickly as possible. Catastrophe volume in 2016 will be remembered as a key contributor to overall results as we responded to 54 named weather events and more than double the catastrophe claim counts we experienced in 2015. Overall, catastrophe-related weather claim volume was 28% higher than the previous record set in 2012, which included Superstorm Sandy. Our full time CAT team, along with over 1,000 “reservists” from our field claims organization, was kept busy through most of the year.
我们每天都致力于提供准确、快速且富有同理心的理赔服务。灾难性的天气事件对理赔服务的各个环节提出了更高要求。在 Progressive，我们在理赔部门培养了一种文化，使员工以服务为荣，积极帮助客户尽快恢复正常生活。2016 年的灾害理赔量将被铭记为整体业绩的重要影响因素，我们应对了 54 个已命名的天气事件，灾害理赔数量是 2015 年的两倍多。总体而言，与 2012 年创下的纪录（包括超级风暴桑迪）相比，2016 年与灾害相关的天气理赔量高出 28%。我们专职的灾害应对团队以及来自现场理赔部门的 1000 多名“后备人员”在这一年中的大部分时间都非常忙碌。
Besides sheer volume, the significant difference between this year and last year was the type of perils and the size of the events. Flood events and high volume catastrophes require more resources and attention to logistics. The San Antonio hail event along with Louisiana’s flood catastrophe are single event Progressive claim records for their respective perils. The year closed out with Progressive’s first hurricane response since Hurricane Isaac in 2012 - Hurricane Matthew. Despite the complexity and volume, events like the Louisiana flood and Hurricane Matthew achieved 90% claims closure within 60 days of declaration - especially notable for fresh water flood and tropical events. 2016 effectively validated Progressive’s catastrophe response infrastructure and readiness.
除了数量上的差异外，今年与去年之间的显著区别在于灾害类型和事件规模。洪水事件和大规模灾害需要更多资源和对物流的关注。圣安东尼奥的冰雹事件以及路易斯安那州的洪水灾害分别创下了 Progressive 公司在各自灾害类型中的单一事件理赔记录。年末，Progressive 公司应对了自 2012 年飓风艾萨克以来的首次飓风事件——飓风马修。尽管事件复杂且数量庞大，但路易斯安那洪灾和飓风马修等事件在宣布后的 60 天内理赔结案率达到 90%，对于淡水洪灾和热带风暴事件而言尤其值得注意。2016 年有效地验证了 Progressive 公司的灾害应对基础设施和准备情况。
Our vision as a company is to become consumers’ number one choice and destination for auto and other insurance. It is not lost on us that we must have a much deeper and longer-term relationship with our customers in order to successfully achieve this vision. We know we need to give them confidence that when they chose Progressive, they made the right choice. Our customer relationship management group has taken this challenge as their mantra - “Relationships. Lasting for Decades.” While there is a lot more work to be accomplished to reach our goals, we are thrilled with our progress in this area.
作为一家企业，我们的愿景是成为消费者在汽车及其他保险方面的首选和首要目的地。我们深知，要成功实现这一愿景，我们必须与客户建立更深入、更长期的关系。我们明白，我们需要让客户确信，当他们选择 Progressive 时，他们做出了正确的决定。我们的客户关系管理团队已将这一挑战作为他们的座右铭——“关系，历久弥坚”。尽管要实现目标还有很多工作要做，但我们对在这一领域取得的进展感到欣喜。
The structure we have set up around the notion of acquiring customers by having competitive prices, anchoring customers with either an auto or a home product, bundling our customers with auto and home, and finally extending how long our customers stay with us continues to be our approach to growth. We want to meet the current product needs of shoppers with competitive prices and a great shopping experience, provide access to more products to current customers as their life and insurance needs change, and keep customers longer through great service and products.
我们围绕以下理念建立的结构，即通过具有竞争力的价格获取客户，以汽车或房屋产品吸引客户，将汽车和房屋产品捆绑销售给客户，并最终延长客户与我们的合作时间，仍将是我们实现增长的方法。我们希望以具有竞争力的价格和出色的购物体验满足消费者当前的产品需求，随着客户生活和保险需求的变化，为现有客户提供更多产品选择，并通过卓越的服务和产品使客户长期留存。
Internally, we share a broad construct we call our Four Pillars in order to be clear on how we will reach our goals and gain traction on the strategic direction of the company. We see these as frameworks for thinking about how we will continue to be successful in the Destination Era.
在公司内部，我们共享一个称为“四大支柱”的广泛架构，以明确我们如何实现目标，并在公司的战略方向上取得进展。我们将其视为一种思考框架，以帮助我们在“目标时代”继续取得成功。
Culture:
文化：
Our people are our most important asset. Our successful and vibrant culture is rooted in our five Core Values. These values inform our business decisions and govern our interactions with customers, business partners, our shareholders, and each other. We present and discuss our values to every new hire class in order to make sure a new employee understands that our values are the single most important part of our culture other than our people. Our culture and Core Values are essential pieces of the “how” behind the “what” we do every day for each other as Progressive and ASI employees and for our customers, agents, and our shareholders.
我们的员工是我们最重要的资产。我们成功且充满活力的企业文化植根于我们的五项核心价值观。这些价值观指导我们的业务决策，并规范我们与客户、业务伙伴、股东以及彼此之间的互动。我们向每一批新员工介绍并讨论这些价值观，以确保新员工理解，除了我们的员工之外，这些价值观是我们企业文化中最重要的组成部分。我们的文化和核心价值观是我们作为 Progressive 和 ASI 员工每天为彼此、客户、代理商和股东所做工作的“方式”背后的关键所在。
Having an environment that allows people to fully leverage their strengths is reflected in how we treat our customers and in our financial results. When we get this right, they reward us with their long-term business.
拥有一个能让人们充分发挥自身优势的环境，会体现在我们对待客户的方式以及我们的财务业绩上。当我们做到这一点时，客户会以长期合作来回报我们。
Culture isn’t something I can quantify on a spreadsheet, but it is special to us and something we go to great lengths to preserve.
文化并不是我能在电子表格中量化的东西，但它对我们而言很特别，我们会竭尽全力去保护它。
Be the Brand People Want:
成为人们渴望的品牌：
Flo and the Superstore where she works, with her cast of characters, continue to be incredibly relevant. Examples include hip-hop artist Drake giving a nod to Flo during his “More than a Meme” monologue while hosting “Saturday Night Live” and a character in a Stephen King novel, Doctor Sleep, casually mentioning buying a policy from Flo in a dream just to name a couple. She represents what we strive to be for consumers-- helpful, unique, and providing a product that is competitive.
Flo 和她所在超市的角色团队依然极具影响力。例如，嘻哈艺人 Drake 在主持《周六夜现场》时的“More than a Meme”独白中向 Flo 致意；斯蒂芬·金小说《睡眠医生》中的一个角色随意提到在梦中向 Flo 购买保险，这只是其中几个例子。她代表了我们努力为消费者实现的目标——乐于助人、独特，并提供具有竞争力的产品。
We have started to extend the tone of our marketing to focus on protection in addition to savings. Our identifiable Flotection sign reflects that we have the ability to protect the many assets of our customers with multiple products requiring us to make sure we have both great rates and consumer’s confidence that they will be taken care of should something happen. We balance our marketing budget to drive new business growth for consumers and help retain our current customers.
我们已开始扩展营销基调，除了强调节省费用外，还关注保护功能。我们标志性的 Flotection 标识体现了我们有能力通过多种产品保护客户的众多资产，这要求我们确保提供优惠的价格，并让消费者相信一旦发生意外，他们将得到妥善照顾。我们平衡营销预算，以推动消费者新业务增长，并帮助留住现有客户。
As we continue to progress in our Destination Era strategy, we will evolve in the way we show that Progressive understands consumers and what they need when. Based on consumer feedback, we realized that when people buy their first home, life changes and new responsibilities set in. Some changes can be anticipated, like enjoying staying in on the weekend instead of going out, or hosting gatherings instead of traveling. Other changes just happen, like asking people to take their shoes off. We see it as flipping on the ‘grown-up switch.’
随着我们继续推进“目标时代”战略，我们将不断改进，以更好地体现 Progressive 对消费者及其需求时机的理解。根据消费者反馈，我们意识到，当人们购买第一套房屋时，生活会发生变化，并承担起新的责任。有些变化是可以预见的，比如周末更喜欢待在家里而不是外出，或是举办聚会而不是旅行。另一些变化则自然而然地发生，比如要求客人脱鞋进门。我们将其视为打开了“成长开关”。
For many individuals, the first time they realize they are grown up is when they catch themselves doing something their mom or dad always did. Specifically, for me, it was hearing me repeat to my children what my dad used to say when we left a room and didn’t turn out the lights. “Do you think we own stock in the electric company?” was a common phrase in my house growing up. So, we aptly named this campaign “Parentamorphosis” because the event of buying a home can cause us to feel like we are becoming our parents. This campaign balances our competitive rates, focusing on the bundled package, with that secure feeling of protecting your most important asset. In addition, it complements the messages from Flo.
对许多人来说，第一次意识到自己长大成人，往往是发现自己在做父母曾经做过的事情。对我而言，尤其如此，当我听到自己对孩子们重复父亲过去常说的话时，我才意识到这一点。小时候，每当我们离开房间却没有关灯时，父亲总会说：“你以为我们拥有电力公司的股票吗？”因此，我们恰当地将此次活动命名为“Parentamorphosis”（父母化），因为购买房屋这一事件会让我们感觉自己正在变成自己的父母。这次活动在强调我们具有竞争力的价格和捆绑套餐的同时，也传递出保护你最重要资产的安全感。此外，它也与 Flo 传递的信息相辅相成。
错误的观察角度，房屋保险的风险和自然灾害绑定，而自然灾害是非线性的风险，客户营销进来但不知道风险的本质，这种观点为后面埋下了伏笔。
Competitive Prices:
有竞争力的价格：
We design and deliver a broad offering of innovative, competitive, and stable-priced products that leverage our segmentation expertise, risk selection, and cost structure. We continually gather, consume, and analyze data in order to evolve our product design. We rapidly deploy new products and that speed to market has been a stalwart part of our culture.
我们设计并提供广泛的创新、具有竞争力且价格稳定的产品，这些产品充分利用了我们的细分专业知识、风险选择能力和成本结构。我们持续收集、使用并分析数据，以不断改进我们的产品设计。我们快速推出新产品，这种迅速进入市场的能力一直是我们企业文化的重要组成部分。
Our technology strategy at Progressive and ASI continues to be an integral part of how we run the business and find ways to gain a competitive advantage. Snapshot® has been and will continue to be a critical component of this advantage. We believe that with the evolution in technology, usage-based insurance (UBI) will be the norm over time. Having first mover advantage with UBI allows us to use those data capabilities to quickly evolve as necessary. We debuted our mobile device UBI application in 2016 and will continue with a countrywide roll out in 2017. We continue to make significant investments in R&D across the enterprise. The application of telematics for commercial vehicles, to improve segmentation and effectively underwrite and price small fleets, is a space where we are enthusiastic about playing in the future.
Progressive 和 ASI 的技术战略仍然是我们运营业务和寻求竞争优势的重要组成部分。Snapshot® 一直是并将继续成为这一优势的关键组成部分。我们相信，随着技术的发展，基于使用情况的保险（UBI）将逐渐成为常态。我们在 UBI 领域的先发优势使我们能够利用这些数据能力，根据需要迅速发展。我们于 2016 年推出了基于移动设备的 UBI 应用程序，并将在 2017 年继续在全国范围内推广。我们持续在整个企业范围内对研发进行大量投资。将远程信息处理技术应用于商用车辆，以改善细分市场并有效地为小型车队进行承保和定价，是我们未来热衷参与的领域。
巴菲特在边上看了10年才接受这样的做法，让老美接受别人的观点或者做法有些难度，这种文化的现象也在影响很老美APP的用户体验。
In claims, our four Guiding Principles include work environment, accuracy, efficiency, and customer service. Accuracy means paying the right amount and is critical to having competitive rates. Recruiting, training, and developing new hires into competent claims professionals is challenging under any circumstances let alone a year with record levels of catastrophes. We’re proud to report that our claims organization responded to this challenge and did so while continuing to extend our track record of strong results and maintaining the high standards of claims resolution quality we strive for.
在理赔方面，我们的四项指导原则包括工作环境、准确性、效率和客户服务。准确性意味着支付正确的金额，这对保持竞争力的费率至关重要。在任何情况下，招聘、培训和培养新员工成为合格的理赔专业人员都是一项挑战，更不用说在灾害达到创纪录水平的一年里了。我们很自豪地报告，我们的理赔团队成功应对了这一挑战，同时继续保持了我们一贯的出色业绩，并维持了我们所追求的高标准理赔解决质量。
Finally, we have always focused on our cost structure and making sure that we remain lean. While we have made a lot of investments to support our growth in 2016, we still kept our eye on being efficient. This will be a continued focus for many years to come in order to be on the short list of companies that consumers consider as they are comparing rates when searching for insurance.
最后，我们始终关注成本结构，确保保持精简高效。尽管我们在 2016 年为支持增长进行了大量投资，但仍然注重效率。在未来多年中，我们将继续关注这一点，以便在消费者寻找保险并比较价格时，成为他们优先考虑的少数公司之一。
Meeting the Broader Needs of Customers:
满足客户更广泛的需求：
Our goal is to sell our products where, when, and how people desire. We continue to leverage our position in the very important Agency channel with the combined ASI and Progressive product. We are enhancing our Direct business to focus on the needs of multi-product households and the multiple ways they choose to shop for auto, home, and other Progressive AdvantageSM products.
我们的目标是在顾客期望的地点、时间和方式销售产品。我们继续通过结合 ASI 和 Progressive 产品，巩固我们在极为重要的代理渠道中的地位。我们正在加强直销业务，以满足多产品家庭的需求，以及他们选择购买汽车、房屋和其他 Progressive AdvantageSM 产品的多种方式。
In addition, we must weave the customer into every decision that we make and provide them with unexpected features along the way. More details on this in 2017.
此外，我们必须在做出的每个决定中都融入客户因素，并在过程中为他们提供意想不到的功能。2017 年将提供更多细节。
THE FUTURE
未来
Our stated mission outlines critical components of what we need to do every day in order to be successful. We use these words to guide us in our Destination Era. Our mission also looks out to the future and references words that focus on longer-term objectives. We use words like having an “enduring business” and being a “business-generating brand.” With that landscape in mind, we must continue to focus on surgically executing on our current strategy, while also thinking about new revenue generating opportunities. Some of these opportunities are known, like the sharing economy and changing technology in cars, and other opportunities are yet to be unveiled. What we do know is that disruption in our and other industries will continue and we need to embrace those changes using a combination of data and creativity.
我们明确的使命概述了我们每天为取得成功所需完成的关键要素。这些话语在我们的目标时代中为我们指引方向。我们的使命也着眼于未来，提及了一些关注长期目标的词汇。我们使用了诸如建立“持久的业务”和成为“创造业务的品牌”等表述。在这样的背景下，我们必须继续专注于精准执行当前战略，同时也要考虑新的创收机会。其中一些机会是已知的，比如共享经济和汽车技术的变化，而其他机会尚未显现。但我们明确的是，我们所在行业及其他行业的颠覆将持续发生，我们需要结合数据与创造力来拥抱这些变化。
A FEW CELEBRATIONS
一些庆祝活动
I’m proud of many events that take place at Progressive, but thought this one was worthy of a special mention. On November 10, 2016, the day before Veterans Day, we held our fourth annual Keys to Progress® events to publicly recognize those who have dedicated their lives to serving our country and their communities. More than 100 veterans and their families were gifted newly-refurbished vehicles. The events were held at 63 locations across the country, with most being at Progressive's Service Centers. Through Keys to Progress, we're making a difference in the lives of some very deserving people and increasing awareness of our Service Centers as the local face of Progressive. The event is also an opportunity to team up with many of the business organizations we work with day in and day out to do something good together within our communities.
我为 Progressive 举办的许多活动感到自豪，但我认为这一活动尤其值得特别提及。2016 年 11 月 10 日，即退伍军人节的前一天，我们举办了第四届年度“Keys to Progress®”活动，公开表彰那些为国家和社区奉献一生的人士。超过 100 名退伍军人及其家庭获赠了翻新后的车辆。活动在全国 63 个地点举行，其中大部分位于 Progressive 的服务中心。通过“Keys to Progress”活动，我们为一些非常值得帮助的人士带来了积极的改变，同时也提高了公众对我们服务中心作为 Progressive 当地形象的认识。这一活动也为我们提供了与日常合作的众多商业组织携手合作、共同为社区做出贡献的机会。
This year brought much to celebrate in Cleveland. Finally seeing the Cavaliers win a championship was incredible. Watching and rooting on the Cleveland Indians through a seven game World Series at Progressive Field was exceptional.
今年克利夫兰有很多值得庆祝的事情。终于看到骑士队赢得冠军，令人难以置信。在进步球场观看并为克利夫兰印第安人队在世界大赛七场比赛中加油助威，更是非同凡响。
But the most spectacular part of this year was working side by side with the almost 32,000 Progressive people to position Progressive for a successful and prosperous long-term future.
但今年最精彩的部分是与近 32,000 名 Progressive 员工并肩合作，共同为 Progressive 实现成功且繁荣的长期未来做好准备。
Taking the words from Glenn’s many annual letter closings...To those who make Progressive, progressive-Thank you.
借用格伦在多封年度信函结尾的话……感谢所有让 Progressive 不断进步的人。
/s/ Tricia Griffith
Tricia Griffith
President and Chief Executive Officer
热门主题
Related Articles
2022-02-28 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2021》。 LETTER TO SHAREHOLDERS 致股东的信函 If anyone would have signaled that 2021 would be even more challenging than 2020, we would not have believed it, but alas it was, however in a much different way. Driving ...2018-02-27 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2017》。 LETTER TO SHAREHOLDERS 致股东的信函 When reflecting on the year, as I was composing the year-end evaluations for my team, the positive adjectives flowed, but the one that I believe best describes this year is ...2025-03-03 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2024》。 LETTER TO SHAREHOLDERS 致股东的信函 Every year when I pick a theme for the annual report, I reflect on what is happening both within Progressive and across the world around us. My strong belief in meliorism ...2021-03-01 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2020》。 LETTER TO SHAREHOLDERS 致股东的信函 What a Year! 多么不平凡的一年！ Each year when I choose the theme for the annual report, I have an internal debate with myself over the exact right word or words to help describe ...2019-02-27 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2018》。 LETTER TO SHAREHOLDERS 致股东的信函 This year was truly one for the record books, albeit many of the records we broke were set internally. The spirit of Progressive people is to set audacious goals, and we ...