2024-08-06 The Progressive Corporation (PGR) Q2 2024 Earnings Call Transcript
The Progressive Corporation (NYSE:PGR) Q2 2024 Earnings Conference Call August 6, 2024 9:30 AM ET
进步公司（纽约证券交易所代码：PGR）2024 年第二季度财报电话会议 2024 年 8 月 6 日 上午 9:30（东部时间）
Company Participants 公司参与者
Doug Constantine - Director, Investor Relations
道格·康斯坦丁 - 投资者关系总监
Pat Callahan - President, Personal Lines
帕特·卡拉汉 - 总裁，个人保险业务
Jay VanAntwerp - Media Business Leader
杰伊·范安特韦普 - 媒体业务领袖
Dave Krew - Acquisition Experience Team
戴夫·克鲁 - 收购经验团队
Tricia Griffith - President & Chief Executive Officer
特里西亚·格里菲斯 - 总裁兼首席执行官
Conference Call Participants
电话会议参与者
Bob Jian Huang - Morgan Stanley
鲍勃·简·黄 - 摩根士丹利
Elyse Greenspan - Wells Fargo
艾莉斯·格林斯潘 - 富国银行
Mike Phillips - Oppenheimer
迈克·菲利普斯 - 奥本海默
Gregory Peters - Raymond James
格雷戈里·彼得斯 - 雷蒙德·詹姆斯
Josh Shanker - Bank of America
乔什·香克 - 美国银行
Robert Cox - Goldman Sachs
罗伯特·考克斯 - 高盛
Jimmy Bhullar - JPMorgan
吉米·布拉尔 - 摩根大通
Michael Ward - Citi
迈克尔·沃德 - 花旗
David Motemaden - Evercore ISI
大卫·莫特马登 - Evercore ISI
Ryan Tunis - Autonomous
瑞安·图尼斯 - 自主
Michael Zaremski - BMO
迈克尔·扎伦斯基 - BMO
Doug Constantine 道格·康斯坦丁
Good morning, and thank you for joining us today for Progressive Second Quarter Investor Event. I'm Doug Constantine, Director of Investor Relations, and I will be a moderator for today's event.
早上好，感谢您今天参加进步第二季度投资者活动。我是道格·康斯坦丁，投资者关系总监，我将担任今天活动的主持人。
The company will not make detailed comments related to its results in addition those provided in annual report on Form 10-K, quarterly reports on Form 10-Q and the letter to shareholders, which have been posted to the company's website. This quarter includes a presentation on a specific portion of our business, followed by a question-and-answer session with members of our leadership team.
公司将不会对其业绩做出详细评论，除了在 10-K 表格的年度报告、10-Q 表格的季度报告以及已发布在公司网站上的致股东信中提供的内容。本季度包括对我们业务特定部分的介绍，随后是与我们领导团队成员的问答环节。
The introductory comments and the presentation were previously recorded. Upon completion of the previously recorded remarks, we will use the balance of the 90 minutes scheduled for this event for live questions and answers with the leaders featured in our recorded remarks as well as other members of our management team.
介绍性评论和演示文稿已提前录制。完成之前录制的发言后，我们将利用本次活动安排的 90 分钟剩余时间进行现场问答，参与者包括我们录制发言中的领导以及我们管理团队的其他成员。
As always, discussions in this event may include forward-looking statements. These statements are based on management's current expectations and are subject to many risks and uncertainties that could cause actual events and results to differ materially from those discussed during today's event. Additional information concerning those risks and uncertainties is available in our annual report on Form 10-K for the year ended December 31, 2023, as supplemented by our 10-Q reports for the first and second quarters of 2024. We will see discussions of the risk factors affecting our business, safe harbor statements related to forward-looking and other discussions of the challenges we face. These documents can be found via the Investor Relations section of our website at investors.progressive.com.
如往常一样，本次活动中的讨论可能包括前瞻性声明。这些声明基于管理层当前的预期，并受到许多风险和不确定性的影响，这可能导致实际事件和结果与今天活动中讨论的内容有实质性差异。有关这些风险和不确定性的更多信息可在我们截至 2023 年 12 月 31 日的年度报告 Form 10-K 中找到，并由我们 2024 年第一季度和第二季度的 10-Q 报告补充。我们将讨论影响我们业务的风险因素、与前瞻性声明相关的安全港声明以及我们面临的挑战的其他讨论。这些文件可以通过我们网站的投资者关系部分找到，网址为 investors.progressive.com。
To begin today, I am pleased to introduce our Personal Lines President, Pat Callahan, who will kick us off with some introductory comments. Pat?
今天开始，我很高兴地介绍我们的个人保险部门总裁，帕特·卡拉汉，他将为我们做一些开场评论。帕特？
Pat Callahan 帕特·卡拉汉
Thanks, Doug. Good morning, and thank you for joining us today. I'm Pat Callahan, Personal Lines, President, and I'm pleased to introduce the topic of today's presentation, direct acquisition.
谢谢，道格。早上好，感谢您今天加入我们。我是帕特·卡拉汉，个人保险部总裁，我很高兴介绍今天演讲的主题，直销。
Our vision is to become consumers, agents and business owners, number one destination for insurance and other financial needs. To achieve that vision, we strive to be available where, when and how consumers want to shop for their insurance and to optimize our experiences to meet the needs of individual consumers. A foundational element of this optimization is to understand the differences between our agency and direct channel customers.
我们的愿景是成为消费者、代理人和企业主，保险及其他金融需求的首选目的地。为了实现这一愿景，我们努力在消费者希望的时间、地点和方式提供服务，并优化我们的体验以满足个别消费者的需求。这种优化的基础要素是理解我们代理渠道和直销渠道客户之间的差异。
Agency customers often choose that channel, because they value the professional local counsel, ease of shopping, breadth and depth of product and carrier options available through independent agents. These customers often have more complex insurance needs. And as such, the expertise provided by an agent coupled with the personal relationship agents build with their customers gives the customer peace of mind. The direct channel customer frequently places higher value on the convenience and ease of access afforded through self-service 24/7 shopping and servicing.
代理客户通常选择该渠道，因为他们重视专业的本地顾问、购物的便利性以及通过独立代理人提供的产品和承运人选项的广度和深度。这些客户通常有更复杂的保险需求。因此，代理人提供的专业知识以及代理人与客户建立的个人关系使客户感到安心。直接渠道客户通常更看重自助 24/7 购物和服务所带来的便利性和易获取性。
They often have less complex needs and feel comfortable making insurance decisions after educating themselves through the tools that we provide online, supplemented by the knowledge of our trained and licensed direct consultants. The customers, segmentation and economics of these two auto insurance distribution channels are fundamentally different, which is why we've developed, deployed and optimized distinct personal auto products for each channel.
他们通常有较少的复杂需求，并且在通过我们提供的在线工具自我教育后，感到舒适做出保险决策，这些工具得到了我们经过培训和持证的直接顾问的知识补充。这两个汽车保险分销渠道的客户、细分市场和经济学是根本不同的，这就是为什么我们为每个渠道开发、部署和优化了不同的个人汽车产品。
The result of these distinct products is not necessarily higher or lower rates in one channel versus the other, as we target similar combined ratios. But instead, delivers products that better aligns our rates with the different indemnity and expense characteristics of each channel.
这些不同产品的结果并不一定意味着一个渠道的费率高于或低于另一个渠道，因为我们目标是相似的综合比率。相反，它提供的产品更好地将我们的费率与每个渠道的不同赔偿和费用特征对齐。
There are three primary distribution channels for U.S. auto insurance; captive agents, independent agents, and direct-to-consumer. We write through both independent agents where we're the market share leader and through direct where we're the number two writer, enjoying over 25% and growing market share. The independent agency and direct channels make up the majority of the U.S. personal auto insurance market and continue to grow faster than the captive market.
美国汽车保险主要有三种分销渠道：专属代理、独立代理和直接面向消费者。我们通过独立代理进行业务，在该领域我们是市场份额的领导者，同时通过直接渠道进行业务，我们是第二大承保商，享有超过 25%的市场份额，并且在持续增长。独立代理和直接渠道占美国个人汽车保险市场的主要部分，并且继续以比专属市场更快的速度增长。
The current hard market has distorted some long-term channel trends as certain large competitors in these channels either shrink significantly or grow rapidly amid large underwriting losses. These dynamics have presented an opportunity for us as prospects have been released to the market and rate increases from less well segmented carriers have driven competitors to be adversely selected.
当前的困难市场扭曲了一些长期的渠道趋势，因为这些渠道中的某些大型竞争对手在经历巨大承保损失的同时，要么显著萎缩，要么迅速增长。这种动态为我们带来了机会，因为一些潜在客户被释放到市场上，而细分不足的承运人的费率上涨导致竞争对手在逆向选择中受到不利影响。
On the right side of the screen, you'll note just how critical our dual-channel strategy has been to achieving our continued market share growth. But today, we're going to spend time focusing on what drives our success in the direct channel.
在屏幕右侧，您会注意到我们的双渠道战略对实现持续市场份额增长是多么关键。但今天，我们将花时间专注于推动我们在直接渠道成功的因素。
Insurance is a trust-based business and we build that trust and take share from competitors within the direct channel through the strength of our brand, the power of our segmentation, the breadth of our media presence, and the experiences we deliver to our customers.
保险是一个基于信任的行业，我们通过品牌的力量、细分市场的优势、媒体覆盖的广度以及我们为客户提供的体验来建立这种信任，并在直接渠道中从竞争对手那里获取市场份额。
Our presentation will focus on two aspects of the direct channel; media and customer experience. We think about direct customer acquisition has a funnel with a virtuous cycle, similar to what we've previously shared from a product segmentation perspective.
我们的演示将重点关注直接渠道的两个方面：媒体和客户体验。我们认为直接客户获取有一个良性循环的漏斗，类似于我们之前从产品细分角度分享的内容。
Media sits at the top of this funnel, where our online presence and award-winning advertising is deployed and optimized by our world-class in-house media team. Our advertising delivers billions of impressions every year, which in turn bring more than 100 million visitors to progressive.com annually. The experience on progressive.com turns those initial touches into tens of millions of quotes and ultimately, millions of sales annually.
媒体处于这个漏斗的顶端，我们的在线存在感和屡获殊荣的广告由我们世界级的内部媒体团队负责部署和优化。我们的广告每年带来数十亿次曝光，从而吸引超过一亿访客访问progressive.com。progressive.com上的体验将这些初步接触转化为数千万次报价，最终每年实现数百万次销售。
As we put more prospects through our funnel, we obtained the data to optimize the experience which in turn improves the media economics at the top of the funnel, which again, leads to further optimization. Our scale means this cycle is difficult for competitors to replicate, which has helped to continue to feed our market share growth.
随着我们将更多潜在客户纳入我们的漏斗，我们获得了优化体验的数据，这反过来又改善了漏斗顶部的媒体经济，这再次导致进一步的优化。我们的规模意味着这一循环对竞争对手来说难以复制，这有助于持续推动我们的市场份额增长。
Today, our direct media business leader, Jay VanAntwerp, a 20-year progressive employee will provide insights on how we optimize our media spend and why investors should feel confident that when we invest a dollar in media, it's a dollar well spent.
今天，我们的直接媒体业务负责人 Jay VanAntwerp，一位拥有 20 年进步经验的员工，将提供关于我们如何优化媒体支出以及为什么投资者应该对我们在媒体上投资一美元感到信心的见解，因为这是一美元花得其所。
After Jay, Dave Krew, our acquisition experience business leader will join us. Dave has led our acquisition experience team for 12 of his 34-year progressive tenure. He will walk us through how progressive.com has evolved from a basic Web 1.0 site back in the 1990s to become the number one ranked insurance website today. And, how his team enables us to continue to increase the complexity of our rating and our products, while simultaneously improving yield through our acquisition funnel.
在Jay之后，我们的客户获取体验业务负责人Dave Krew将加入我们。Dave在Progressive工作了34年，其中12年领导了客户获取体验团队。他将向我们介绍progressive.com如何从上世纪90年代的一个基础的Web 1.0网站演变为如今排名第一的保险网站，以及他的团队如何帮助我们在提升费率和产品复杂度的同时，通过获取漏斗不断提高转化率。
Thanks again for joining us today, and I will now hand it over to Jay. Jay?
再次感谢您今天的参与，现在我将把时间交给 Jay。Jay？
Jay VanAntwerp 杰伊·范安特韦普
Thanks Pat. Today, I want to begin by talking about our Media Group and why we believe it is a competitive advantage for Progressive that would be incredibly challenging for our competitors to replicate in the near to medium terms.
谢谢，Pat。今天，我想首先谈谈我们的媒体集团，以及我们为什么认为这对 Progressive 来说是一个竞争优势，短期到中期内我们的竞争对手将非常难以复制。
One of the distinct things about Progressive is that we buy almost all of our media using an in-house team. The media channels we buy include mass media like TV and radio, programmatic display, paid social media, direct mail and paid search. Virtually any type of advertising or demand generation that is purchased, our media team buys.
Progressive的一个显著特点是，我们几乎所有的媒体购买都是由内部团队负责的。我们购买的媒体渠道包括电视和广播等大众媒体、程序化展示广告、付费社交媒体、直邮和付费搜索。几乎所有类型的广告或需求生成活动，都是由我们的媒体团队负责购买的。
We believe that this makes us unique, not just in the insurance industry, but advertising industry overall. This is not a new development. The decision to buy media in-house was made almost at the very beginning of our efforts in the direct channel in the mid-1990s. At that time, our demand generation efforts were focused on television and direct mail. But since then, our Media Group has evolved with the media landscape. As digital channels like programmatic display and paid social media have become more prominent, our media team has given appropriate focus to those areas. And using Progressive's risk learn, grow philosophy, we develop viewpoints on how to buy those media types efficiently.
我们相信，这不仅让我们在保险行业中独树一帜，也在整个广告行业中独具特色。这并不是一个新的发展。几乎在我们上世纪90年代中期开始直接渠道努力的初期，我们就决定将媒体购买放在内部。当时，我们的需求生成工作主要集中在电视和直邮上。但从那时起，我们的媒体团队随着媒体环境的变化而不断发展。随着程序化展示广告和付费社交媒体等数字渠道变得更加突出，我们的媒体团队也将适当的重心放在了这些领域。通过Progressive的“风险、学习、成长”理念，我们形成了如何高效购买这些媒体类型的观点。
So our current capabilities are the result of an evolution of over three decades. Given how long we have been doing this and how ingrained the Media Group is within the company, it would be very challenging to assemble a team from scratch that would be able to efficiently deploy spend in all media channels and at our current scale.
我们目前的能力是三十多年演变的结果。考虑到我们从事这一工作的时间以及媒体集团在公司内的根深蒂固，组建一个能够在所有媒体渠道上高效部署支出的团队将非常具有挑战性，尤其是在我们当前的规模下。
What are some of the advantages that having an in-house team gives us? Our focus relative to an external agency is very important. We focus on one brand and one small set of products. This allows for a level specialization that an external agency would be challenged to match. We are able to leverage one of Progressive's core strengths, which is analytics. Progressive has a very strong history and track record of analytical innovation. We draw on those capabilities and building our analytical team.
拥有内部团队的优势有哪些？相较于外部机构，我们的专注非常重要。我们专注于一个品牌和一小部分产品。这使得我们能够达到外部机构难以匹敌的专业化水平。我们能够利用 Progressive 的核心优势之一，即分析能力。Progressive 在分析创新方面有着非常强大的历史和业绩记录。我们借助这些能力来建设我们的分析团队。
Another advantage our in-house team has over an external agency is product knowledge. Our analysts typically come from other areas of the company. They understand our product. They understand the dynamics of the auto insurance market. They're able to bring the insurance context to how they look at media in a way that no external agency would be able to replicate.
我们内部团队相较于外部机构的另一个优势是产品知识。我们的分析师通常来自公司的其他部门。他们了解我们的产品。他们理解汽车保险市场的动态。他们能够将保险背景融入到他们对媒体的看法中，这是任何外部机构都无法复制的。
If you combine the focus with the analytics, the result is custom models built specifically for Progressive using first-party data we would never make available to an external third-party. All of our models are proprietary, using our data to evaluate only our brand and the products that we sell as opposed to a one-size-fits-all model for multiple clients that you might get using an external agency. This has been incredibly impactful.
当你将这种专注与分析相结合时，结果就是为Progressive量身定制的模型，这些模型使用我们从未向外部第三方提供的一方数据。我们所有的模型都是专有的，利用我们的数据来评估仅针对我们的品牌和我们销售的产品，而不是像外部代理机构那样为多个客户提供的“一刀切”模型。这种做法带来了极大的影响。
We have leveraged our analytical horsepower and first-party data to dig into all of our spend and determine the relative efficiency and lifetime value of all the different media channels. This then gives us a guide for the optimal places to spend more when adding budget and when reducing the budget, so we can optimize for Progressive specific needs.
我们利用我们的分析能力和第一方数据深入研究了所有支出，并确定了不同媒体渠道的相对效率和生命周期价值。这为我们提供了在增加预算和减少预算时，最佳支出地点的指导，以便我们能够针对 Progressive 的特定需求进行优化。
Progressive is a leader in segmentation for auto insurance pricing, it is similarly powerful when we bring these skills to how we buy media. Another advantage is the ability to quickly flex the budget. Our budget is flexible within controls, which I will talk about later in the presentation. We are willing to increase the budget if there is efficient opportunity and available margin within our calendar year 96% combined ratio target to fund the additional spend.
Progressive在汽车保险定价的细分领域处于领先地位，当我们将这些技能应用于媒体购买时，同样具有强大的效果。另一个优势是能够快速调整预算。我们的预算在一定控制范围内是灵活的，这一点我将在稍后的演示中详细介绍。如果有高效的机会并且在我们全年96%的综合赔付率目标内有可用的利润空间来支持额外支出，我们愿意增加预算。
Also, if there is a need to reduce the expense ratio in order to hit our target 96%, we can do that quickly as well. Our analytics show us how to optimize sales, both when adding and when cutting. Furthermore, we are able to flex our budget up and down extremely quickly.
此外，如果需要降低费用比率以达到96%的目标，我们也可以迅速做到。我们的分析显示了如何优化销售，无论是增加还是削减。此外，我们能够非常快速地灵活调整我们的预算。
Another advantage is that we have aligned incentives. Like other progressive employees, our media teams on our gainshare annual bonus program. So they benefit from the success of Progressive in a way that a media agency that is compensated on commission wouldn't. A media agency is primarily incented to encourage clients to spend more on media in order to increase commissions.
另一个优势是我们有一致的激励机制。像其他progressive的员工一样，我们的媒体团队参与我们的收益分享年度奖金计划。因此，他们以一种媒体代理商无法通过佣金获得的方式，从progressive的成功中受益。广告代理商主要的激励是鼓励客户在媒体上花费更多，以增加佣金。
Our media team is focused on the core strategies of Progressive, primarily profitable growth. We also have lower overhead costs than an equivalent program that relies on external media agencies. So not only are we buying the media smarter, but we are also doing it at a lower cost. A 5% commission on $2 billion in spend which is about what we spent at our peak in 2020 would be $100 million. Our team is less than 100 people with total annual cost for this team this team considerably lower than $100 million.
我们的媒体团队专注于Progressive的核心战略，主要是实现盈利增长。相比依赖外部媒体代理机构的类似项目，我们的运营成本也更低。因此，我们不仅更聪明地购买媒体，还以更低的成本完成这一工作。如果按2020年我们峰值时的20亿美元支出来计算，5%的佣金就是1亿美元。而我们的团队不到100人，整个团队的年总成本远低于1亿美元。
Finally, and really cannot be overstated. Our team has very strong relationships with in Progressive that no external agency would be able to develop. While we work closely with our marketing team in the way most agencies would. We also work directly with state product managers and general managers as well as many other areas of the business.
最后，这一点真的无法被过分强调。我们的团队与 Progressive 有着非常强大的关系，这是任何外部机构都无法建立的。虽然我们与市场营销团队的合作方式与大多数机构相似，但我们还直接与州产品经理和总经理以及业务的许多其他领域合作。
We also have a very firm understanding of the business that allows us to credibly show how what we do in the Media Group benefits Progressive. As I talk more about some of the accomplishments of the last decade, I think it would be unlikely that an outside agency would have been able to make the case to be as aggressive as we were leading up to our peak spend in 2020 and could an outside agency move as quickly to make cuts as we did in 2023.
我们对业务有非常清晰的理解，这使我们能够可信地展示媒体集团所做的工作如何惠及 Progressive。当我谈到过去十年的一些成就时，我认为外部机构不太可能能够像我们在 2020 年达到最高支出前那样积极地提出案例，并且外部机构能否像我们在 2023 年那样迅速进行削减。
To summarize, we feel that our Media Group and the capabilities that we have built over 30 years have contributed greatly to Progressive success. I will talk specifically about the last decade and how we have been able to support Progressive's goal of growing as fast as possible at or below a '96. Before talking about progressive specific spend over the last decade, it is worth providing context about insurance industry ad spend over the last 30 years because it has shifted significantly over time.
总结来说，我们认为媒体团队和我们在过去30年中建立的能力对Progressive的成功做出了巨大贡献。我将特别谈谈过去十年中，我们如何支持Progressive在96%或更低的综合赔付率目标下尽可能快地增长。在讨论过去十年Progressive的具体支出之前，值得先提供一些关于过去30年保险行业广告支出的背景，因为这些支出随着时间的推移发生了显著变化。
Progressive Direct and other directors became more aggressive in the mid-1990s, with the emergence of the direct-to-consumer business model for auto insurance. Which spurred strong growth in insurance and advertising spend. From 1996 to 2003, and there was 10% compound annual growth in Media spend. This is a high rate of growth, and yet that rate of growth increased about 50% from 2003 to 2011, with the compound annual growth rate rising to 15%.
在 1990 年代中期，Progressive Direct 及其他董事变得更加激进，直接面向消费者的汽车保险商业模式的出现，推动了保险和广告支出的强劲增长。从 1996 年到 2003 年，媒体支出年复合增长率为 10%。这是一个高增长率，但从 2003 年到 2011 年，这一增长率增加了约 50%，年复合增长率上升至 15%。
Between 2011 and 2017, industry ad spend slowed to only 2%, largely driven by agency distributed companies whose economic models didn't allow them to keep pace with the direct-to-consumer companies who continue to have double-digit growth rates during this time period.
在2011年至2017年间，保险行业的广告支出增速放缓至仅2%，这主要是由通过代理机构分销的公司推动的，因为这些公司的经济模式使得它们无法跟上直销公司在此期间持续实现的两位数增长率。
Starting in 2017, growth in advertising ramped up again from 2017 to 2021, the industry compound annual growth increased five times from the previous period to 10%. We will talk about some of the dynamics happening at that time that may have spurred the next round of growth. But there is a strong argument to be made that Progressive was the catalyst as we started spending more at this time and competitors followed suit.
从 2017 年开始，广告增长在 2017 年至 2021 年间再次加速，行业的复合年增长率从之前的水平提高了五倍，达到了 10%。我们将讨论当时发生的一些动态，这些动态可能促成了下一轮的增长。但有一个强有力的论点认为，Progressive 是催化剂，因为我们在这个时候开始增加支出，竞争对手也随之而来。
As we know, overall industry profitability issues in 2022 and 2023 led to a contraction in ad spend as the compound annual growth rate for those two years was negative 20%. That was the overall industry landscape.
众所周知，2022 年和 2023 年整体行业盈利能力问题导致广告支出收缩，因为这两年的复合年增长率为负 20%。这就是整体行业的格局。
Now, let's talk about Progressive specifically. Prior to 2017, Progressive's media spend was under $700 million and we are consistently around 10% of total industry spend. In 2015 and 2016, we really hit our stride in using analytics to generate insights for how to buy media more efficiently. We were able to come up with a common metric between all media types that allowed us to better evaluate where our spend was efficient and where it wasn't. Also during this time, we were coming out of a hard market. Similar to today, we reacted in advance of the industry and aggressively raised rates, such that our loss ratios were trending below our '96 combined ratio target.
现在，让我们具体谈谈Progressive。在2017年之前，Progressive的媒体支出低于7亿美元，始终占行业总支出的约10%。在2015年和2016年，我们在利用分析来生成如何更有效地购买媒体的洞察方面真正找到了节奏。我们能够为所有媒体类型制定一个共同的衡量标准，使我们能够更好地评估支出的效率所在以及不足之处。此外，在此期间，我们也逐渐走出了一个困难的市场。与今天类似，我们在行业反应之前采取了行动，积极提高了费率，使我们的赔付率趋势低于96%的综合赔付率目标。
As such, we had available margin to fund a higher level of spend as a percentage of premium, while keeping our combined ratio below '96. Starting in 2017 and continuing for the next three years, we were able to operationalize the advances in media efficiency, which allowed us to spend significantly more while still maintaining our target economics with the increased spend funded by available margin. We went from $650 million in spend in 2016 to almost $2 billion in 2020, a tripling in just four years. You will remember from earlier slides, that during that four-year period, there was also an increase in industry spend, which I hypothesized was spurred by our increase in spend.
因此，我们有可用的利润空间来资助更高比例的支出，同时将我们的综合比率保持在'96 以下。从 2017 年开始，持续三年，我们能够将媒体效率的进步付诸实践，这使我们能够在保持目标经济的同时，显著增加支出，而增加的支出则由可用的利润空间资助。我们的支出从 2016 年的 6.5 亿美元增加到 2020 年的近 20 亿美元，仅在四年内实现了三倍增长。您会记得在之前的幻灯片中，在这四年期间，行业支出也有所增加，我假设这是由于我们的支出增加所推动的。
When we started to spend more, competitors noticed and also began spending more. This resulted in that period of growth from 2017 to 2021 for the industry. While our competitors did spend more during that time, we increased our media spend much faster than the industry. Resulting in an increase in our percentage of total industry spend from 11% in 2016 to 20% in 2020.
当我们开始增加支出时，竞争对手注意到了这一点，也开始增加支出。这导致了 2017 年至 2021 年期间行业的增长。虽然我们的竞争对手在那段时间确实增加了支出，但我们的媒体支出增长速度远快于行业。这导致我们在总行业支出中的百分比从 2016 年的 11%增加到 2020 年的 20%。
To summarize, we tripled our spend in four years and almost doubled our share of the industry spend. When our losses are higher than target, we look to cut expenses with the goal of meeting our '96 combined ratio target until we have adequate rate. One of the largest and most flexible ways we can control our combined ratio is through the media budget. As severity trends rapidly steepened starting in 2021. We cut the Progressive media budget three years in a row from 2021 through 2023. Prior to this period, going back 30 years, we had never cut the budget two years in a row.
总结来说，我们在四年内将支出增加了三倍，几乎将我们在行业支出中的份额翻了一番。当我们的损失高于目标时，我们会寻求削减开支，以达到我们“96 年综合比率目标”，直到我们有足够的费率。我们控制综合比率的最大和最灵活的方法之一是通过媒体预算。自 2021 年开始，严重性趋势迅速加剧。我们在 2021 年至 2023 年连续三年削减了 Progressive 的媒体预算。在此之前，回顾过去 30 年，我们从未连续两年削减预算。
So this was an unprecedented time as was the increasing size of the cuts. We went from almost $2 billion of media spend in 2020 to about $1.3 billion in 2023. These cuts happened at a time when the overall industry was cutting as well. So even with the significant cuts, the statutory data shows that we were the biggest vendor in industry in 2022 and 2023. And our share of the overall spend within the industry was almost flat. Going from 20% of spend in 2020 to 19% in 2023.
这是一个前所未有的时期，削减规模也在不断增加。我们从 2020 年近 20 亿美元的媒体支出减少到 2023 年的约 13 亿美元。这些削减发生在整个行业也在削减的时期。因此，即使有显著的削减，公开数据显示我们在 2022 年和 2023 年仍是行业最大的供应商。我们在行业整体支出中的份额几乎保持不变，从 2020 年的 20%下降到 2023 年的 19%。
All of these dynamics would have been impossible to manage without the capabilities of our in-house team. Our insights, analytics and relationships with the business allowed us to make the case for the increase in spend up to 2020 and then quickly cut significant amounts particularly in 2023 to support the overall company goal of hitting a '96.
所有这些动态如果没有我们内部团队的能力将无法管理。我们的洞察、分析和与业务的关系使我们能够为 2020 年支出增加的理由辩护，然后在 2023 年迅速削减大量支出，以支持公司整体目标达到'96。
I've talked about the efficiency of our spend, but have not necessarily defined what that means. We do have a number of controls on our spend. The primary one is that our cost per sale has to be at or below our target acquisition cost. If that is the case, then we would say that the spend is beneficial.
我提到过我们支出效率的问题，但还没有明确定义这意味着什么。我们确实对支出有一些控制措施。主要的一项是我们的每笔销售成本必须在目标获取成本之内或以下。如果达到了这一标准，那么我们就会认为这笔支出是有益的。
Cost per sale is our total acquisition costs divided by direct sales. Tamini is the largest part of our total acquisition costs. Other costs include the expenses related to running our call centers, development of our creative, maintaining and improving our online quote experience, the compensation of our marketing and media groups, among other things.
每笔销售成本是我们总的获取成本除以直接销售量得出的结果。媒体支出是我们总获取成本中最大的一部分。其他成本包括运营呼叫中心的费用、创意开发、维护和改进在线报价体验的成本，以及营销和媒体团队的薪酬等。
Targeted acquisition cost is how much we charge customers for acquisition expenses over the life of their policy plus margin adequacy. It's the amount we price into the policy for acquisition. This amount is adjusted up or down based on where our margin is relative to targets. We need to make sure that the sales we are bringing in are at or below the acquisition expenses we price into our policies. That's the primary control in our spend, but there are others.
目标获取成本是指我们在保单的有效期内为客户收取的获取费用加上利润充足性。也就是我们在保单中定价时考虑的获取成本。这一金额会根据我们的利润与目标的相对情况进行调整。我们需要确保所获得的销售额在我们定价中包含的获取成本之内或以下。这是我们支出的主要控制措施，但还有其他控制措施。
Another constraint is that the direct auto lifetime combined ratio has to be at or below 96, meaning we have to be confident that that the new business we are writing in a state is going to meet our profitability target over the life of the policy. As we talked about in our second quarter 2023 Investor Relations call, direct channel policy acquisition costs are expensed in the first term of the policy and every subsequent term of the policy is collecting the premium necessary to cover the initial acquisition expense.
另一个限制是，直接汽车终身综合比率必须在 96 或以下，这意味着我们必须确信在某个州所承保的新业务将在保单的整个生命周期内达到我们的盈利目标。正如我们在 2023 年第二季度投资者关系电话会议中所讨论的，直接渠道的保单获取成本在保单的第一期被计入费用，而保单的每个后续期则收取必要的保费以覆盖初始获取费用。
这是一个扩张缓慢的业务，每一个新客户在当期很可能是亏的。
If the acquisition expense is too high, such that the premium collected over the average lifetime does not cover initial acquisition expense, indemnity expense and other expenses, we shouldn't be spending money to acquire those policies. We need to be able to service our customers well. This is primarily for claims. There are times when the growth in the state is greater than our claims staffing can keep up with. So we will turn media off in order to slow demand and allow our staffing to catch up. Another constraint is our focus on achieving an aggregate company-wide calendar year combined ratio at or below a 96. We will not spend additional media dollars if our calendar year 96 target is under threat. Even if there may be opportunities for efficient media spend.
如果收购费用过高，以至于在平均寿命期间收取的溢价无法覆盖初始收购费用、赔付费用和其他费用，我们就不应该花钱去收购这些保单。我们需要能够很好地服务我们的客户。这主要是针对索赔。有时，州内的增长超过了我们的索赔人员能够跟上的速度。因此，我们将关闭媒体以减缓需求，让我们的人员能够赶上。另一个限制是我们专注于实现公司整体日历年综合比率在 96 或以下。如果我们的日历年 96 目标受到威胁，我们将不会额外花费媒体费用。即使可能有高效媒体支出的机会。
And the final control on our spend is an efficient incremental cost per sale. That is a relatively new constraint. Incremental cost per sale is our measure of whether our spend is bringing in a quote or a sale that is over and above the ambient shopping rate. We are able to are able to measure that at a pretty granular level. And we are able to use that metric to evaluate efficiency within a channel as well as between channels.
我们支出的最终控制措施是高效的增量销售成本。这是一个相对较新的限制。增量销售成本是我们衡量支出是否带来超过常规购物率的报价或销售的指标。我们能够以相当细致的水平进行测量，并利用这一指标来评估单个渠道内以及不同渠道之间的效率。
This chart shows the relativity of actual cost per sale versus the target acquisition cost. We want this metric to be at or below zero. At zero, it would mean that our actual acquisition cost is equal to our target acquisition cost. You can see that even during the run-up in spend from 2016 to 2020, that we kept cost per sale below the target in some years by as much as 15%. Even as we deployed three times the level of spend, we brought in enough sales to hit our target economics and for that extra spend to be completely paid for with the premium that was generated.
该图表显示了实际每笔销售成本与目标获取成本的相对关系。我们希望这个指标保持在零或以下。在零的情况下，这意味着我们的实际获取成本等于我们的目标获取成本。可以看到，即使在 2016 年至 2020 年支出增加的过程中，我们在某些年份仍将每笔销售成本保持在目标以下，最多降低了 15%。即使我们投入了三倍的支出水平，我们也带来了足够的销售以达到我们的目标经济，并且这额外的支出完全通过产生的溢价得到了补偿。
2023 was certainly an outlier given the size of the cuts. When we cut spend, we cut the least efficient areas first. After the cuts in 2023, we were left with only the most efficient spend as well as a relatively high level of ambient shopping due to the hard market. So cost per sale was significantly below the target acquisition cost in 2023.
2023 年由于削减幅度的大小，确实是一个异常年份。当我们削减开支时，首先削减的是效率最低的领域。在 2023 年的削减后，我们只剩下了最有效的开支，以及由于市场困难而相对较高的环境购物水平。因此，2023 年的每笔销售成本显著低于目标获取成本。
Even with a significant rise in spend 2024, the ratio has increased, but is still well below our targets. This means that so far in 2024, we are adding policies very efficiently. And this is true for two reasons. First, year-to-date, many of our competitors have remained at depressed levels of media spend. This means that we are able to get a large amount of media impressions for less. Additionally, when those impressions turn into quotes, we're converting them at a good pace, suggesting cost competitiveness.
即使在2024年支出大幅增加的情况下，这一比例虽然有所上升，但仍远低于我们的目标。这意味着，2024年至今，我们以非常高效的方式增加了保单数量。这有两个原因。首先，今年以来，许多竞争对手的媒体支出仍处于低迷水平。这意味着我们能够以较低的成本获得大量的媒体曝光。此外，当这些曝光转化为报价时，我们能够以良好的速度进行转换，这表明我们的成本竞争力较强。
Another view of efficiency is to look at the upfront acquisition expenses as a percentage of the lifetime earned premium that is expected from the sales. From 2016 to 2020, our acquisition expenses as a percentage of premium went up, but stayed in the 7% to 7.5% range.
另一个效率的视角是将前期获取费用视为预计从销售中获得的终身保费的百分比。从 2016 年到 2020 年，我们的获取费用占保费的百分比上升，但保持在 7%到 7.5%的范围内。
As with the cost per sale versus target acquisition cost, this metric did fall as we made cuts in 2023 and is up in in 2024 as we've increased spend. Again, this suggests that 2024, even as we have significantly increased our media spend, we're still bringing in prospects at very high efficiency.
与每笔销售成本与目标获取成本相比，随着我们在 2023 年进行削减，该指标确实下降，而在 2024 年随着我们增加支出又上升。再次表明，尽管我们在 2024 年显著增加了媒体支出，但我们仍以非常高的效率吸引潜在客户。
We have shown cost per sale versus target acquisition cost in order to illustrate that even with the run-up in spend, we hit our target economics. This chart illustrates the benefit that we got from increased spend a little more clearly. This chart shows an index of media spend anchored to 2015 as a 1.0 on the horizontal axis and an index of direct auto sales anchored to 2015 on the vertical axis. Each dot represents a different year.You can see that even with the increase in spend, we were able to increase sales commensurately.
我们展示了每笔销售成本与目标获取成本，以说明即使支出增加，我们仍然达到了目标经济。这张图表更清晰地展示了我们从增加支出中获得的好处。该图表显示了以 2015 年为 1.0 的媒体支出指数（横轴）和以 2015 年为基准的直接汽车销售指数（纵轴）。每个点代表不同的年份。您可以看到，即使支出增加，我们也能够相应地增加销售。
As with the other charts, 2023 is an outlier. In previous calls, we were often asked about ambient shopping and how we gauge it. The 2023 number is a clear indication of the elevated amount of ambient shopping last year.
与其他图表一样，2023 年是一个异常值。在之前的电话会议中，我们经常被问及环境购物以及我们如何评估它。2023 年的数据清楚地表明了去年环境购物的高水平。
Despite spending below 2019 levels, we sold more direct new policies than in any year in our history. This is because rates were rising across the industry, prompting customers to shop at and eventually purchase from Progressive.
尽管支出低于 2019 年的水平，但我们销售的新直接保单数量超过了我们历史上的任何一年。这是因为行业内的费率在上升，促使客户在 Progressive 进行比较并最终购买。
We have talked about how the budget cuts were a key tactic in helping Progressive hit the 96 [ph] combined ratio in 2023. This chart shows acquisition expenses as a percentage of direct auto earned premium. You can see the increase in acquisition expense as a percentage of earned premium going from under 9% in in 2016 to almost 13% 2020.
我们已经讨论过预算削减是帮助Progressive在2023年达到96%综合赔付率的关键策略。此图显示了获取成本占直接汽车保费收入的百分比。你可以看到，获取成本占保费收入的比例从2016年不到9%上升到2020年接近13%。
拼多多把这个策略应用于电商，短期的效率很高。
I had mentioned before that one of the keys to our ability to increase the spend the way that we did was available margin to be able to pay for the extra spend, while still hitting profit targets.
我之前提到过，我们能够以这样的方式增加支出的关键之一是有可用的利润空间来支付额外的支出，同时仍然达到利润目标。
As we reduce spend starting in 2021, the acquisition expense ratio dropped from 13% to just over 6% in 2023. This cut reduced the company-wide combined ratio by about 2.8 points in 2023 and was a big factor in our ability to exceed our 96 calendar year target.
随着我们从2021年开始减少支出，获取成本比例从13%下降到2023年的略高于6%。这一削减使公司整体综合赔付率在2023年下降了约2.8个百分点，并且是我们能够超越96%年度目标的一个重要因素。
Year-to-date 2024 we have increased spend, so now our acquisition expense ratio is back to about 10%. Note that the 2024 ratio on the chart is a year-to-date number. The first quarter acquisition expense ratio was below that of the second quarter. As margins continue to be strong, we will look for opportunities to grow the business as much as possible.
截至 2024 年，我们的支出有所增加，因此我们的收购费用比率回升至约 10%。请注意，图表中的 2024 年比率是截至目前的数字。第一季度的收购费用比率低于第二季度。随着利润率持续强劲，我们将寻求尽可能多的业务增长机会。
While we only get statutory spend data annually, we do have some ways to gauge Progressive spend in relation to the rest of the industry during the year. There are a number of third-parties that provide a measure of what individual competitors are spending in select media channels. This chart shows an index created using iSpot data as a proxy for year-to-date TV spend and SensorTower's Pathmatics data as a proxy for year-to-date programmatic display and paid social media spend.
虽然我们每年只能获得一次法定支出数据，但我们确实有一些方法可以在年度内衡量Progressive的支出相对于整个行业的情况。有多家第三方机构提供了关于各个竞争对手在特定媒体渠道上的支出数据衡量。这张图展示了一个指数，该指数使用iSpot的数据作为年初至今电视支出的代理，并使用SensorTower的Pathmatics数据作为年初至今程序化展示广告和付费社交媒体支出的代理。
We have set the Progressive spend at a 1.0 index and show the next four largest spenders in the insurance industry. You can see that based on this data, Progressive Media spending is considerably higher than others. Though this is only a partial picture of all the advertising done in the industry, it does provide a useful data point suggesting Progressive is outspending competitors by a significant margin.
我们将 Progressive 的支出设定为 1.0 指数，并展示保险行业中接下来的四大支出者。您可以看到，根据这些数据，Progressive 的媒体支出明显高于其他公司。尽管这只是行业内所有广告的部分情况，但它确实提供了一个有用的数据点，表明 Progressive 的支出显著高于竞争对手。
That increased spend is paying off as we are delivering the necessary sales to pay for that spend. This chart of spend versus sales is the same as the one I just showed, but each dot represents only the first half of year. You can see that 2024 is above the historic trend line with record spend and record sales. This chart suggests we are getting a strong return on our media spend to date.
增加的支出正在带来回报，因为我们正在实现必要的销售来支付这些支出。这个支出与销售的图表与我刚刚展示的相同，但每个点仅代表上半年的数据。您可以看到，2024 年的支出和销售都超过了历史趋势线，创下了记录。这张图表表明，我们迄今为止在媒体支出上获得了强劲的回报。
In conclusion, Progressive's in-house media team is a unique competitive advantage that has driven significant value for Progressive since the inception of the direct business. In the last decade, the media team has been instrumental in increasing media spend efficiently, which has resulted in greater market share. This team also plays a huge role in managing to our 1996 combined ratio through expense management and cutting spend to support the goal of a company-wide 96 combined ratio.
总而言之，Progressive的内部媒体团队是一个独特的竞争优势，自公司开展直销业务以来，这一团队为Progressive创造了巨大的价值。在过去的十年中，媒体团队在有效增加媒体支出方面发挥了重要作用，推动了市场份额的增长。该团队还在通过费用管理和削减支出来支持公司达到96%综合赔付率目标方面发挥了重要作用。
Today, the team is laser focused on profitable growth and is deploying record spend amounts in the first half of 2024, and this has produced the largest first half direct sales volume in our history. While we focus on the relationship between sales and media spend as a measure of efficiency, it is important to point out that many other areas of the company work in conjunction with our media team to deliver sales. Everything from the award-winning creative produced by our marketing team to industry-leading product and pricing make our jobs easier.
今天，这个团队专注于实现盈利增长，并在2024年上半年投入了创纪录的支出，这也带来了我们历史上最大的上半年直接销售额。虽然我们关注销售与媒体支出之间的关系，作为衡量效率的标准，但必须指出，公司中的许多其他部门也与我们的媒体团队协同合作，以实现销售。从营销团队制作的屡获殊荣的创意到行业领先的产品和定价，所有这些都使我们的工作更加轻松。
Another key area is the team that received the online and we generate at the top of the funnel and converts it into quotes and sales. That team is the direct acquisition experience team, which has ownership of progressive.com and the online quote funnel. In the same way that the media team has evolved over decades, the acquisition experience team has been a competitive advantage for Progressive since we sold our first policy online over 25 years ago.
另一个关键领域是负责接收我们在漏斗顶端生成的线上流量，并将其转化为报价和销售的团队。这个团队是直接获取体验团队，负责管理progressive.com和在线报价漏斗。就像媒体团队在几十年里不断发展一样，获取体验团队自25年前我们首次在线销售保单以来，一直是Progressive的竞争优势。
My colleague, Dave Krew, leads that group and is going to speak to their part in the funnel. Dave?
我的同事，戴夫·克鲁，领导那个小组，并将谈论他们在漏斗中的角色。戴夫？
Dave Krew 戴夫·克鲁
Thanks, Jay. Once Jay and his team get prospects to engage with Progressive, the direct acquisition experience team works to turn digital touches into productive experiences for the consumer and then profit for Progressive. My team is focused on progressive.com and our personal lines auto and recreation aligns direct sales funnels. There are parallel roles that focus on property and commercial lines applying similar concepts.
谢谢你，Jay。一旦Jay和他的团队让潜在客户与Progressive互动，直接获取体验团队便开始致力于将这些数字接触转化为对消费者有价值的体验，并最终为Progressive带来利润。我的团队专注于progressive.com以及我们个人汽车保险和娱乐保险的直接销售漏斗。与此同时，还有其他团队专注于房产和商业保险领域，应用类似的概念。
Our goal is to deliver incremental lifetime underwriting profit each year by optimizing our digital experiences and periodically delivering breakthrough step functions in the evolving digital education, quote and purchase process. The term lifetime underwriting profit or LUP for short refers to the sum of expected profit dollars generated from the incremental sales we produce. I'll touch more on why that's important later.
我们的目标是通过优化数字体验并定期在不断发展的数字教育、报价和购买流程中实现突破性进展，从而每年提供增量的终身承保利润。所谓的终身承保利润（简称LUP）是指我们通过增量销售所产生的预期利润总额。稍后我会进一步解释为什么这一点很重要。
To do what we do requires very close collaboration with adjacent organizations; IT, product, CRM and marketing in particular. It also requires a diverse set of subject matter experts on our central team. We work to connect the dots between deep insurance knowledge, the digital agency mindset, data analytics, data science and process management.
要做到我们所做的事情，需要与相邻组织进行非常紧密的合作；特别是 IT、产品、客户关系管理和市场营销。还需要我们中央团队中有多样化的主题专家。我们努力将深厚的保险知识、数字代理思维、数据分析、数据科学和流程管理之间的联系串联起来。
Another way to say this is a real balance of right and left brain disciplines come together. And in my opinion, that's where the value has had. Like the media team, we've been at this for several decades. Let's start with the origin story. There have been a number of digital first in our history. We are online in 1995 and started quoting and selling online soon thereafter. We started planning for scale, had segmented operational data and tracked results all before the turn of the century and 15-plus years prior to the coining of the term insurtech.
换句话说，这是一种左右脑平衡的学科结合。在我看来，这正是价值所在。就像媒体团队一样，我们也已经在这一领域耕耘了数十年。让我们从起源故事开始。在我们的历史中，有许多数字化的首创。我们在1995年上线，并在不久之后开始在线报价和销售。在世纪之交之前，我们已经开始为规模化进行规划，拥有了细分的运营数据并跟踪结果，这比“保险科技”这个术语出现早了15年以上。
Taking the time line a bit further and deeper, as I said, we were online in 1995. We first showed comparison rates online in 1996, sold our first fully digital auto policy in 1997 and expanded our online footprint from auto to recreational lines in 1999. As we grew, we set out to innovate in the user experience space with several end market innovations, such as Name Your Price. We also invested in our mobile quoting capabilities.
进一步深入时间线，正如我所说，我们在1995年上线。1996年，我们首次在线展示了比价信息，1997年售出了第一份全数字化汽车保单，并在1999年将我们的在线业务从汽车保险扩展到娱乐保险。随着我们的发展，我们致力于在用户体验领域进行创新，推出了多个市场创新，如“自定价格”功能。我们还投资于移动端的报价功能。
Starting in 2017, we began to leverage advanced technologies to personalized user experience and increased funnel throughput. We also continued investing in other value-adding educational content and a chatbot. Which leads us to today selling millions of policies untouched by human hands each year plus a substantial number of digital-assisted sales that quote online and purchase over the phone.
从 2017 年开始，我们开始利用先进技术来个性化用户体验并提高漏斗通量。我们还继续投资于其他增值教育内容和聊天机器人。这使我们今天每年销售数百万份未经过人工处理的保单，以及大量在线报价并通过电话购买的数字辅助销售。
While over half of those digital sales happen on mobile devices. Here's a look at today's digital funnel. There are over 100 million visits to progressive.com annually. These leads to tens of millions of quote starts and ultimately, millions of digital sales. The screen shots on the right of the slide are representative way points as a prospect navigates from our homepage into an auto quote in this case, and ultimately a purchase. A 1% movement in throughput generally contributes sales lift that equates to tens of millions profit dollars.
超过一半的数字销售发生在移动设备上。以下是今天的数字漏斗。每年访问 progressive.com 的人数超过 1 亿。这些访问转化为数千万个报价开始，最终实现数百万的数字销售。幻灯片右侧的屏幕截图代表了潜在客户从我们的主页导航到汽车报价（在这种情况下）并最终进行购买的关键节点。吞吐量的 1%变化通常会带来数千万美元的销售增长。
To that end, we invest significant talent and resources in the user experience, technology and optimization. These incremental sales are high margin given the media team already got the prospects in door.
为此，我们在用户体验、技术和优化方面投入了大量的人才和资源。这些增量销售的利润率很高，因为媒体团队已经将潜在客户引入门口。
To be clear, we often count sales for ease of communication, but the underlying analysis of Lyft generally contemplates contribution of lifetime underwriting profit or LUP as noted earlier, given all the policies are not the same and trade-offs can present themselves. Optimizing motorcycle versus auto lift in a multiproduct experience is one example of such a LUP based tradeoff.
需要明确的是，为了便于沟通，我们通常使用销售量作为衡量标准，但正如之前提到的，关于增量利润的分析通常考虑的是终身承保利润（LUP），因为所有保单并不相同，可能存在权衡。例如，在多产品体验中，优化摩托车保险与汽车保险的增量就是基于LUP的权衡之一。
I'll now transition from our digital history and scale to some of the how of what we do. Our digital experience is in effect, the front end of our highly segmented product. Our product continues to evolve and move faster, which is a very good thing but using the metaphor on the slide requires our digital customer acquisition train to stay sync with an accelerating product train.
现在，我将从我们的数字历史和规模过渡到我们如何开展工作的具体内容。我们的数字体验实际上是我们高度细分产品的前端。我们的产品在不断发展并加速前进，这是一件非常好的事情，但正如幻灯片上的比喻所示，这需要我们的数字客户获取列车与加速的产品列车保持同步。
Our product requires a complex interview for infrequent transaction with many options. We have decades of experience delivering an accurate online quote and optimizing the user experience simultaneously. Along the way, we've evolved a set of tactics and principles that help us make informed trade-offs.
我们的产品需要进行复杂的访谈，以应对不频繁的交易和多种选项。我们拥有数十年的经验，能够同时提供准确的在线报价和优化用户体验。在这个过程中，我们发展出了一套战术和原则，帮助我们做出明智的权衡。
We often run pilots ahead of product changes to assess the best way to gather a given rating input. And by best, we mean most accurate and easiest for the consumer. We've also evolved a living analytic framework to assess and target abandoned points as our user experience and product evolve together.
我们经常在产品变更之前进行试点，以评估收集特定评分输入的最佳方式。我们所说的最佳，是指对消费者来说最准确和最简单的方式。我们还发展了一个动态分析框架，以评估和针对用户体验和产品共同演变过程中被放弃的点。
As stated a bit earlier, there is much value to be had at the interface of deep insurance knowledge and deep user experience knowledge. To be clear, the fastest quote is not our goal. Optimal use of the consumer's time is. An instant or quick quote generally implies assumptions in downstream rework. Not to say we don't experiment, in fact, we have a motorcycle quick quote pilot in market in several states as we speak, as well as embedded rates with automotive and financial partners. But the science needs to include rate accuracy in a total end-to-end look at the customer experience from quote to purchase to onboarding.
正如前面所提到的，在深厚的保险知识和深厚的用户体验知识的交汇处有巨大的价值。需要明确的是，我们的目标并不是最快的报价，而是消费者时间的最佳利用。即时或快速报价通常意味着在后续工作中可能需要进行假设调整。这并不是说我们不进行尝试，事实上，我们目前在几个州推出了摩托车快速报价的试点项目，并与汽车和金融合作伙伴嵌入了费率。但在研究中，我们必须将费率准确性纳入考量，从报价到购买再到客户入驻，全面审视整个客户体验的流程。
Regarding that science, our scale affords lots of data to optimize new experiences via A/B testing. As part of that testing, we look for sales and LUP [ph] lift, as one might expect, and also come full circle to look at the impact of user experience on product mix. How you ask and display the question can matter.
关于这一研究，我们的规模为通过A/B测试优化新体验提供了大量数据。在这些测试中，我们不仅关注销售和终身承保利润（LUP）的提升，这也是人们所预期的，同时还会全面回顾用户体验对产品组合的影响。问题的提问方式和展示方式可能会产生重要影响。
没有技术背景的传统企业很难适应。
To conclude this slide, keeping up with a fast-moving product, while simultaneously improving user experience and sales throughput necessitates that we have deep connections and frequent collaboration with our product and IT partners. Another way to state our objective function is to stay on and ultimately stretch the efficient frontier of customer ease and segmentation fidelity.
总结这一张幻灯片的内容，要在产品快速发展时，同时提升用户体验和销售效率，必须与我们的产品和IT合作伙伴保持深厚的联系和频繁的合作。换句话说，我们的目标是保持在客户便捷性和细分准确性之间的有效前沿，并最终扩展这一前沿。
As the final topic in our acquisition experience section, I'll touch on our approach to personalization and the digital funnel. We know that delivering the right content to the right consumer in the right context drive substantial value. As I pointed out before, we have been delivering personalized content to enhance customer experience and drive increased sales associated LUP since 2017
在我们获取体验部分的最后一个主题中，我将谈谈我们对个性化和数字漏斗的处理方法。我们知道，在正确的情境下向合适的消费者传递合适的内容能够带来巨大的价值。正如我之前指出的，自2017年以来，我们一直在提供个性化内容，以提升客户体验，并推动与之相关的销售和终身承保利润（LUP）的增长。
We've built a number of points of user experience personalization throughout our digital funnel. Personalization use cases have led to cumulative benefits in the hundreds of millions of dollars proven via A/B tests in the marketplace.
我们在数字漏斗的多个环节中建立了用户体验个性化的多个点。个性化的应用案例通过市场上的 A/B 测试证明，带来了数亿美元的累积收益。
Before breaking down our approach to real-time digital personalization on the next slide, I'll also mention another point of advanced technology deployment. Since 2018, our quoting and progressive.com chatbots have delivered millions of conversations and replaced millions of dollars of human support cost. While I won't get into detail on the specifics since this is a fast-moving space that provides real competitive advantage, I'll break down our approach.
在下一张幻灯片中详细介绍我们实时数字个性化的方法之前，我还想提到另一个先进技术部署的要点。自 2018 年以来，我们的报价和 progressive.com 聊天机器人已经进行了数百万次对话，并替代了数百万美元的人力支持成本。虽然我不会详细说明具体情况，因为这是一个快速发展的领域，提供了真正的竞争优势，但我会分解我们的做法。
Delivering personalization at scale in a digital sales funnel in real time requires a set of balanced capabilities. We continue to evolve our capability set along four dimensions. Every year, we work to make sure we advance along each of four key elements, represented on what we call the personalization wheel.
在数字销售漏斗中实时提供大规模个性化服务需要一套平衡的能力。我们继续在四个维度上发展我们的能力组合。每年，我们努力确保在我们所称的个性化轮盘上推进四个关键要素中的每一个。
While not in a particular order, I'll start with context data. We continue to evolve the data we can access in a real-time digital funnel to drive decisions. We take great care around annuity and privacy as we use the data to drive better user experience. Working clockwise on the wheel, we come to content. Delivering the right content to the right consumer in right context is at the heart of our digital personalization work. We constantly work to add new use cases to our road maps, think stars on the prior slide. A close connection with the marketing team is important here.
虽然没有特别的顺序，但我将从上下文数据开始。我们不断进化实时数字漏斗中可以访问的数据，以推动决策。在使用这些数据来改善用户体验时，我们非常重视保密性和隐私保护。顺时针看，我们来到内容部分。将合适的内容在合适的情境下传递给合适的消费者，是我们数字个性化工作的核心。我们不断努力将新的用例添加到我们的路线图中，就像前一张幻灯片中的星星一样。在这里，与营销团队的紧密联系非常重要。
Next is Decision Science. We continue to add new models and evolve existing ones. Context data is the input, a content decision is the output. Last and absolutely not least, is the delivery system. We need an infrastructure that delivers the content decision and the content itself in milliseconds where the value of optimized content is lost. We also need a nimble environment for our data scientists and engineers to test and evolve new models. We have a strong partnership with our IT team to ensure we leverage and influence the latest enterprise-wide developments, while meeting more current in-market objectives. We work advance on all four of these dimensions each year as a means to drive a road map of short, medium and longer-term end-market tests and ultimately, sales and LUP lift. That was a very brief overview of our direct acquisition experience world.
接下来是决策科学。我们不断添加新模型并改进现有模型。上下文数据是输入，内容决策是输出。最后，也是非常重要的一点，是交付系统。我们需要一个能够在毫秒级别交付内容决策和内容本身的基础设施，因为优化内容的价值很容易在延迟中丧失。我们还需要一个灵活的环境，让数据科学家和工程师能够测试和改进新模型。我们与IT团队建立了强大的合作伙伴关系，确保在利用和影响最新的企业级发展时，也能满足当前市场的目标。我们每年在这四个维度上都在提前行动，推动短期、中期和长期的终端市场测试路线图，并最终实现销售和终身承保利润（LUP）的提升。这是我们直接获取体验领域的简要概述。
To summarize, we've been at digital sales funnel growth and optimization for a very long time. We have a lot of data that we learn from and advance in progressive fashion. A tight coupling with product is not only necessary, but we believe a source of significant advantage that Insurtech startups will likely never have. We continue to advance our personalization capability set in this space. And last but not least, we've been evolving at the junction of insurance and technology for decades to help fuel the direct customer acquisition virtuous cycle.
总而言之，我们在数字销售漏斗的增长和优化方面已经有很长时间了。我们有大量的数据可以学习，并以progressive的方式取得进展。与产品的紧密结合不仅是必要的，我们相信这将是保险科技初创公司可能永远无法拥有的重要优势来源。我们继续在这个领域提升我们的个性化能力。最后但同样重要的是，我们在保险与技术的交汇处已经发展了几十年，以帮助推动直接客户获取的良性循环。
Doug Constantine 道格·康斯坦丁
This concludes the previously recorded portion of today's event. We now have members of our management team available live to answer questions, including presenters, Jay VanAntwerp and Dave Krew, who are available to answer questions about the presentation. [Operator Instructions] We will now take our first question. Marvin will...
这结束了今天活动之前录制的部分。我们现在有管理团队的成员在线回答问题，包括演讲者 Jay VanAntwerp 和 Dave Krew，他们可以回答有关演示的问题。[操作员指示] 现在我们将开始第一个问题。Marvin 将...
Question-and-Answer Session
问答环节
Operator 操作员
Our firs question comes from the line of Bob Jian Huang of Morgan Stanley. Your line is now open.
我们的第一个问题来自摩根士丹利的 Bob Jian Huang。您的电话线现在已开启。
Bob Jian Huang 鲍勃·简·黄
Hey, good morning. I'm trying -- so first question is, I'm trying to tie out several quarter worth of presentations here. So first of all, you're signing up probably, call it, 2 million new auto policies this year-to-date so far. And even if I assume there's no additional new auto policies that is still a record. So if we think about from that perspective and typically, first year, because of acquisition costs is because of estimates, your -- that policy cohorts combined ratio should be elevated. And if we go out into 2025 and beyond, despite the fact having already a very efficient acquisition cost, shouldn't your -- that policy cohorts combined ratio to be relatively low.
嘿，早上好。我正在尝试——所以第一个问题是，我正在整理几季度的演示文稿。所以首先，你们今年迄今为止可能签署了大约 200 万份新的汽车保险单。即使我假设没有额外的新汽车保险单，这仍然是一个记录。因此，如果从这个角度来看，通常第一年由于获取成本和估算，你们的——该保单群体的综合比率应该是偏高的。如果我们展望 2025 年及以后，尽管已经有了非常高效的获取成本，你们的——该保单群体的综合比率不应该相对较低吗。
So consequently, give you a lot of more flexibility on the combined ratio side to acquire additional customers. Is that the right way to think about this? If not, like how should I think about just essentially the artificially low combined ratio now? And then how far is that going to evolve going forward?
因此，这给了你在综合赔付率方面更多的灵活性来获取更多客户。这样理解是否正确？如果不对，那我应该如何看待目前这个人为压低的综合赔付率？未来它会如何演变呢？
Tricia Griffith 特里西亚·格里菲斯
Thanks, Bob. And yes, you're exactly right, with 2 million additional auto policies and 2.6 million additional policies overall for the company, there's so many inputs that go into a combined ratio that it's hard to discern exactly how the future will go. But here's what I would say. We're very efficient, and there's been a lot of ambient shopping, as you've seen in our presentations and I've written about we've talked about. And so we're able to have our cost per sell well below our targeted acquisition cost.
谢谢，鲍勃。是的，你说得完全正确，新增 200 万份汽车保险和整体新增 260 万份保单，影响综合比率的因素非常多，因此很难准确判断未来的走向。但我想说的是，我们的效率非常高，正如你在我们的演示中看到的，以及我所写的，我们谈论过的，市场上有很多潜在客户。因此，我们的每笔销售成本远低于我们的目标获取成本。
Now the fact is we want even more growth. So we want to grow from a premium perspective, but I've talked a lot about my preferred -- our preferred method of growth is a unit of growth. So we're going to continue to do that. And we're sitting in really great position. So we will spend more if we think we can continue to grow policies units because, frankly, our premium kind of goes up and down, as you've seen in the last four years based on our trends.
事实是，我们希望获得更多的增长。我们希望从保费的角度实现增长，但我已经多次提到，我更倾向于——我们更倾向于通过单位增长来实现扩展。因此，我们会继续这样做。而我们目前处于一个非常有利的位置。如果我们认为能够继续增加保单数量，我们会增加支出。坦率地说，正如你在过去四年中所看到的，我们的保费随着趋势的变化而上下波动。
It's been a high inflationary trend that's abating, which is great for our customers. So while I'm not going to be able signal what our combined ratio will be, know that we're going to spend as much as we can from a media perspective if we think we can get it in an efficient cost with, again, calendar year and lifetime 96, we're going to continue to drive down non-acquisition expense ratios, we’re going to continue to work on our accuracy and efficiency as well as customer service and work environment, our claims organization, which we have seen just a lot of really great momentum as we've gotten staffed and more tenure in there, and we're going to continue to evolve our brand.
这是一个正在减缓的高通胀趋势，这对我们的客户来说是个好消息。因此，虽然我无法预测我们的综合比率将会是多少，但请知道，如果我们认为可以以高效的成本获得，我们将尽可能多地从媒体角度进行支出，再次强调，按照日历年和96 年终身，我们将继续降低非获客费用比率，我们将继续致力于提高我们的准确性和效率，以及客户服务和工作环境，我们的理赔组织，随着人员的增加和经验的积累，我们已经看到很多非常好的势头，我们将继续发展我们的品牌。
So if you look at that, I can't tell you in your model what to put in for our combined ratio, but know that we're looking at all levers at all times, but we feel like we are finally in a really good position to be able to do what we've always said we wanted to do and take small bites of the apple and continue to grow. And whether that's small bite a little bit upward a little bit downward, really be in a position to grow and take even more market share than we've taken in the first half of this year.
所以如果你看看这个，我不能告诉你在你的模型中该为我们的综合比率填入什么，但请知道我们始终在关注所有杠杆，我们觉得我们终于处于一个非常好的位置，可以做到我们一直想做的事情，逐步取得小的进展并继续增长。无论是小幅向上还是小幅向下，真正能够在一个位置上增长，并在今年上半年所占市场份额的基础上进一步扩大市场份额。
Bob Jian Huang 鲍勃·简·黄
Great. Really appreciate that answer. Thank you. My second question revolves around investment income and the way competitive environment is evolving. So, obviously, last few years, a lot of insurers we're subsidizing their underwriting with investment income to offset the inflationary environment.
很好。非常感谢您的回答。谢谢。我的第二个问题围绕投资收入以及竞争环境的演变。因此，显然，在过去几年中，许多保险公司通过投资收入来补贴其承保，以抵消通货膨胀环境。
As we think about the growth prospects going forward and interest rate volatility going forward, if interest rates were to come down, if equity market remains volatile, does that help you on the broader competitive environment given that some of your key competitors tend to guide as far as an ROE rather than an underwriting combined ratio. Is there a way to think about that from a broader dynamic investment -- as that broader competitive dynamics?
随着我们考虑未来的增长前景和利率波动，如果利率下降，而股市保持波动，这是否有助于你在更广泛的竞争环境中，考虑到你的一些主要竞争对手往往以 ROE 而不是承保综合比率为指导。从更广泛的动态投资角度来看，有没有办法考虑这一点——作为更广泛的竞争动态？
Tricia Griffith 特里西亚·格里菲斯
Yeah. We really try to separate the operational with our capital management. So, obviously, our net investment income has improved because we've had some bonds maturing, we have a lot of money from the operations, so we can put that into bonds with higher yields.
是的。我们确实努力将运营与资本管理分开。因此，显然我们的净投资收入有所改善，因为我们有一些债券到期，我们的运营产生了大量资金，因此我们可以将这些资金投入到收益更高的债券中。
But really our job, at the Progressive Capital Management, we actually just got back from a business review last week is to protect balance sheet. We're going to continue to grow as fast as we can. We're not going to change the dynamics of our overall original [ph] objectives that we've had since 1971 probably before that, but that is to grow as fast as we can at a 1996 combined ratio, or making at least $0.04 of underwriting profit, but making sure that we take care of our customers.
但实际上，在Progressive资本管理部门，我们的主要任务是保护资产负债表。我们刚刚从上周的业务审查回来，我们将继续尽可能快地增长。我们不会改变自1971年（可能更早）以来的整体原始目标，这个目标就是在96%的年综合赔付率下，或者说至少实现0.04美元的承保利润的情况下，尽可能快地增长，同时确保我们照顾好客户。
So we look at the competition and competitors have just different models. We're going to continue to have the motto we have had for a long time because we think it's a winning one.
所以我们关注竞争对手，竞争对手有不同的模式。我们将继续坚持我们长期以来的座右铭，因为我们认为这是一个成功的座右铭。
Bob Jian Huang 鲍勃·简·黄
Great. Thank you. 很好。谢谢。
Tricia Griffith 特里西亚·格里菲斯
Thanks Bob. 谢谢，鲍勃。
Operator 操作员
Thank you. One moment for our next question. Our next question comes from the line of Elyse Greenspan of Wells Fargo. Your line is now open.
谢谢。请稍等，我们的下一个问题。下一个问题来自富国银行的 Elyse Greenspan。您的电话线现在已开启。
Elyse Greenspan 艾莉丝·格林斯潘
Hi, thanks. Good morning. My first question, just given the ramp-up in ad spend that we've seen this year, are you guys doing this with the expectation that the year-over-year PIF gains that you guys see in the second half of the year will accelerate versus the first half of the year. When we think about relative to that $1.9 million that we've seen added through June?
你好，谢谢。早上好。我的第一个问题是，考虑到今年广告支出的增加，你们是否预期下半年相比上半年，年度保单在保户数（PIF）的增长将会加速？当我们将其与截至6月新增的190万份保单进行比较时，你们是如何看待的？
Tricia Griffith 特里西亚·格里菲斯
We sure hope so, Elyse. We're going to continue that. I would say if you -- if there's ever a signal of our confidence in our rates, it's based on what we're spending on our media. So you'll see that we're pretty confident what a difference a year makes. But our intentions are to continue on this path and really leverage where we're at from a competitive perspective, both a media and brand perspective, competitive prices, and we're going to hopefully continue that throughout 2024 and beyond.
我们当然希望如此，Elyse。我们将继续走这条路。我会说，如果你想知道我们对费率的信心如何，那就看我们在媒体上的支出。你会看到，我们对一年内的变化充满信心。我们的意图是继续走这条路，真正利用我们在竞争中所处的位置——无论是从媒体和品牌的角度，还是从竞争性价格的角度来看，我们希望在2024年及以后继续保持这一势头。
Elyse Greenspan 艾莉丝·格林斯潘
And then maybe my second question is a follow-up on that, right? When you guys in the slides talking about competitors returning advertising. Do you have -- how do you view the efficient, I guess, advertising opportunities today relative to the past year?
然后，也许我的第二个问题是对此的跟进，对吧？当你们在幻灯片中谈论竞争对手的广告回报时，你们如何看待今天相对于过去一年的有效广告机会？
Tricia Griffith 特里西亚·格里菲斯
Yes, I think we're still seeing a lot of ambient shopping and there are some people, there's some -- some of our competitors that are still getting a fair amount of rate, which will continue to have shopping as we talked about, both with our of prospects and conversion. So, we feel really great about where at different companies, of course, measure it differently.
是的，我认为我们仍然看到很多常规的购物活动，也有一些竞争对手仍在调整费率，这将继续推动购物活动的发生，无论是在我们潜在客户的吸引上，还是在转化率方面。所以，我们对目前的情况感到非常满意。当然，不同的公司有不同的衡量标准。
And I think really the secret sauce is what Dave and Jay talked about. And that is something that we've worked on not for a year, not for two years, for decades and is built upon each other, and then, of course, working with our product group, our claims group, our marketing group that's really the special secret sauce. So, now, we feel really great about the efficiency. And we feel, like I said, even more importantly, great about having the right rates on the street.
我认为真正的秘诀就是戴夫和杰伊所谈到的。这是我们几十年来不断努力的成果，不是一年，也不是两年，而是相互积累而成的，当然，还有与我们的产品团队、理赔团队和市场团队的合作，这才是真正的特别秘诀。因此，现在我们对效率感到非常满意。而且，正如我所说，更重要的是，我们对市场上合适的费率感到非常满意。
Now, again, that -- I can change a little bit here and there, but it's been such a pendulum swing in the last four years, giving $1 billion back to customers and lowering rates during the pandemic and then, of course, the inflation. It's really nice to what we see at this point in time just some stability, which our customers deserve and just tweaking it up and down a little bit, and that's really where the fun begins where we really can get competitive on our advertising, our media and, of course, taking care of our customers.
现在，这方面可能会有一些小幅调整，但在过去四年里，我们经历了很大的波动，包括在疫情期间返还10亿美元给客户并降低费率，当然还有通胀压力。在当前这个时间点上，看到一些稳定性真的很好，这是我们的客户应得的。我们可以稍微调整一下费率，而真正的乐趣也在这里开始，我们可以在广告、媒体以及客户服务方面变得更具竞争力。
Elyse Greenspan 艾莉丝·格林斯潘
Thank you. 谢谢。
Tricia Griffith 特里西亚·格里菲斯
Thanks Elyse. 谢谢，Elyse。
Operator 操作员
Thank you. Our next question comes from the line of Mike Phillips of Oppenheimer. Your line is now open.
谢谢。我们下一个问题来自 Oppenheimer 的 Mike Phillips。您的电话线现在已开启。
Mike Phillips 迈克·菲利普斯
Thanks. Good morning. Take a step back for the first question, a little higher level, Trish. I guess -- looking at the consumer landscape that's clearly changing, the younger generation, more online, more media, more social media things like that. I guess as you think about how that continues to change, how do you see the overall size of the DTC channel relative to the overall personal market? What percent do you think that's going to be in maybe five, 10 years down the road?
谢谢。早上好。对于第一个问题，稍微退后一步，Trish。我想——看看消费者的格局显然在变化，年轻一代，更多在线，更多媒体，更多社交媒体等等。我想当你考虑到这种变化将如何继续发展时，你如何看待 DTC 渠道相对于整体个人市场的整体规模？你认为在未来五到十年内，这个比例会是多少？
And part of that I ask is we're seeing clearly more competitors try to cut into this, whether it's small new entrants or even some pretty big traditional agency competitors of yours that are trying to switch over to direct. And so if you can comment on how difficult you think that is to get into this market, given you guys have been quite successful for decades? Thank you.
我想问的是，我们明显看到更多竞争者试图进入这个市场，无论是小型新进入者，还是一些相当大的传统代理竞争对手，他们正在尝试转向直接模式。您能否评论一下，考虑到你们在这个市场上已经成功了几十年，您认为进入这个市场有多困难？谢谢。
Tricia Griffith 特里西亚·格里菲斯
Yes, I mean I think that the generation, I think I've shared with you before, I have six children that everyone wants to buy online, that makes more sense. It's easy. I remember when we first started prog.com, it was called something else is called Auto Pro. No one thought anyone would ever buy auto insurance online, and we made a bet.
是的，我是说我认为这一代人，我之前和你分享过，我有六个孩子，每个人都想在线购买，这更有意义。这很简单。我记得我们第一次启动 prog.com 时，它叫别的名字，叫 Auto Pro。没有人认为会有人在线购买汽车保险，我们打了个赌。
And it's difficult. And it was an uphill battle. It was an expensive battle, it took us 10 years before we made money. As if you go back into this presentation, you look at what Dave Krew said, we were in SureTec before that it was never coined a name. So, I think we feel pretty proud that we're going to continue to innovate. That's so important in our DNA.
这很困难。这是一场艰苦的战斗。这是一场昂贵的战斗，我们花了 10 年才开始盈利。如果你回到这个演示文稿，看看 Dave Krew 所说的，我们在 SureTec 之前从未给它起过名字。因此，我认为我们感到非常自豪，我们将继续创新。这在我们的 DNA 中是如此重要。
So, we're going to continue with the integrated marketing campaigns. I think for us, it's really about choice for consumers. So, I am still an agency customer. It works for me, it doesn't work for my children.
因此，我们将继续开展整合营销活动。我认为对我们来说，这实际上是为消费者提供选择。因此，我仍然是代理商的客户，这对我有效，但对我的孩子们来说就不适用了。
So, I think to answer your question, it's hard to get into, but even as we watch the competition, it really boils down to competitors and all of us making sure that we have the right choices for our consumers. And that's really where we want to be. And we believe that we can compete really effectively in both the direct and agency channel, and we have been.
所以，我认为要回答你的问题，这很难进入，但即使我们在关注竞争，归根结底还是竞争对手和我们所有人确保为消费者做出正确选择。这正是我们想要达到的地方。我们相信我们可以在直接渠道和代理渠道中有效竞争，而我们一直在这样做。
Mike Phillips 迈克·菲利普斯
Okay. Thank you. This is a little more specific to your recent Q. You mentioned a lot about growth in renters. And I guess I'm curious, is there anything concerted effort on your part that's caused that? Or where is that coming from? And are there growth opportunities in your auto that come from that growth in renters? And are there things in the renters customer base that you can learn that would make the auto growth a little bit more profitable? Thank you.
好的，谢谢你。这个问题更具体地涉及到你们最近的财报。你们提到租户保险业务的增长很多。我很好奇，这是否是你们有意推动的结果？或者这种增长是从哪里来的？这种租户保险的增长是否会带来汽车保险的增长机会？从租户客户群中是否有可以借鉴的经验，从而使汽车保险的增长更加盈利？谢谢。
Tricia Griffith 特里西亚·格里菲斯
Yeah. I mean I think renters is oftentimes required, we have an easy, really quote flow for renters. We do like to have the auto renters bundled. We also know that renters can often turn into homeowners. And of course, we have to make sure that those homes are ones that fit our risk profile as we move forward and de-risk that book a little bit. But yeah, any time we see that bundle happen, whether it's auto and renters and then any other product you add that also causes stickiness, and that's really where the rubber meets the road is making sure that consumers we have what they need and when we do, they stay for a long time. Thanks, Mike.
是的。我认为租户通常是必需的，我们为租户提供了一个简单、流畅的报价流程。我们确实喜欢将汽车租赁捆绑在一起。我们也知道，租户往往会转变为房主。当然，我们必须确保这些房屋符合我们的风险概况，以便在前进的过程中降低风险。但无论何时我们看到这种捆绑发生，无论是汽车和租户，还是您添加的任何其他产品，这也会导致客户粘性，这正是关键所在，确保我们为消费者提供他们所需的产品，当我们做到这一点时，他们会长期留存。谢谢，迈克。
Operator 操作员
Our next question comes from the line of Gregory Peters of Raymond James. Your line is now open.
我们的下一个问题来自雷蒙德·詹姆斯的格雷戈里·彼得斯。您的电话线现在已开启。
Gregory Peters 格雷戈里·彼得斯
Good morning, everyone. So for the first question, I'm going to focus on Jay's staffing comment. And Jay, during your portion of the presentation, I think you mentioned that there are times when your staffing in certain geographies aren't up to the speed of growth and so you dialed back advertising -- so I guess just some questions around that. How many times has this happened? Has there been specific geographies where this has been a challenge and maybe on a broader base just about some of your higher strategies to offset what you're reporting substantial growth in presumably a tight labor market?
早上好，大家好。我的第一个问题会聚焦于Jay提到的人员配备问题。Jay，在你的演讲部分中，你提到有时候在某些地区的人员配备跟不上增长速度，所以你减少了广告投放。我想进一步了解这个问题。这样的情况发生过多少次？是否有特定的地区面临这个挑战？在更广泛的层面上，针对你们在劳动力市场紧张的情况下报告的显著增长，有没有一些更高层次的策略来应对这些挑战？
Tricia Griffith 特里西亚·格里菲斯
Yeah. A great question, Greg. Let me take that one. It rarely happens, but we watch it closely, mainly because we talk about growing as fast as we can at or below a '96 if we can take care of our customers. I recall one time I'll get the year wrong but it was early 2000s. We were growing a lot. And I remember specifically, we had to tell the state of Texas that we had to slow down. So we had to slow down growth there. So, that obviously is embedded in me. I wasn't even in the role.
是的，格雷格，这是个好问题。让我来回答这个。虽然这种情况很少发生，但我们会密切关注，主要是因为我们谈论的是尽可能快地增长，目标是在'96 年或以下，如果我们能照顾好我们的客户。我记得有一次，我记错了年份，但那是在 2000 年代初。我们增长得很快。我特别记得，我们不得不告诉德克萨斯州，我们必须放慢速度。因此，我们不得不在那里放慢增长。这显然深深植根于我心中。当时我甚至还不在这个角色中。
But having been in the claims role, you work closely, and I know our claims President works closely with Pat and his group to say, okay, here's where we're adequately staffed. And also the great part about now having the ability to have some hybrid work is you can shift work to different states. So you can -- if we are a little bit behind in staffing in one state, we could -- and a little bit above in the other, we can train those people to work that state if we need to.
但在理赔岗位上工作后，您会密切合作，我知道我们的理赔总裁与帕特及其团队紧密合作，来确定我们在何处人员配置充足。而且，现在能够进行一些混合工作的好处是，您可以将工作转移到不同的州。因此，如果我们在一个州的人员配置稍微落后，而在另一个州稍微超出，我们可以培训那些人去处理那个州的工作，如果需要的话。
All we're saying and all Jay saying is that if we need to shut off media at a local basis like we did in the last couple of years when we didn't have the right rates on the street, we can do that or if aren't staffed appropriately.
我们所说的，以及杰伊所说的，就是如果我们需要在地方上关闭媒体，就像我们在过去几年没有合适的市场费率时所做的那样，我们可以这样做，或者如果我们的人员配置不当。
Now, right after the pandemic going into 2022, I would say, we had way more turnover than we would normally like in both claims in CRM, we're in a completely different spot right now. In fact, are hiring ahead of need and feel really good and I talked a little bit about making sure that we -- with new reps that we are really accurate and we pay the fair amount and that we're efficient. So that's really where we're going to be able to turn that on now because we feel really great about our staffing tenure, the quality and our accuracy.
在疫情结束后的2022年，我们在理赔和客户关系管理（CRM）方面的员工流动率远高于我们通常的预期。然而，现在的情况完全不同。事实上，我们的招聘已经超出了需求，并且感觉非常好。我提到过，我们要确保在有新员工加入时，能够做到准确支付、公平报酬，并且高效运作。因此，现在我们能够更好地推动这一进程，因为我们对员工的稳定性、质量和准确性非常有信心。
Gregory Peters 格雷戈里·彼得斯
Okay. I guess for my follow-up question, I'm going to pivot. And as part of the advertising presentation and advertising expense, presentation, you really didn't talk about multilingual strategies, and we don't really see it in the PowerPoint presentation yet the Hispanic community is a growing percentage of the population inside the United States. So I'm just curious if you could spend a minute and talk about how you're approaching your digital advertising and all the other advertising levers and targeting multilingual cohorts of the population.
好的。我想对于我的后续问题，我将转变一下方向。在广告展示和广告费用的展示中，您实际上并没有谈到多语言策略，而我们在 PowerPoint 演示中也没有看到这一点，然而西班牙裔社区在美国人口中占比不断增长。因此，我很好奇您是否可以花一点时间谈谈您如何处理数字广告以及其他所有广告杠杆，并针对多语言人群进行定位。
Tricia Griffith 特里西亚·格里菲斯
That is a great question, and we've been working on that for some time. We had a little setback with some litigations in law, law in Colorado. I won't go into the details because it's out there. But it really caused us to pause because it's really difficult for us when we want to do national advertising to control who's seeing in any given state. So we paused on that.
这是一个很好的问题，我们已经在这个问题上努力了一段时间。我们在科罗拉多的法律诉讼中遇到了一些挫折。我不会详细展开，因为这些信息已经公开了。但这确实让我们暂停了相关工作，因为当我们想做全国性广告时，很难控制在任何特定州的受众。因此，我们暂停了这项工作。
Now we have done a couple ads, one in particular, really sweet one. If you go through it, it's a deer talking to the dove and a dad talking to the new driver. And there's some nods obviously, to Latin X [ph], which we think is important. And I totally agree with you. So we have a strategy and a whole team working on our multilingual, a sort of ability to grow. We can grow both in the agency channel, and we have a huge group of what we call Sagora reps [ph] here that handle our Spanish-speaking customers. We believe that this is a big opportunity.
我们确实做了一些广告，其中有一个特别甜美的广告。如果你看过，会看到一只鹿在和一只鸽子对话，还有一个父亲在和新司机对话。这其中显然也有一些对拉丁裔文化的致意，我们认为这是很重要的。我完全同意你的看法。因此，我们制定了一个策略，并有一个专门的团队在推进多语言能力的增长。我们可以在代理渠道中实现增长，同时我们还有一个庞大的团队，我们称之为Sagora代表，他们负责处理西班牙语客户。我们相信这是一个巨大的机会。
Again, we had to pause a little bit because of something that happened in Colorado, but we talk about this a lot. In fact, we're getting an update in one of my upcoming direct report meetings on where we're going with our multilingual strategy.
我们又不得不暂停一下，因为科罗拉多发生了一些事情，但我们对此进行了很多讨论。事实上，在我即将召开的直接报告会议上，我们将获得关于我们多语言战略进展的更新。
还没有用上推荐引擎。
Gregory Peters 格雷戈里·彼得斯
Thank you for the answers.
谢谢你的回答。
Tricia Griffith 特里西亚·格里菲斯
Thank you, Gregory. 谢谢你，格雷戈里。
Operator 操作员
Our next question comes from the line of Josh Shanker of Bank of America. Your line is now open.
我们的下一个问题来自美国银行的乔什·香克。您的电话线现在已开启。
Josh Shanker 乔什·香克
Yes, thank you for taking my question. I was listening to Jay's presentation and he said that you made a big bet in advertising. And of course, the industry followed you. And then Tricia, you said that people doubted people would buy auto insurance online, but of course, that they did. I was wondering what was the catalyst change all that, and I want to apply that to homeowners. When do you think there will be a catalyst that people really buy homeowners online, how big do you think the online homeowners' direct-to-consumer market can get -- and maybe do you think we're on the cusp of that change?
谢谢你回答我的问题。我听了Jay的演讲，他提到你们在广告上进行了大规模投入，随后整个行业都跟随了你们的步伐。而Tricia，你提到人们曾怀疑是否会有人在线购买汽车保险，但最终事实证明他们确实会。我想知道是什么催化了这一变化，并且想将其应用到房主保险上。你认为什么时候会出现一个催化剂，使人们真正开始在线购买房主保险？你认为在线房主保险直销市场的潜力有多大？你是否认为我们正处在这一变化的边缘？
Tricia Griffith 特里西亚·格里菲斯
Yes. That's several questions. I'll go back to begin with. I think we'll always continue to try to grow in all channels. So we'll use that innovation. I think Jay's big bet on advertising. We had -- we sort of took a decomp and looked at where we were at a long time like go back to like the mid-2000s. And we advertised, we did it well. We had a brand but not solidified. And I think we were able to make a big bet when we had a brand that people recognize that respected, they talked about choice that talked about savings and I actually remember it pretty well because it was not long after I came into this job, I came in mid-2016, we bumped up against the 96 in my first quarter, and shortly thereafter, and I meet with the acquisition teams all the time. Jay and his team came with an approach, and it was brilliant, and I supported it. In fact, Jay often comes to me or through Pat and to me to say we need spend more here, and here's why. And honestly, their group is so spot on. I've never said no. And of course, they've given us a gift of pulling back when we've needed to.
这是几个问题，我先从开头回答。我认为我们将始终在所有渠道中寻求增长，并通过创新来实现这一点。我认为Jay在广告上的大手笔是一个重要的决定。我们曾进行过分析，回顾了我们在很长一段时间内的表现，比如回到2000年代中期。我们进行了广告投放，并且做得不错，我们有一个品牌，但尚未得到巩固。我认为，当我们拥有一个被认可和尊重的品牌时，我们能够做出这个重大决定。这个品牌谈论的是选择和节省。我记得这件事很清楚，因为这发生在我上任不久之后，我在2016年中期接手这个工作，我在第一个季度就遇到了96%的综合赔付率目标，不久之后，我经常与客户获取团队会面。Jay和他的团队提出了一种方法，非常出色，我支持了它。事实上，Jay经常直接或通过Pat来找我，提出需要在某个方面增加投入，并解释原因。老实说，他们的判断非常精准，我从未拒绝过。当然，他们也在我们需要的时候减少了支出，这对我们来说也是一种帮助。
So on the direct homeowner side, we're about -- I think about 25% of our business comes into the direct side. So, but think that's Progressive Home and another stable group of carriers. We're going to continue to expand that because we do think people want to buy online. I don't know what the pivot point will be where it's 50-50, like it is in auto, but we're going to continue to invest in that that because we think it's important.
在直销房主保险方面，我们大约有25%的业务来自直销渠道，这包括Progressive Home和另一组稳定的承运人。我们将继续扩展这一领域，因为我们确实认为人们希望在线购买保险。我不知道何时会达到像汽车保险那样的50:50平衡点，但我们将继续在这一领域投资，因为我们认为这很重要。
互联网的进展看着已经处于临界值。
And because a home is so much more volatile. And if you get to a density situation can be problematic during storms, we'll continue to work with really solid partners to make sure it benefits them and us as a win for all companies.
由于房屋保险的波动性更大，如果遇到密集地区的情况，可能在风暴期间会出现问题，因此我们将继续与非常可靠的合作伙伴合作，确保这对他们和我们都是有利的，实现各方共赢。
受限于资本金。
Josh Shanker 乔什·香克
And then looking little more on the rate and homeowners. If you look at some of your competitors provide renewal pricing data in that their rate increases are much higher than yours, of course. Some of your pricing is related to your growing faster in non-coastal non-cat states, which is causing your numbers to be lower due to diversification geography. But still, your numbers seem to be lower. Is homeowners nationally being priced adequately not so progressive, but the industry in general? Is the industry overpricing too much, do you think creating an opportunity for Progressive take share here? Or does Progressive -- also need to take some action here to get current with what others are doing?
关于房主保险的费率问题，如果看看你们的一些竞争对手，他们提供的续保定价数据显示，他们的费率增长远高于你们。当然，你们的定价有部分原因是由于你们在非沿海、非灾害州的增长更快，这使得你们的数字因地域多样化而较低。但即便如此，你们的数字似乎还是偏低。你认为在全国范围内，房主保险的定价是否足够合理？不单指Progressive，而是整个行业。你认为行业是否定价过高，从而为Progressive创造了夺取市场份额的机会？或者Progressive是否也需要采取一些措施，以跟上其他公司的步伐？
Tricia Griffith 特里西亚·格里菲斯
Well, some of that -- some of those rates you're looking at, like we talked about our growth in renters, which is really much smaller average written premium. We took about 4% in the quarter. And year-to-date, it will be about 10% on a trailing 12% about, 17%. So we've taken quite a lot of a lot of rate, and we've had other non-rate actions that we've taken to derisk our books.
你所看到的某些费率与我们的增长情况有关，比如我们提到的租户保险的增长，这部分的平均保费相对较低。我们在这个季度大约增加了4%的费率，年初至今的费率增长大约是10%，而在过去12个月中，大约增长了17%。因此，我们已经采取了相当多的费率调整措施，此外，我们还采取了其他非费率措施来降低我们的风险。
I think first things first, we're going to focus on de-risking the book, doing what we've said. We have the 115,000 non-renewals in Florida that we knew were unprofitable. We worked with Florida to have options for those consumers. We're going to continue for us to work on improved segmentation. We have eight states on our new 5.0 product. Get as good at our pricing and our segmentation and really at that surgical level as we have in auto, and that takes some time. We've been working diligently on it. I said in my letter, we're going to be even more aggressive.
我认为首先要做的就是专注于降低风险，执行我们所说的。我们在佛罗里达州有 115,000 个不续保的客户，这些客户我们知道是亏损的。我们与佛罗里达州合作，为这些消费者提供选择。我们将继续努力改善细分市场。我们的新 5.0 产品在八个州推出。我们要在定价和细分市场方面做到像在汽车保险中那样精准，这需要一些时间。我们一直在努力工作。我在信中提到，我们将更加积极。
I think at that point, when the dust clears, we'll be able to take more market share. In the meantime, we are continuing to grow in what we perceive as more nonvolatile states. Weather is always the factor that we have to take into account all the time. But right now, our focus is derisking a property. And then as we feel like we're in a good position, and we do have the right rates. We'll grow in the areas where we think it's most important to grow for the whole health of portfolio.
我认为，当尘埃落定时，我们将能够获得更多的市场份额。与此同时，我们将继续在我们认为更为稳定的州中增长。天气始终是我们必须考虑的一个因素。但目前，我们的重点是降低房产的风险。当我们觉得处于一个良好位置，并且拥有合适的费率时，我们将在那些对整个投资组合的健康发展最为重要的地区进行扩展。
不解决资本金的问题很难发展房主保险，或许也会找到创新的办法。
Josh Shanker 乔什·香克
Very helpful answers. 非常有帮助的答案。
Tricia Griffith 特里西亚·格里菲斯
Thank you. 谢谢。
Operator 操作员
Thank you. One moment for next question. Our next question comes from the line of Robert Cox of Goldman Sachs. Your line is now open..
谢谢。请稍等，接下来是下一个问题。我们的下一个问题来自高盛的罗伯特·考克斯。您的电话线现在已开启。
Robert Cox 罗伯特·考克斯
Hey, thanks for taking my question. First question just on cost per sale. I'm just curious, as peers have continued to improve their margins year-to-date. Are you expecting increased competition on the cost per sale in the back half of year? And also curious how you anticipate the election will impact costs for advertising?
嘿，谢谢你回答我的问题。第一个问题是关于每笔销售的成本。我很好奇，随着同行在年初至今持续改善他们的利润率，你们是否预计在下半年的每笔销售成本上会面临更激烈的竞争？另外，我也想知道你们预计选举将如何影响广告成本？
Tricia Griffith 特里西亚·格里菲斯
Yeah. To answer the last part, I have no idea. The first part, we might feel some pressure on cost per sale, but it is so much below TAC that we feel really good about the efficiency.
是的，至于最后一个部分，我不知道答案。关于第一个部分，我们可能会在每笔销售成本上感受到一些压力，但目前它远低于目标获取成本（TAC），所以我们对效率感到非常满意。
Robert Cox 罗伯特·考克斯
Okay. Got it. Thanks. And just maybe going to the 10-Q, some of the business mix shift impacting accident frequency. When you think about pricing going forward, how much of this favorable frequency environment are you considering as sustainable versus weather related or other nonrecurring benefits?
好的，明白了，谢谢。关于你提到的10-Q报告中业务组合变化对事故频率的影响，当你考虑未来的定价时，你认为这种有利的频率环境中有多少是可持续的，而不是由天气或其他一次性因素造成的？
Tricia Griffith 特里西亚·格里菲斯
Yeah. So if you look at our frequency being down about 8%, the majority of that is really – it's always hard to discern exactly. I would say, the two factors right now for us is our preferred mix and some of the non-rate actions. So we've unwound or continue to unwind the non-reactions.
是的，如果你看到我们的事故频率下降了大约8%，其中大部分原因确实很难确切区分。我认为目前对我们来说，主要有两个因素：一是我们的优选业务组合，二是一些非费率措施的影响。所以我们已经开始或继续取消一些非费率措施。
The preferred business, our motto has always been that we want Sam, Dianes, Wrights and Robinsons. We want every customer as long as we can make a lifetime in a calendar year, 96 combined ratio. So we made to pressure on that. But again, it's really hard to discern and really put together exactly what makes frequency. We watch it closely. As well as we do, obviously, frequency and then react to that accordingly.
我们的优选业务一直遵循的原则是，我们希望吸引像Sam、Diane、Wright和Robinson这样类型的客户。只要我们能够在一个日历年度内实现96%的综合赔付率，我们就希望拥有每一位客户。所以我们可能会在这方面面临一些压力。但是，确实很难准确区分和明确是什么导致了频率的变化。我们密切关注这一点，并根据频率的变化做出相应的反应。
But like I've said, I feel like we're in such a better position in terms of stability around those trends. And if we can now start to do what we do best, and that is thoroughly look at every product, every state, new and renewal and take a little bit up, a little bit down, a little bit up, a little bit down, make those rates stable for our consumers. That's really the winning proposition for us.
正如我所说，我感觉我们现在在这些趋势的稳定性方面处于一个更好的位置。如果我们现在能够开始做我们最擅长的事情，那就是全面审视每一个产品、每一个州、新客户和续保客户，进行一些小幅的上调或下调，使我们的费率对消费者来说保持稳定。这才是真正的制胜之道。
不赚快钱，属于深沉而长期的自信。
Robert Cox 罗伯特·考克斯
Thank you. 谢谢。
Tricia Griffith 特里西亚·格里菲斯
Thanks. 谢谢。
Operator 操作员
Thank you. One moment for next question. Our next question comes from the line of Meyer Shields of KBW. Your line is now open.
谢谢。请稍等，接下来是下一个问题。我们的下一个问题来自 KBW 的 Meyer Shields。您的电话现在已接通。
Unidentified Analyst 未识别分析师
Hi. It’s Jen [ph] on for Meyer. Thank you for taking my question. My first question is on the rates in the shareholder letter, you mentioned taking some small rate cut for eight states. Just curious on what your thinking behind it? And how should we think about rates going forward?
你好，我是Jen，代替Meyer提问。谢谢你回答我的问题。我的第一个问题是关于股东信中提到的八个州的小幅降费。你们对此的考虑是什么？我们应该如何看待未来的费率走势？
Tricia Griffith 特里西亚·格里菲斯
Yeah. So we always -- like I said, we're kind of back to things that are a little bit normal. So if you think about on the auto side, combined ratio right around 88%. That doesn't mean that every states at 88%, that every DMA is at 88%, some are above, some are below.
是的，正如我所说，我们现在的情况有点回归正常状态了。以汽车保险为例，目前的综合赔付率大约在88%左右。这并不意味着每个州的赔付率都是88%，也不意味着每个指定市场区域（DMA）的赔付率都是88%，有些高于这个水平，有些则低于。
So you can imagine that if we're well-below our 88%, which is below our 96 actual goal that we're going to take the opportunity to reduce those rates a little bit to bring in new business, along with our media spend and are unwinding of non-rate actions. Remember, too, when we think about that, and it's kind of what I said before, we want to make sure that we're taking those small nibbles, small bites. So even though we reduced rates, by a small amount, 8%. We increased rates in 13%, a small amount, which is just such different game than we've had to play in the last several years.
你可以想象，如果我们显著低于88%的赔付率，而这个数字本身就低于我们实际目标的96%，那么我们会抓住机会稍微降低费率，以吸引新业务，同时配合我们的媒体支出和逐步取消的一些非费率措施。还要记住，就像我之前说的那样，我们希望确保这些调整是小幅度的、渐进的。所以即使我们在八个州小幅降低了8%的费率，我们在十三个州也小幅增加了费率。这与我们过去几年的策略完全不同。
进退自如。
And so that's where we'll think of rate cuts. We'll think of if, in fact, we're making wide margins and we believe it will benefit us for growth and benefit our consumers to have stable rates. We'll use that as one lever to continue new business growth.
因此，当我们考虑降费时，如果我们确实在获得较高的利润，并且认为这有助于我们的增长，同时也让我们的消费者享受稳定的费率，我们将把降费作为一个杠杆，继续推动新业务的增长。
Unidentified Analyst 未识别分析师
Got it. Thank you. My second question is on the conversion rate. So in your presentation, you mentioned expanding significantly more than competitors. Conversion rate has come down due to the schedule shopping behavior. How is Progressive from thinking about dealing with the conversion rate?
明白了，谢谢。我的第二个问题是关于转化率的。在你的演讲中，你提到相比竞争对手，Progressive的扩展显著增加。然而，由于市场上购物行为的变化，转化率有所下降。Progressive是如何考虑应对转化率下降的问题的？
Tricia Griffith 特里西亚·格里菲斯
Yeah. So we -- I think the question was about conversion rate. And obviously, we want to be on the short list for consumers and then ultimately convert that. So our prospects are high now because we're out there. And so you're going to see -- that's kind of the wide part of the tunnel, the funnel. And then if you go down, our conversion isn't as high because of the numbers. So we can't necessarily control that, but we think -- there's a lot of shopping out there. A lot of people just kind of making sure they shop because rates have been so volatile. But we will continue to work on making sure that our conversion rate is in line with what we think it should be on all products in all states.
是的，我想问题是关于转化率的。显然，我们希望能够进入消费者的短的候选名单，并最终实现转化。由于我们在市场上的活跃度很高，所以现在我们的潜在客户数量很大，这就导致漏斗的上端非常宽。但是随着漏斗向下，转化率并没有那么高，因为基数很大。我们无法完全控制这一点，但我们认为目前有很多消费者在购物，他们只是想确保在费率波动如此剧烈的情况下进行比较。但我们将继续努力，确保我们的转化率在各产品和各州都符合我们的预期。
Unidentified Analyst 未识别分析师
Thank you. 谢谢。
Operator 操作员
Thank you. Our next question comes from the line of Jimmy Bhullar of JPMorgan.
谢谢。我们下一个问题来自摩根大通的 Jimmy Bhullar。
Jimmy Bhullar 吉米·布拉尔
Good morning. So most of my questions were answered, but I was wondering if you could talk about what you're see in terms of competitor behavior on pricing and marketing spend how it varies by channel -- because it seems like the mutuals as the group haven't been as proactive in raising prices, but just wondering if you could talk about the various channels and what you're seeing?
早上好。大部分问题已经得到解答，但我想了解一下你们在定价和营销支出方面看到的竞争对手的行为，以及它们在不同渠道中的差异。因为看起来互助保险公司整体上在提价方面并不那么积极，但我想请你谈谈各个渠道的情况以及你们的观察？
Tricia Griffith 特里西亚·格里菲斯
Yeah. I mean, the channels are different because like we talked about today that was really focused on direct, which is more of a fixed spend. And then the spend on the agency side is more variable depending on new and renewal and then, of course, what's happening in the industry in terms of commission amounts. I think we have seen our competitors, I would say, acting rationally.
是的，各个渠道确实有所不同。正如我们今天讨论的，直销渠道更倾向于固定支出，而代理渠道的支出则更加灵活，取决于新客户和续保客户的数量，以及行业内佣金水平的变化。我认为，我们的竞争对手总体上表现得比较理性。
And I think there's been a lot of rate in the system, still a lot of rate coming into the system. I can see it becoming more competitive. And if that's the case, I think you'll likely see more spending. And so that's -- to me, that's the rational case. So whether your goal is 96% or 95% or 105%, I think at some point, you need to be mean to be rational and price your right to risk.
我认为，系统中已经有很多费率调整，并且仍然有很多新的费率进入系统。我可以预见竞争会变得更加激烈。如果是这样，我认为你可能会看到更多的支出。因此，对我来说，这才是理性的情况。无论你的目标是96%、95%还是105%，在某个时候，你需要理性地定价，以匹配风险。
And I believe we're seeing that. And we all have our own models, obviously, I am biased and believe that our model is the best because it's that balance of growth and profitability and competitive prices and most importantly, our people and culture. So I think this should be an interesting couple of years, but I do see some rational movement from -- across a lot of our competitors.
我认为我们确实看到了这种情况。我们每家公司都有自己的模型，显然我有偏见，我相信我们的模型是最好的，因为它在增长、盈利能力、竞争性价格，以及最重要的——我们的人才和文化之间取得了平衡。所以我认为接下来的几年会非常有趣，但我确实看到我们很多竞争对手在做出一些理性的调整。
Jimmy Bhullar 吉米·布拉尔
And then your margins have obviously been pretty good for the last several quarters, but most of your peers' margins are improving as well. So wondering if you see an environment where in a few quarters, you start to see regulatory pushback on prices since they have gone up a lot or just the excess profit you're earning get eroded because of an uptick in composition on prices?
最近几个季度，你们的利润率显然表现得非常好，但你们的大多数同行的利润率也在改善。因此，我想知道你们是否预见到在未来几个季度中，可能会面临监管对价格的反弹，因为价格已经上涨了很多，或者由于价格竞争的加剧，你们的超额利润可能会被侵蚀？
Tricia Griffith 特里西亚·格里菲斯
Yeah. I mean, I don't -- again, I don't want the pendulum to swing the other way because they're still about 10% states or premium that we don't actually have the right rates on the street from our perspective in terms of where we want to be. So we will, like I said, and as you read, we did reduce rates in 8 states, and we'll continue to watch that. We want to make a '96. I want to -- we want to grow. We want to grow unit growth. And that's why we're doing what we have said we've always done, and that is advertise more, make sure that we're there for our customers when they need us most, as you see some of the volatile weather happening.
是的，我的意思是，我并不希望摆锤摆到另一个极端，因为从我们的角度来看，大约10%的州或保费目前还没有达到我们期望的费率水平。所以，正如我所说的，也正如你所看到的，我们确实在8个州降低了费率，并将继续关注这一点。我们的目标是保持96%的综合赔付率，同时实现增长，特别是单位增长。这就是为什么我们继续做我们一直以来所说的事情，即增加广告投入，确保在客户最需要我们的时候（尤其是在天气波动剧烈的情况下）为他们提供服务。
And I think regulators, we work with them and the relationships are really important to make sure that there's two things that we have adequate rates on the street, competitive prices. So, if we lower rates, I think people will follow as well because everyone has to have competitive prices. It's so easy to shop. And easy to leave your carrier if you want to. So, it's really important to have competitive prices, and so much goes into that, whether it's segmentation or our claims efficiency, et cetera. So, I think that's what we have to look at.
我认为与监管机构的合作非常重要，确保我们在市场上有适当的费率和具有竞争力的价格。如果我们降低费率，我认为其他公司也会跟随，因为每个人都必须保持竞争力的价格。购物变得非常容易，如果你愿意，离开现有的保险公司也很简单。因此，保持竞争力的价格非常重要，而这涉及很多方面，无论是细分市场还是我们的理赔效率等等。所以，我认为这就是我们需要关注的重点。
离强大的品牌还有距离，需要更强大的精神力量，一开始没有以后也很难有。
I think in addition that we know that our customers do want stable rates. And we're going to continue to work on that and work with our industry. I just don't -- our industry commissioners.
此外，我们知道客户确实希望看到稳定的费率。我们将继续致力于这一点，并与整个行业密切合作。我只是认为——与我们的行业监管专员合作非常重要。
I just don't want to swing the other way because this has been stable for just a couple of quarters. And while I don't think we're going to have anything unforeseen happen, I've probably said that a few times in the last couple of years where things have been unforeseen have happened.
我只是希望不要摆向另一个极端，因为现在的稳定状态才持续了几个季度。尽管我不认为会有任何意外发生，但在过去的几年里，我也多次说过这句话，而实际上确实发生了一些意料之外的事情。
So, we will continue to let this play out, do the right thing, and we'll always try to be competitive in order to grow our units, which is the most important measure of growth to us.
因此，我们将继续观察事态发展，做正确的事情，并始终努力保持竞争力，以实现单位增长，这是对我们来说最重要的增长衡量标准。
Jimmy Bhullar 吉米·布拉尔
Thank you. 谢谢。
Operator 操作员
Thank you. Our next question comes from the line of Michael Ward of Citi. Your line is now open.
谢谢。我们下一个问题来自花旗的迈克尔·沃德。您的电话线现在已开启。
Michael Ward 迈克尔·沃德
Thanks. Good morning. I was just wondering, we noticed that your mobile app takeup seems to be pretty high for auto policies in general, at least relative to your competitors. So, just wondering if you have any insight as to why that might be -- it doesn't seem like it's just telematics, but are you incentivizing maybe the use of digital ID cards and paperless or is it something else?
谢谢，早上好。我注意到你们的移动应用在汽车保单方面的采用率似乎相当高，至少相对于你们的竞争对手来说是这样。我想了解一下你们对此有什么看法——这似乎不仅仅是因为远程信息处理（telematics），你们是否在激励用户使用数字身份和无纸化服务，还是其他什么原因？
Tricia Griffith 特里西亚·格里菲斯
I think that’s sort of with the question in terms of the evolution of technology. So, we have a lot of our new apps come in through mobile. And I think if you come in, your likelihood of you want to stay there. And so we continue to invest in making our mobile app more friendly, access to things like you said, the ID card and making payments and just making it easier. So, we've invested a lot in the last more than a decade on the mobile app, and we'll continue to do so.
我认为这个问题涉及到技术发展的演变。我们有很多新应用程序是通过移动端引入的。我认为，一旦用户通过移动端接入，他们更有可能继续使用这个渠道。因此，我们不断投资于使我们的移动应用更加友好，提供如你所提到的数字身份访问、支付等功能，并让使用过程更加便捷。过去十多年里，我们在移动应用上投入了大量资源，并将继续这样做。
And when you think about one of our strategic pillars as broad coverage, that's one coverage where people go in on the app. And when I go in on an app, I want to stay there and be able to do everything. So, that is service, that's buy, that’s -- get the information I need. So, I think you're right that it's continued, and I think it's based on our investments and people that want to do business in that way.
当我们考虑到我们的战略支柱之一是广泛覆盖时，这是一个人们通过应用程序进入并使用的覆盖面。当我进入一个应用程序时，我希望能够在那里完成所有事情，包括服务、购买以及获取所需的信息。因此，我认为你是对的，这种趋势将继续下去，这得益于我们在这方面的投资以及那些希望以这种方式进行业务的人。
软件的成功会想象的要难，可以对比微信，简单有效的系统是很难的，比看上去要难很多。
Michael Ward 迈克尔·沃德
Okay. And then just expanding on the comments about direct home sales. Wondering if you can kind of elaborate on that in the context of the acceleration in Robinson growth indirect trying to square those two. I guess, are Robinson customer wins taking place more online or more over the phone? And how should we think about your Robinson share expansion going forward?
好的，接着关于直销房主保险的讨论，能否详细说明一下这一点，特别是在Robinson客户增长加速的背景下，这两者如何结合？我猜想，Robinson客户的获胜是更多地在线上发生，还是通过电话？我们应该如何看待未来你们在Robinson市场份额的扩展？
Tricia Griffith 特里西亚·格里菲斯
Yes. Well, our Robinson growth is taking place across the board. I would say, higher in the agency because that's really where we needed to have a homeowners product to be able to access those auto customers in the independent agent channel.
是的，我们的Robinson客户增长正在各个领域发生。我会说，增长主要体现在代理渠道，因为我们确实需要一个房主保险产品，才能在独立代理渠道中接触到那些汽车保险客户。
What I would say is, so we started what we call HomeQuote Explorer many, many years ago. And it was really based on having a stable group of carriers in addition to us, where if we didn't want to write a risk, we could give it to another carrier or another carrier. And so we're going to continue to evolve that. And we have that really across the board. That has been how we like -- how we like to look at what the customers need. And when we think of broad coverage, we have HomeQuote Explorer, which is the direct home, which we want more and more Robinsons there, but they don't necessarily have to be Robinsons.
我想说的是，我们很多年前开始了我们所称的 HomeQuote Explorer。它实际上是基于拥有一个稳定的承保人群体，除了我们自己，如果我们不想承保某个风险，我们可以将其转交给另一个承保人。因此，我们将继续发展这一点。我们在各个方面都有这样的做法。这就是我们如何看待客户需求的方式。当我们考虑广泛的覆盖时，我们有 HomeQuote Explorer，这是直接的家庭保险，我们希望那里有越来越多的 Robinsons，但他们不一定非得是 Robinsons。
PGR不适应不是线性风险的房主保险。
On the commercial side, we have BusinessQuote Explorer, again, where you can buy our commercial auto, but then maybe a general liability policy from another carrier. And then we have AutoQuote Explorer, where we're doing the same thing. It's really about making sure it's ease of use for our customers. And they've come to us through the acquisition -- the media spend that we look at. So they come to us. And if we can't seal the deal, why wouldn't we help them seal the deal with somebody else who wants that risk. So I think it will continue to grow. Again, first things first in our desire to derisk our product portfolio. But I'm proud that we have invested in HomeQuote Explorer and think that will be a long-term solution for us on the direct side.
在商业领域，我们有BusinessQuote Explorer，客户可以购买我们的商业汽车保险，也可以从其他承运商那里购买一般责任保险。我们还有AutoQuote Explorer，同样是为了确保客户的使用便利性。这些客户通过我们在媒体上的投入吸引而来。如果我们无法完成交易，为什么不帮助他们与其他想要承保该风险的公司完成交易呢？所以我认为这一领域将继续增长。当然，首要任务是降低我们产品组合的风险。但我为我们在HomeQuote Explorer上的投资感到自豪，并认为这将成为我们在直销渠道中的长期解决方案。
Michael Ward 迈克尔·沃德
Thanks. 谢谢。
Operator 操作员
Thank you. One moment for next question. Our next question comes from the line of David Motemaden of Evercore ISI. Your line is now open.
谢谢。请稍等，接下来是下一个问题。我们的下一个问题来自 Evercore ISI 的 David Motemaden。您的电话线现在已开启。
David Motemaden 大卫·莫特马登
Hi. Good morning. Tricia, I was wondering if you could just talk about how much of a lag or if there is a lag between when you ramp ad spend. And when you start to see higher sales? I know that March was the highest ad spend month in your history that obviously increased from there. In the second quarter, -- so I'm just wondering -- and it also looks like that happened in June as well where there was another tick up. Is there any sort of lag between when you hit the ad spend and when you start to see the PIF come through?
你好，早上好。Tricia，我想请你谈谈广告支出增加后，销售额是否会有滞后效应，或者说是否存在滞后效应？我知道三月份是你们历史上广告支出最高的月份，并且在第二季度还进一步增加。因此，我想知道广告支出增加后，保单在保户数（PIF）开始增长之间是否存在某种滞后效应？看起来六月的广告支出也有所增加，是否有任何滞后时间？
Tricia Griffith 特里西亚·格里菲斯
I would say there's a little bit of lag, but we measure that pretty closely when we have any media spend in terms of our -- the prospects coming in. And then, of course, then we'll measure the prospects that turn into sales. I mean there's a little lag. We also -- we were never totally closed in our advertising. So there's a kind of constantly making sure that we're top of mind for consumers to be on that short list to even shop. So I'd say there's some lag, but I don't think there's anything discernible.
我会说有一点滞后，但我们在有任何媒体支出时会密切监测这一点，尤其是我们潜在客户的到来。当然，我们还会衡量转化为销售的潜在客户。我是说确实有一点滞后。我们也从未完全停止广告投放。因此，我们始终确保在消费者心中保持关注，以便进入他们的购物短名单。所以我会说有一些滞后，但我认为没有什么明显的区别。
David Motemaden 大卫·莫特马登
Understood. Thanks. That's helpful. And then last quarter, I think it was in the 10-Q. It sounded like there were 10 points of rate that we're still to earn in throughout the course of 2024. I'm wondering where that stands now and how we should think of that as just additional rate earning in above trend that you can then spend on advertising.
明白了，谢谢。这很有帮助。上个季度，我记得在10-Q报告中提到，你们在2024年还将有10个点的费率尚未完全体现。我想知道目前的情况如何，以及我们应该如何看待这一点，是否可以将其视为超出趋势的额外费率收入，你们可以将其用于广告支出？
Tricia Griffith 特里西亚·格里菲斯
So you're talking specifically about auto or overall?
所以你是在具体谈论汽车还是整体？
David Motemaden 大卫·莫特马登
Yes, auto. 是的，汽车。
Tricia Griffith 特里西亚·格里菲斯
Yes. On the auto, we've taken so much rates over the years. We have -- we took a little bit for the quarter two, 2% year-to-date. We have a little bit more to earned in, Earn in, maybe 2-ish for the rest of the year. We feel really good about our rates. And in fact, that's why we're able to take a little bit of movement in those eight states where we reduced rates a little bit. But as you think about -- if you go back, it was painful. 2022, we took 13.5%, 2023, we took nearly 19%. So -- the cumulative rates, and of course, they earn in more quickly than home have been a lot. And so we feel really good about having it be a little bit less during this year in terms of our competitiveness.
是的。在汽车保险方面，多年来我们已经提高了很多费率。我们在第二季度提高了一点，年初至今为 2%。我们可能在接下来的时间里再提高一点，可能是 2%左右。我们对我们的费率感到非常满意。事实上，这就是为什么我们能够在那八个州稍微降低费率的原因。但是如果你回想一下，2022 年我们提高了 13.5%，2023 年我们几乎提高了 19%。因此，累积的费率，当然，它们的收益速度比房屋保险快得多。所以我们对今年在竞争力方面稍微降低一点感到非常满意。
保费推动的通胀。
David Motemaden 大卫·莫特马登
Great. Thank you. 很好。谢谢。
Tricia Griffith 特里西亚·格里菲斯
Thank you. 谢谢。
Operator 操作员
Thank you. One moment for our next question. Our next question comes from the line of Ryan Tunis of Autonomous. Your line is now open.
谢谢。请稍等，我们的下一个问题。下一个问题来自 Autonomous 的 Ryan Tunis。您的线路现在已开启。
Ryan Tunis 瑞安·图尼斯
Thanks. Good morning. So, obviously, all three months, April, May and June looked really good from the PIF standpoint. But I guess, seasonally, if we look historically, those actually have not been a big PIF margin. I'm just curious -- would you say that the result was in spite of seasonal headwinds that are still in place? Or is the whole seasonality component of trying to analyze things kind of a moot point just given the changing dynamics?
谢谢，早上好。从保单在保户数（PIF）的角度来看，显然4月、5月和6月的表现都非常好。不过，如果我们从历史上看，这几个月的PIF增长实际上并不显著。我很好奇——你会认为这种结果是在季节性逆风的情况下取得的吗？还是说，由于动态变化，季节性因素在分析中的作用已经变得无关紧要了？
Tricia Griffith 特里西亚·格里菲斯
Now I don't want to say it's a moot point. I think it was a blend of having the right rates on the street, being able to pull back on non-rate items that we put into place when we were trying to stop growth, and our increase in media spend as well as us being very adequately staffed to handle everything. So I think it was a lot of dynamics, sort of, the perfect storm in a good way to position us in that way. So I think it's just a bunch of things that came together with a lot hard work with a lot of teams to make sure that we had -- that we were able to capitalize and maximize our PIF growth.
现在我不想说这是一个无关紧要的问题。我认为这是一种结合，既有合适的市场费率，又能够撤回我们在试图停止增长时所采取的非利率措施，以及我们在媒体支出上的增加，还有我们有足够的人员来处理一切。因此，我认为这是一系列动态的结合，某种程度上是一个良好的完美风暴，使我们能够以这种方式定位自己。所以我认为这只是许多事情的结合，经过许多团队的努力，确保我们能够利用并最大化我们的 PIF 增长。
Ryan Tunis 瑞安·图尼斯
Got it. And then I guess just on the advertising, I mean, you mentioned 2023, you pulled back a ton, you still spent over $1 billion, I would guess that ad spend is not just a function of not just designed to add new business and most probably also play some kind of retention role. I don't know if there's any way to quantify if there's a base amount you have to advertise, or this increasing advertising spend more. Does that help your attention as well? But I'm just curious how you guys think about that or if there is any way to quantify that impact?
明白了。那么我想在广告方面，你提到 2023 年你们大幅缩减了支出，但仍然花费超过 10 亿美元。我猜广告支出不仅仅是为了增加新业务，可能还起到某种留存的作用。我不知道是否有办法量化你们必须进行广告宣传的基本金额，或者是否增加广告支出会有所帮助？但我只是好奇你们是如何看待这个问题的，或者是否有任何方法来量化这种影响？
Tricia Griffith 特里西亚·格里菲斯
Yeah. I mean I think, obviously, the best thing for retention is to have stable rates. But you can't even -- if you don't have a brand out there, it's hard to be on the short list of people that think about companies go to buy and that have especially because our brand, I think, is well thought of. We have many different campaigns that hit different people differently. We try to break through with our humor. We try to make sure that customer’s see adds the right amount of time, not too little, not too much to make sure we're on that. I think we have been in the last several years doing some tests from a retention, or just understanding addressable markets. We talked a little bit about the multilingual campaign.
是的。我认为，显然，留存率的最佳因素是保持稳定的费率。但如果没有品牌在外面，很难进入那些考虑购买公司的短名单，尤其是因为我们的品牌在业界口碑很好。我们有许多不同的活动，针对不同的人群。我们尝试通过幽默来突破。我们确保客户看到广告的时间恰到好处，既不太少，也不太多，以确保我们在其中。我认为在过去几年中，我们进行了一些关于留存率的测试，或者只是理解可寻址市场。我们稍微谈了一下多语言活动。
So we do spend some money on making sure that we have campaigns out there, whether digital or mass media, or people do see us in terms of what our purpose is, and that is to move forward and live fully. That's what we want our customers and our employees and communities to do so. It is really about attracting and then when they come here, we want to retain them with stable prices, great service and all the products they need.
所以我们确实花了一些钱来确保我们的活动能够传播出去，无论是数字媒体还是大众媒体，或者人们能够看到我们的目标，那就是向前发展，充实生活。这就是我们希望我们的客户、员工和社区所做的。因此，这实际上是关于吸引他们，然后当他们来到这里时，我们希望通过稳定的价格、优质的服务和他们所需的所有产品来留住他们。
Ryan Tunis 瑞安·图尼斯
Thank you. 谢谢。
Tricia Griffith 特里西亚·格里菲斯
Thanks, Ryan. 谢谢，瑞安。
Operator 操作员
Thank you. One moment for our next question. Our last question comes from the line of Michael Zaremski of BMO. Your line is now open.
谢谢。请稍等，我们将进行下一个问题。最后一个问题来自 BMO 的 Michael Zaremski。您的电话线现在已开启。
Michael Zaremski 迈克尔·扎伦斯基
Thanks. Good morning. First question, I guess, a follow-up to Rob Cox's, you asked about the sustainability of frequency trends that are favorable, and you kind of unpacked a couple of items on mix and non-rate actions. What about on the severity side? I know you ever looks very favorable, especially relative to some of the pure data. I know your -- you had easy comps, I guess, you can say also last year. But how are you thinking about any of the sustainability or mix factors on severity these days?
谢谢。早上好。第一个问题，我想是对 Rob Cox 提问的跟进，您询问了有利的频率趋势的可持续性，并且您分析了一些关于组合和非费率行动的项目。那么在严重性方面呢？我知道您看起来非常有利，特别是相对于一些纯数据。我知道您——您有容易的比较，您可以说去年也是如此。但是您现在如何看待严重性的可持续性或组合因素？
Tricia Griffith 特里西亚·格里菲斯
I think the mix factor can take into place some of it, but some of the severity had gone up so much during the pandemic in subsequent years in terms of think used car prices. And those are still up, but they're stable relative to pre-pandemic. So that's where you're seeing some of the stability in terms of BI [ph] had an uptick in attorney rep in a larger loss in litigation. So I think the things are stabilizing. It's hard to say what will happen, but we've had several lines of data where we do see some stability in that, which gives us a little bit of confidence as we move forward. .
我认为混合因素可以在某种程度上发挥作用，但在疫情期间及其后几年，严重性在二手车价格方面上升了很多。虽然这些价格仍然上涨，但相对于疫情前来说是稳定的。因此，在 BI 方面你会看到一些稳定性，律师代表的数量有所增加，诉讼中的损失也更大。所以我认为情况正在稳定。很难说未来会发生什么，但我们有几条数据线显示出一些稳定性，这让我们在前进时有了一些信心。
Michael Zaremski 迈克尔·扎伦斯基
Got it. So nothing you're calling out kind of on your mix that should make it more running at a lower rate than it has in the past, okay?
明白了。那么你提到的混合中没有什么因素应该使其运行的速度低于过去的水平，对吗？
Tricia Griffith 特里西亚·格里菲斯
Yes. No, mostly just getting hopefully to a more stable place.
是的。不，主要是希望能达到一个更稳定的地方。
Michael Zaremski 迈克尔·扎伦斯基
Okay. And just lastly, my -- my follow-up is on the Jay's part of the presentation on direct-to-consumer. And just by the way, I remember being at your live Investor Day in Ohio, probably a decade plus ago when you asked the audience how many times you think we look at our smartphones. And I was -- I always think about that as I look at my phone, and we all look at our phone way too much these days. So you guys were ahead of the trend. But -- but just I guess, Jay mentioned there was a -- it seems like you mentioned a catalyst for more spend that you improved your data back in the 2016 to 2017 time frame, I believe. I don't know if is that something worth elaborating on and if you feel that there's been a -- you're even improving more so today than in the past? Or was that kind of a big -- you mentioned that. So I was curious if that kind of a -- if there's something special happen then? Thanks.
好的。最后，我的跟进问题是关于 Jay 在直接面向消费者的演示部分。顺便提一下，我记得大约十年前我在你们在俄亥俄州举办的现场投资者日活动上，当时你问观众你认为我们查看智能手机的次数有多少。我总是想到这一点，每当我看手机时，我们现在都看手机看得太多了。所以你们走在了趋势的前面。不过，我想 Jay 提到过一个催化剂，似乎你提到在 2016 到 2017 年期间你们改善了数据。我不知道这是否值得详细说明，或者你是否觉得今天的改善甚至超过了过去？还是说那是一个重要的时刻？所以我很好奇那时是否发生了什么特别的事情？谢谢。
Tricia Griffith 特里西亚·格里菲斯
No. I mean I think a lot of things have happened since and that was sort of a pivotal time where we decided that we were going to go ahead as we looked backwards spend more closely to our targeted acquisition cost to understand what that would mean to growth. I will say since then, having worked closely with this group, "Oh my gosh, the amount of data and how surgical they understand our customers and understand who sees what, when, what that means, how we should price for Sam and Omaha versus a Diane in Missouri is incredible.
不，我的意思是，自那以后发生了很多事情，那段时间是一个关键点，我们决定进一步推进，更紧密地围绕目标获取成本进行支出，以了解这对增长的影响。我想说，自那时以来，与这个团队密切合作后，我发现他们对数据的掌握和对客户的精准理解简直令人惊叹。他们能够准确地知道谁在什么时候看到什么，这意味着什么，以及我们应该如何为奥马哈的Sam定价，与密苏里州的Diane相比，这些能力实在是令人难以置信。
So it hasn't stopped, and it actually builds off of each other. So it's sort of like our product model. It's not like, "Oh, Jay's group learns this and then it's -- the next thing they learn. It's like multiplicative. And so I would say, if you have asked me in 2017, I would have said this group is incredible.
所以它没有停止，实际上是相互促进的。所以这有点像我们的产品模型。并不是说，“哦，Jay 的团队学会了这个，然后下一个他们学的东西。”而是像是乘法一样。因此，我会说，如果你在 2017 年问我，我会说这个团队是不可思议的。
The group now, which is the same and more people are even better. So what we are learning and what we are understanding from just a granular level is truly amazing. I think that's one of many of our secret sauces. So as we wrap this up, do want to thank Dave and Jay and their incredible teams for the nimbleness when we've hit up against our target. They've never complained about pulling back. And my hope is this year that -- never say no to their additional spend to grow, and they can spend as much as they can to make sure we grow the entire firm. So thank you, great questions today. I appreciate everyone coming to our to our event.
该团队现在与之前相同，甚至更多的人更优秀。因此，我们从细微的层面上所学习和理解的真是令人惊叹。我认为这就是我们众多秘密武器之一。因此，在结束之前，我想感谢 Dave 和 Jay 以及他们出色的团队，在我们达到目标时展现出的灵活性。他们从未抱怨过撤回。我的希望是，今年他们永远不会拒绝额外的支出以实现增长，他们可以尽可能多地支出，以确保我们整个公司的增长。所以谢谢大家，今天的问题很棒。我感谢每位参加我们活动的人。
Doug Constantine 道格·康斯坦丁
That appears to been our final question. So that concludes our event. Martin, I'll hand the call back over to you for closing scripts.
这似乎是我们最后一个问题。因此，我们的活动到此结束。马丁，我将把电话交还给你进行结束发言。
Operator 操作员
That concludes the Progressive Corporation Fourth [ph] Quarter Investor Event. Information about a replay of the event will be available in the Investor Relations section of Progressive website for next year. You may now disconnect.
这结束了进步公司第四季度投资者活动。关于活动重播的信息将在明年进步公司网站的投资者关系部分提供。您现在可以断开连接。
Article Comments Update
热门标签
Related Articles
2022-05-03 The Progressive Corporation (PGR) Q1 2022 Earnings Call Transcript
The Progressive Corporation (NYSE:PGR) Q1 2022 Earnings Conference Call May 3, 2022 9:30 AM ET Progressive Corporation（纽约证券交易所：PGR）2022 年第一季度收益电话会议 美国东部时间 2022 年 5 月 3 日上午 9:30 Company Participants 公司参与者 Tricia Griffith – President and Chief ...2023-08-02 The Progressive Corporation (PGR) Q2 2023 Earnings Call Transcript
Progressive Corporation (NYSE:PGR) Q2 2023 Earnings Conference Call August 2, 2023 9:30 AM ET Progressive Corporation（纽约证券交易所：PGR）2023 年第二季度收益电话会议 美国东部时间 2023 年 8 月 2 日上午 9:30 Company Participants 公司参与者 Douglas Constantine - Director, IR Douglas ...2024-11-05 The Progressive Corporation (PGR) Q3 2024 Earnings Call Transcript
The Progressive Corporation (NYSE:PGR) Q3 2024 Earnings Conference Call November 5, 2024 9:30 AM ET The Progressive Corporation (NYSE:PGR) 2024 年第三季度收益电话会议 2024 年 11 月 5 日 上午 9:30 ET Company Participants 公司参与者 Doug Constantine - Director, Investor ...2023-05-03 The Progressive Corporation (PGR) Q1 2023 Earnings Call Transcript
Progressive Corp (NYSE:PGR) Q1 2023 Earnings Conference Call May 3, 2023 9:30 AM ET Progressive Corp (NYSE:PGR) 2023 年第一季度收益电话会议 美国东部时间 2023 年 5 月 3 日上午 9:30 Company Participants 公司参与者 Douglas Constantine - Director, IR Douglas Constantine - 投资关系总监 ...2022-11-02 The Progressive Corporation (PGR) Q3 2022 Earnings Call Transcript
The Progressive Corporation (NYSE:PGR) Q3 2022 Earnings Conference Call November 2, 2022 9:30 AM ET Progressive Corporation (NYSE:PGR) 2022 年第三季度收益电话会议 美国东部时间 2022 年 11 月 2 日上午 9:30 Company Participants 公司参与者 Doug Constantine - Director of Investor ...