Todd: We are back at Progressive and pleased to welcome Tricia Griffith, the CEO of Progressive Insurance. As you may know, Tricia is a thirty year veteran of the company and rose through the ranks starting as a claims representative. She held a number of senior roles including head of HR, which is an unusual stop on the way to becoming the CEO of a Fortune 500 company, but a stop that Tricia credits with giving her a lot of perspective that helped Progressive turn into the company that values and established a culture in diversity and inclusion - one that was recognized by the Wall Street Journal just a year ago as the number one company in the country for diversity and inclusion. Tricia has overseen tremendous growth at the company in her tenure as CEO, and was recognized as the first female businessperson of the year by Forbes Magazine two years ago. So please join me in welcoming Tricia Griffith.
托德：我们回到Progressive，很高兴欢迎Progressive保险公司的首席执行官Tricia Griffith。您可能知道，Tricia是公司三十年的资深员工，从理赔代表开始一路晋升。她担任过多个高级职位，包括人力资源主管，这在成为财富500强公司CEO的道路上是一个不寻常的停留点，但Tricia认为这给了她很多视角，帮助Progressive成为重视并建立多元化和包容性文化的公司——就在一年前，《华尔街日报》认可它为全国多元化和包容性第一的公司。在Tricia担任CEO期间，公司取得了巨大的增长，两年前她被《福布斯》杂志评为首位女性年度商业人物。所以请和我一起欢迎Tricia Griffith。
Well thank you, Tricia, I'm sure you can hear the roar of the virtual applause in the background! We are happy to have you here, and I might just start out with a question about why you are here. You're the CEO of a 50 billion dollar publicly traded company with forty thousand employees, and oftentimes the CEOs of those companies don't tend to think about the innovation ecosystem, the startup world, or the early stage investing world. So why'd you agree to be here?
非常感谢，Tricia，我相信你能听到背景中虚拟掌声的轰鸣！我们很高兴你能来到这里，我想先问一个关于你为什么来这里的问题。你是一家市值500亿美元、拥有四万名员工的上市公司的CEO，而通常这类公司的CEO不太会考虑创新生态系统、创业世界或早期投资领域。那么，你为什么同意来到这里？
Tricia: Well first of all I'm here because Jim Haas works for us, and he's an investor and a great guy and super innovative, but that's not really the reason. I would do this regardless. I've always seen Progressive as an innovation company. We've always been a technology company, a data driven company, and especially in the last three of four years and when I got this job almost five years ago, I really started thinking about the future and making sure that I didn't lose sight of changing technologies, the competition of insurtech and fintech, and to make sure that I didn't have my head in the sand. So as I thought about our long term strategy, that had to be a big piece of it. Initially I thought well I can do it myself, but as the company grew I realized that we needed to formulate a whole team that thought about this all the time, and that's really how I think about innovation and startups and investing. So that's why I'm really happy to be here!
Tricia：首先，我来这里是因为Jim Haas为我们工作，他是一位投资者，一个很棒的人，非常具有创新精神，但这并不是真正的原因。无论如何我都会来参加。我一直将Progressive视为一家创新公司。我们一直是一家技术公司，一家数据驱动的公司，尤其是在过去三四年里，当我在近五年前接任这个职位时，我真的开始思考未来，确保我不会忽视不断变化的技术、保险科技和金融科技的竞争，确保我不会闭目塞听。所以当我思考我们的长期战略时，这必须是其中的一个重要部分。最初我认为我可以自己做，但随着公司的发展，我意识到我们需要组建一个全天候思考这些问题的团队，这就是我对创新、创业和投资的看法。所以我真的很高兴能来到这里！
Todd: Awesome, and was that line of thinking the impetus for Level 20?
托德：太棒了，这种思路是Level 20的推动力吗？
Tricia: It was the impetus for the Strategy team, so my very last interview for the CEO role they said "what will you do with the company in the first several years?" And I started thinking of it with the McKinsey construct, so the Horizons [read more about Progressive's Horizons in a 2018 Letter to Shareholders]. I knew we had a lot of runway in terms of more private passenger auto, more homeowners, we'd bought a homeowners insurance company in 2015, but what about the other Horizons? So I thought about Horizon Two in understanding the adjacent businesses we could have. So I've got Execute [Horizon One], Expand [Horizon Two], and then the strategy team was Explore [Horizon Three]. I looked for a leader of the strategy after I'd gotten the CEO role and ended up hiring Andrew Quigg, who has been with the company for quite a while, has an immense amount of experiences around the company, and then he has set forth corporate development, understanding what we call runways, so what's happening in the world, and then Level 20, Ozzie Hardman runs that, is really the incubator downtown Cleveland that is starting to think about how we can play and different areas and can we win. To me that's been an important part of my tenure. When I pass the baton over, I want to make sure the person after me has a really great game plan and it wasn't just oh we grew a bunch more auto. That we really grew across all three Horizons, and for me the important part of that is investing concurrently to make sure we have an enduring business.
Tricia：这是战略团队的推动力，在我竞选CEO职位的最后一次面试中，他们问："你在最初几年将如何经营公司？"我开始用麦肯锡的构想来思考，也就是视野层次[在2018年致股东信中了解更多关于Progressive的视野层次]。我知道我们在私人乘用车保险、房主保险方面有很大的发展空间，我们在2015年收购了一家房主保险公司，但其他视野层次呢？所以我思考了视野层次二，了解我们可能涉足的相关业务。因此，我有执行[视野层次一]、扩展[视野层次二]，然后战略团队是探索[视野层次三]。在获得CEO职位后，我寻找战略领导者，最终聘请了Andrew Quigg，他在公司工作了相当长的时间，在公司各方面都有丰富的经验，然后他推进了企业发展，理解我们所称的发展轨道，即世界上正在发生的事情，然后是Level 20，由Ozzie Hardman运营，它实际上是克利夫兰市中心的孵化器，开始思考我们如何在不同领域发挥作用并取得胜利。对我来说，这是我任期内的重要部分。当我交接棒子时，我希望确保接替我的人有一个非常好的游戏计划，而不仅仅是我们增加了更多的汽车保险业务。我们真正在所有三个视野层次上都有增长，对我来说，其中重要的部分是同时投资，确保我们拥有一个持久的业务。
Todd: So you mentioned the Horizons… As investors when we think about the future we often think in terms of secular trends. What are these big things happening? Whether we like it or not we know they're happening, though we might not know how quickly. And when I think of the secular trends that must be in the back of your mind, they're probably not rocket science. We're thinking about gig economy, which is here today, self driving, which is here between now and five to eight years, and then the future of vehicle ownership. So how do you balance these different worlds which will be here very quickly?
托德：你提到了视野层次...作为投资者，当我们思考未来时，我们经常考虑长期趋势。有哪些重大事件正在发生？无论我们喜欢与否，我们知道它们正在发生，尽管我们可能不知道它们发展的速度。当我想到你心中可能有的长期趋势时，它们可能并不是什么高深莫测的事情。我们在考虑现在已经存在的零工经济，未来五到八年内会出现的自动驾驶，以及未来的车辆所有权。那么，你如何平衡这些很快就会到来的不同世界？
Tricia: Well I think you look at it differently depending on the trend you talked about - those are exactly spot on. So for the gig economy, we wanted to be a part of that and wanted to be able to monetize that so we work very closely with both Uber, UberEats and Lyft on making sure we insure the drivers that are on their platform. We continue to grow and understand miles driven and of course last year that dipped precipitously so we wanted to make sure that we are continuing to work with the gig economy and insure that area, so that's been a big part and a very successful part. For autonomous cars, that's really how Level 20 started. I said to Andrew, think of 20 years from now, what do we look like? Can you create three or four or five businesses, not millions or hundreds of millions of dollars, but billion-dollar businesses that we can grow into and assume that cars are Level 5 autonomous. I think it'll take longer than most people think, and if you look back at the records you see that in 2015 there were headlines that said all cars would be autonomous. That said that it's not necessarily Level 5, you know, how safe can Level 3 cars be and Level 4 cars. So we've got to be thinking about the whole adjustable market in the private passenger auto segment, and that's really why we thought about Level 20 and Horizon Two even to be thinking about other areas that we can monetize to continue to have a really robust business. If i had to bet, I would think that autonomy might come a little faster in the commercial area, because there is some limited talent in terms of drivers, and think of it as on a freeway - you could platoon, one vehicle after another. I think about that as well because we have a pretty large commercial auto business.
Tricia：我认为根据你谈到的趋势，你会有不同的看法——这些确实非常准确。对于零工经济，我们希望成为其中的一部分，并希望能够从中获利，所以我们与Uber、UberEats和Lyft密切合作，确保我们为他们平台上的司机提供保险。我们继续发展并了解行驶里程，当然去年这一数字急剧下降，所以我们希望确保我们继续与零工经济合作并为该领域提供保险，这一直是一个重要且非常成功的部分。对于自动驾驶汽车，这正是Level 20的起源。我对Andrew说，想想20年后，我们会是什么样子？你能创建三四个或五个业务，不是价值数百万或数亿美元，而是我们可以发展成为价值数十亿美元的业务，并假设汽车达到了5级自动驾驶。我认为这将比大多数人想象的时间更长，如果你回顾记录，你会看到2015年有标题说所有汽车都将是自动驾驶的。也就是说，它不一定是5级，你知道，3级汽车和4级汽车能有多安全。所以我们必须考虑私人乘用车细分市场中的整个可调整市场，这就是为什么我们考虑Level 20和视野层次二，甚至考虑其他我们可以货币化的领域，以继续拥有一个非常强大的业务。如果我必须打赌，我认为自动化在商业领域可能会来得更快一些，因为在司机方面有一些有限的人才，想想在高速公路上——你可以编队，一辆车接一辆车。我也考虑到这一点，因为我们有一个相当大的商业汽车业务。
Todd: Terrific. Tricia, as you know we have a company in our portfolio, Remesh.ai, which is a terrific company, world-class business, with customers like PNG, Kraft, J&J and Progressive. It's been a lot of fun to see them work within the Progressive ecosystem and see them grow, and I imagine there are thousands of startups that knock on Progressive's door every year. So how do you think about the pros, cons, and just approach to have a large organization like Progressive be in a position to work with these fast growing but sometimes fledgling startups?
托德：太棒了。Tricia，如你所知，我们的投资组合中有一家公司，Remesh.ai，这是一家出色的公司，世界级的企业，客户包括PNG、Kraft、J&J和Progressive。看到他们在Progressive生态系统中工作并成长是一件非常有趣的事情，我想每年有成千上万的创业公司敲Progressive的门。那么，你如何看待像Progressive这样的大型组织与这些快速成长但有时还处于起步阶段的创业公司合作的优缺点和方法？
Tricia: I think it's an important part of who we have been and who we will be. For us, working with Remesh has really added value. You don't do it just to be kind and be nice, you want to add value to your organization. What Remesh has done, especially at Level 20, is help us understand how to bring the qualitative data to quantitative data quickly. When talking with Ozz today, it's been really helpful for us to be very efficient in understanding what consumers want and whether it's through the polling process and being able to change on a dime the questions that you ask or even being able to show the participants visuals. To be able to say if this looks like this, what does that mean to you. In Azadeh's world, we are just at the very beginning of thinking about businesses that we think can be really big but we need to understand it from a consumer perspective and Remesh has been really valuable with that for us.
Tricia：我认为这是我们过去和未来身份的重要组成部分。对我们来说，与Remesh合作确实增加了价值。你这样做不仅仅是为了友善和好意，你希望为你的组织增加价值。Remesh所做的，尤其是在Level 20，是帮助我们了解如何快速将定性数据转化为定量数据。今天与Ozz交谈时，这对我们非常有帮助，使我们能够非常高效地了解消费者想要什么，无论是通过民意调查过程，能够迅速改变你提出的问题，甚至能够向参与者展示视觉效果。能够说如果这看起来像这样，对你意味着什么。在Azadeh的世界里，我们刚刚开始思考我们认为可能真正大的业务，但我们需要从消费者的角度来理解它，Remesh在这方面对我们非常有价值。
Todd: Remesh connects to the advertising and the marketing spend, which is a huge portion of Progressive's budget. I read a billion dollars a year, and I imagine you must learn a lot from using all these different channels, these levers, direct marketing, seeing responses. How do you think about the value of that data and the insights that you're learning on how to talk to consumers?
托德：Remesh与广告和营销支出相连，这是Progressive预算的一大部分。我读到每年有十亿美元，我想你一定从使用这些不同的渠道、这些杠杆、直接营销、看到反应中学到了很多。你如何看待这些数据的价值以及你在如何与消费者交流方面学到的见解？
Tricia: You're a little bit low on the budget but I'm not gonna go in but probably the last time you read it it was accurate, all those insights are so important because we want to understand share of wallet in each household, we want to understand the needs and will people want those, and obviously some of the things that we're working on in Level 20 is really direct to consumer. We've separated them from the mothership so they can really think about ease of use and that's how I think about startups. I think about the fact that they don't have the legacy systems and they can be really nimble and that is going to be expected of all consumers. How can Progressive be that way even though we're over 80 years old? That's really my goal - to act like a startup to consumers and get those insights from Remesh and even our media buys in house to understand consumers - what they want, what they need, and what they'll want to buy from Progressive.
Tricia：你对预算的估计有点低，但我不打算深入讨论，可能你上次读到的时候是准确的，所有这些见解都非常重要，因为我们想了解每个家庭的钱包份额，我们想了解需求以及人们是否想要这些，显然我们在Level 20正在进行的一些事情确实是直接面向消费者的。我们将它们与母公司分开，这样它们就可以真正考虑易用性，这就是我对创业公司的看法。我考虑的是它们没有遗留系统，它们可以非常灵活，这将是所有消费者所期望的。尽管我们已有80多年的历史，Progressive如何做到这一点？这确实是我的目标——在消费者面前表现得像一家创业公司，并从Remesh甚至我们内部的媒体购买中获取这些见解，以了解消费者——他们想要什么，他们需要什么，以及他们会想从Progressive购买什么。
Todd: You mentioned the future of Progressive, the different Horizons, and where Progressive is placing bets, but I also saw that Progressive recently closed an acquisition of what seems like a traditional property and casualty insurance company. Can you tell us about how you're focusing on the future? How you're continuing to grow the core of Progressive?
托德：你提到了Progressive的未来、不同的视野层次以及Progressive正在下注的地方，但我也看到Progressive最近收购了一家看起来像传统财产和意外伤害保险公司的公司。你能告诉我们你是如何专注于未来的吗？你如何继续发展Progressive的核心业务？
Tricia: I cant talk too much about that acquisition because it hasn't closed, so I don't want to talk too much other than what we've said publicly, and that is it helps us with the bigger addressable market on the commercial side, and larger fleets and workers comp. Other than that, I can come back next year once it's closed and tell you a bit more about the transaction.
Tricia：我不能过多谈论那次收购，因为它还没有完成，所以我不想谈论太多，除了我们公开说过的，那就是它帮助我们在商业方面有更大的可服务市场，以及更大的车队和工人赔偿。除此之外，我可以在明年交易完成后回来，告诉你更多关于这笔交易的信息。
Todd: I'll take that as an invitation to reach out again! That's great. So these big publicly traded companies like Progressive are complex beasts. 20 years ago someone would have said that Progressive is an insurance company. Today you might say that it's a data company, an analytics company. What is Progressive at its core today?
托德：我把这当作再次联系的邀请！太好了。这些像Progressive这样的大型上市公司是复杂的庞然大物。20年前有人会说Progressive是一家保险公司。今天你可能会说它是一家数据公司，一家分析公司。今天Progressive的核心是什么？
Tricia: I would say, and I believe Peter Lewis would say this and his father started the company in 1937 and Glenn Renwick my predecessor would say that we're a technology company that happens to sell insurance. It used to happen to sell auto insurance, and now it's many different lines of insurance. At our core, we're data driven, analytical, our segmentation is industry-leading, and really using data to understand how to profitably grow.
Tricia：我会说，我相信Peter Lewis也会这么说，他的父亲在1937年创立了公司，我的前任Glenn Renwick会说我们是一家恰好销售保险的技术公司。过去是销售汽车保险，现在是许多不同的保险线。在我们的核心，我们是数据驱动的，分析性的，我们的细分市场在行业中处于领先地位，真正利用数据来了解如何实现盈利增长。
Todd: Awesome. Any ideas on what it takes with the ecosystem here so that we can generate the next three or four Progressives within the next decade?
托德：太棒了。关于这里的生态系统需要什么，以便我们在未来十年内能够产生下一个三四个Progressive，你有什么想法吗？
Tricia: I think a lot of what you're doing is the startups that think about it differently. When you talk about Remesh, when I think of the focus groups that I've been a part of in the past, it's really hard to find participants. Sometimes they show up, sometimes they don't, sometimes it's just for the money. There's usually seven or eight people in a room, I'm behind the glass, and I'm trying to think of questions. The person who is facilitating doesn't necessarily know insurance and doesn't have the algorithm behind it to say go this route, or here's the quantitative stuff coming out of the qualitative conversations. If you had said two years ago we're going to do focus groups, it's going to be online and here's how it's going to work, I would have thought no because you have to be there in person. I think COVID did help to help innovation in terms of how you can do things differently, and frankly, better, and so I think having a bunch of startups like that, some will fail because that's just the beast, and some will be extraordinarily successful, but us being a part of that and being able to give that feedback from a big corporation I think will be really important. We're very supportive of startups and the whole ecosystem because it'll make us better.
Tricia：我认为你们正在做的很多事情是那些以不同方式思考的创业公司。当你谈到Remesh时，当我想到过去我参与过的焦点小组，找到参与者真的很难。有时他们出现，有时他们不出现，有时他们只是为了钱。通常一个房间里有七八个人，我在玻璃后面，我试图想出问题。主持人不一定了解保险，也没有背后的算法来说走这条路，或者这里是从定性对话中得出的定量内容。如果你两年前说我们要做焦点小组，它将在线上进行，这就是它的运作方式，我会认为不行，因为你必须亲自在场。我认为COVID确实帮助了创新，让你可以以不同的方式做事，坦率地说，更好的方式，所以我认为有一堆这样的创业公司，有些会失败，因为这就是规律，有些会非常成功，但我们成为其中的一部分并能够从一个大公司给予反馈，我认为这将非常重要。我们非常支持创业公司和整个生态系统，因为它会让我们变得更好。
Todd: I'm curious, where does failure fit into the culture here at Progressive? I read recently that Jeff Bezos had a quote when the fire phone died and lost 175 million dollars that "that was our biggest screw up so far and it's not gonna be our biggest screw up in a few years." Embracing failure.
托德：我很好奇，在Progressive的文化中，失败处于什么位置？我最近读到Jeff Bezos在Fire Phone失败并损失1.75亿美元时说："这是我们迄今为止最大的失误，但在几年内它不会是我们最大的失误。"拥抱失败。
Tricia: I would've said that we didn't embrace it as much until we started the Strategy team. What I said initially to Andrew and his team was if you do this right you will fail, and that is just part of it. You can't ever be really hugely successful unless you're out there on a limb, and then you can always step back. Obviously we're a publicly traded company, we have shareholders, so I care deeply about being a steward of those dollars. But I also care about growing it on behalf of every stakeholder and our shareholders as well. I think we're really building in failure and they know that's an ok thing, and that they're going to especially at Level 20. They're going to try things that seemed great and just didn't play in Peoria.
Tricia：我会说，直到我们开始战略团队，我们才真正拥抱失败。我最初对Andrew和他的团队说的是，如果你做得对，你会失败，这只是其中的一部分。除非你冒险尝试，否则你永远不会真正取得巨大成功，然后你总是可以退一步。显然，我们是一家上市公司，我们有股东，所以我非常关心作为这些资金的管理者。但我也关心代表每个利益相关者和我们的股东使其增长。我认为我们真的在接受失败，他们知道这是可以的，尤其是在Level 20。他们会尝试看起来很棒但在实际中不起作用的事情。
Todd: Last question, Tricia. It's always hard to say who's your favorite child, but Progressive has so many interesting commercials and characters. Which one's your favorite?
托德：最后一个问题，Tricia。说出你最喜欢的孩子总是很难，但Progressive有这么多有趣的广告和角色。你最喜欢哪一个？
Tricia: It's so hard because in any given time I find it differently. Right now I'm a huge fan of Dr. Rick! Mainly because when I was COO my CMO and a few of us sat in my office and we started talking about not having a reliance on Flo or the superstore and really spreading ourselves out, and we started thinking about having a character that you become your parents when you buy your first home, and it's funny because it's true. So many of those lines we all just brainstormed and they're things our parents said. I have an affinity right now for Dr. Rick because it's just funny to me.
Tricia：这很难，因为在任何给定的时间我都会有不同的看法。现在我是Dr. Rick的超级粉丝！主要是因为当我是COO时，我的CMO和我们几个人坐在我的办公室里，我们开始讨论不要依赖Flo或超级商店，真正地扩展我们自己，我们开始考虑有一个角色，当你买第一套房子时，你变成了你的父母，这很有趣，因为这是真的。我们集思广益想出了很多台词，它们都是我们父母说过的话。我现在对Dr. Rick有亲近感，因为对我来说它很有趣。
Todd: Well I'm right at the age where that rings true and is scary so I also enjoy those. It's hard to balance between that and Baker as a Clevelander, right? That's gotta be high on that. Tricia, with that, I'll thank you once again and turn to camera one here and just mention to everyone at home to keep an eye on your email. Very shortly, the investors in our fund will receive an email that has some additional info on the funds' performance over the past year, including videos of many of the companies that we were not able to include in the program tonight, and everyone who registered will receive an email with a survey link. We're hopeful that everyone will give us your candid feedback. We have a number of virtual events coming up this year and we absolutely do read, look at and incorporate the feedback that comes in so please do share that with us, and with that I will thank all of our presenters once again, thank everyone for their support, and we look forward to a terrific 2021!
托德：嗯，我正处于那个年龄，这听起来很真实也很可怕，所以我也喜欢那些广告。作为克利夫兰人，在那个和Baker之间平衡很难，对吧？那肯定排名很高。Tricia，说到这里，我再次感谢你，转向这里的摄像机一，只是提醒家里的每个人关注你的电子邮件。很快，我们基金的投资者将收到一封电子邮件，其中包含过去一年基金业绩的一些额外信息，包括我们今晚无法在节目中包含的许多公司的视频，所有注册的人都将收到一封带有调查链接的电子邮件。我们希望每个人都能给我们坦诚的反馈。我们今年有许多虚拟活动即将举行，我们绝对会阅读、查看并采纳收到的反馈，所以请与我们分享，我将再次感谢所有演讲者，感谢大家的支持，我们期待着精彩的2021年！