2025-06-05 The Allstate Corporation (ALL) Presents at 45th Annual William Blair Growth Stock Conference Transcript

2025-06-05 The Allstate Corporation (ALL) Presents at 45th Annual William Blair Growth Stock Conference Transcript

The Allstate Corporation (NYSE:ALL) 45th Annual William Blair Growth Stock Conference June 5, 2025 8:40 AM ET

Company Participants

Jesse Edward Merten - Executive VP & CFO

Conference Call Participants

Adam Klauber - William Blair & Company L.L.C., Research Division

Adam Klauber

Welcome, everyone. Thanks for joining. Good morning. Adam Klauber, I run our insurance group here. First, please read our website for disclosures for compliance, blah, blah, blah. Thank you. But we are really lucky to have Allstate.
欢迎大家，感谢各位的参与。早上好，我是 Adam Klauber，负责我们这里的保险业务板块。首先，请访问我们的网站阅读合规披露内容，例行说明，等等，谢谢。不过今天我们非常幸运请到了 Allstate 的参与。

And this is, I think, the second year Allstate has joined the conference, which we really, really appreciate. And it seems obvious as a local company, we're local. But we've really appreciated that Allstate has made a lot of strides changing the organization over the last 4 or 5 years, which, you're such a big organization, that's not easy. But we think there's much more match with our more growth orientation. So really happy we're here. We have Jess Merten, who is CFO, and he'll tell us a little bit about what Allstate is up to.
这是 Allstate 第二年参加我们的大会，我们对此非常非常感激。作为一家本地公司（我们也是），Allstate 的出席看似理所当然。但更重要的是，我们非常欣赏 Allstate 在过去四五年间对组织架构所做出的重大转型。以 Allstate 这样的大型企业来说，这并不容易。我们认为这与我们更偏增长导向的理念非常契合。我们非常高兴能在这里与大家见面。今天我们请来了 Allstate 的首席财务官 Jess Merten，他将向我们介绍 Allstate 当前在做什么。

Jesse Edward Merten

All right. Thanks, Adam. So good morning. It's good to be at the William Blair Growth Conference as Adam said, for the second year, so we can talk a little bit about Allstate. I'll start out this morning with an overview of our strategy. So you can see why I think Allstate is an attractive investment. And afterwards, we'll have Q\&A and Adam and all of you can ask me whatever questions are on your mind.
好的，谢谢你，Adam。早上好。很高兴作为第二次受邀企业来到 William Blair 成长型企业大会，就像 Adam 说的那样，今天我们将聊聊 Allstate 的情况。我会先介绍一下我们的战略框架，帮助大家了解为何我认为 Allstate 是一个有吸引力的投资对象。之后我们将有 Q\&A 环节，届时 Adam 和在座各位可以随意提问。

So first off, I want to remind you all that -- let me get my clicker here, get the disclosures up. I'm going to be using forward-looking statements and references to non-GAAP measures in my remarks. Please evaluate these remarks in the context of all the information that we provide, including information on potential risks in our recently issued Form 10-K for 2024 and other public documents. The presentation and more specific information is also available on our website at allstateinvestors.com.
首先，我要提醒大家……让我先找一下激光笔，把披露信息放出来。我今天的发言会包含前瞻性陈述和非 GAAP 指标的引用，请结合我们提供的所有资料进行评估，包括我们最近发布的 2024 年 Form 10-K 和其他公开文件中列出的潜在风险信息。相关演示文稿和更详细的信息也可在我们的网站 allstateinvestors.com 上获取。

All right now for the good stuff. I know some of you follow Allstate closely. And for those of you that aren't as familiar, what we do is simple, Allstate protects people from life's uncertainties. Our strategy has two components: Increasing personal Property-Liability market share while expanding the protection that we provide customers. We use a two-oval picture that you can see on this page to illustrate that strategy.
好了，接下来讲重点。我知道在座有些人一直在密切关注 Allstate，而对于不太熟悉的朋友来说，我们的业务其实很简单：Allstate 的使命是保护人们免受生活中各种不确定因素的影响。我们的战略由两部分构成：一是提升个人财产与责任险（Property-Liability）的市场份额，二是扩大我们向客户提供的保障范围。我们用这页幻灯片上的两个椭圆图示来表达这一战略。

And as you can see on the right side of the slide, Allstate's revenue primarily comes from three sources. The most significant source is Property-Liability earned premiums, and this includes auto insurance, homeowners insurance, renters, umbrella. There's a lot of examples that you're all familiar with. And the Property-Liability business generated \$14 billion in earned premium in the first quarter of 2025 and \$54 billion for the full year of 2024.
如图右侧所示，Allstate 的收入主要来自三个渠道，其中最重要的是财产与责任险的已赚保费。这包括汽车保险、房主保险、租客保险以及综合险（umbrella）等，大家对这些产品应该都不陌生。在 2025 年第一季度，我们的财产与责任险业务实现了 140 亿美元的已赚保费，2024 全年为 540 亿美元。

The second source is our Protection Services segment. In these businesses, we deliver protection to customers through product warranties that cover important purchases like appliances, furniture and consumer electronics. Other examples of the solutions that we provide in Protection Services include extended vehicle warranties, identity protection \[ and recovery ] services as well as roadside assistance. Protection Services generated \$860 million of revenue in the first quarter and \$3.2 billion for the full year of 2024.
第二个收入来源是我们的保障服务（Protection Services）板块。在这一板块中，我们通过产品保修为客户的重要消费品（如家电、家具和电子产品）提供保障。该板块的其他服务还包括车辆延保、身份保护与恢复服务、道路救援等。保障服务在 2025 年第一季度实现收入 8.6 亿美元，2024 年全年收入为 32 亿美元。

Lastly, Allstate proactively manages a \$74 billion investment portfolio, which provides a stable source of revenue. Net investment income was \$854 million in the first quarter of 2025. And for the full year of 2024, the portfolio generated net investment income of \$3 billion.
最后，Allstate 主动管理着一支规模达 740 亿美元的投资组合，为公司提供稳定的收入来源。2025 年第一季度的净投资收益为 8.54 亿美元，2024 年全年净投资收益为 30 亿美元。

Allstate's total revenues were \$16.5 billion in the first quarter of 2025, which was up 7.8% to the prior year quarter. And for the full year of 2024, revenues grew 12.3%.
2025 年第一季度，Allstate 的总收入为 165 亿美元，同比去年同期增长 7.8%。2024 年全年总收入同比增长 12.3%。

Our 2025 operating priorities are supported by strong 2024 financial results, which are summarized here on the left side of the slide. In 2024, we generated \$64.1 billion of revenue and delivered net income of \$4.6 billion and \$4.9 billion of adjusted net income. Net income return on common equity was 25.8% and net income per common share was \$16.99. These results reflect our balanced approach to growth, profitability and proactive capital management.
我们在 2025 年的经营重点建立在 2024 年强劲的财务表现基础之上，这些结果如幻灯片左侧所示。2024 年，我们实现营收 641 亿美元，净利润为 46 亿美元，经调整后净利润为 49 亿美元。普通股净资产回报率为 25.8%，每股净利润为 16.99 美元。这些业绩体现了我们在增长、盈利和资本主动管理之间实现的平衡。

In 2025, you can see Allstate is focused on creating shareholder value through a balanced set of operating priorities, which include delivering attractive financial returns, growing our customer base by attracting new customers and keeping existing customers, and executing our Transformative Growth initiative, which I'll talk a little bit more about now.
展望 2025，Allstate 将通过一套平衡的经营重点持续创造股东价值，具体包括：提供有吸引力的财务回报、通过吸引新客户和留住现有客户来扩大客户基础，以及推进我们的“转型性增长”（Transformative Growth）计划，接下来我会进一步展开讲讲这方面内容。

Allstate is executing the Transformative Growth plan to grow Property-Liability market share by making protection more affordable and more accessible to customers. The strategy was announced in late 2019 and has five integrated components.
Allstate 正在推进“转型性增长”（Transformative Growth）计划，目标是通过让保障更加实惠和便捷，从而提升财产与责任险（Property-Liability）的市场份额。该战略于 2019 年底正式公布，包含五个互为整合的核心组成部分。

The first component is to improve customer value. We know price matters to customers, so we've lowered our cost structure to improve affordability. Excluding marketing expenses, the expense ratio improved by 6.7 points since 2018, and we remain focused on reducing expenses to lower the cost for our customers.
第一部分是提升客户价值。我们深知价格对客户至关重要，因此我们通过降低成本结构来提高产品的可负担性。自 2018 年以来，若不计入营销开支，我们的费用率已改善了 6.7 个百分点。我们将继续致力于削减成本，以降低客户负担。

Differentiated affordable, simple and connected or ASC, you may hear us call it, auto insurance products are now available in 36 states, and a new homeowners product is available in 6 states. These new products include our most sophisticated rating plans, design innovations and they're all targeted at delivering the most value to customers at highly competitive prices.
我们称之为 ASC（Affordable, Simple, Connected）的差异化汽车保险产品目前已在 36 个州推出，而新的房主保险产品已在 6 个州上线。这些新产品包含我们最先进的定价模型与设计创新，目标是在极具竞争力的价格下为客户带来最大价值。

Middle market standard and preferred auto and homeowners products, which we call Custom360 are offered under our National General brand through independent agents. The foundation of these new products is the Allstate ASC product, which allows us to offer these highly competitive products through the independent agent channel.
我们称为 Custom360 的中端市场标准型与优选型车险和房主险产品，则是通过 National General 品牌经由独立代理渠道销售。这些新产品均基于 Allstate 的 ASC 产品架构，使我们能够通过独立代理人销售极具竞争力的产品。

The SAVE program, which stands for Show Allstate Customer's Value Everyday, is being embraced by employees and agents with a goal of improving 25 million customer interactions this year. As part of this program, we also established a specific goal of reducing insurance premiums for millions of customers by adjusting coverage and making sure they fully utilize available premium discounts.
SAVE 项目，即 “每天向 Allstate 客户展现价值”（Show Allstate Customer's Value Everyday），正受到员工和代理人的广泛响应。项目目标是在今年提升 2500 万次客户交互体验。作为该项目的一部分，我们还设定了一个具体目标：通过调整保障内容，并确保客户充分使用可用的保费折扣，来降低数百万客户的保费支出。

Our objective is to increase retention because keeping the customers we have is an important driver of growth. A combination of strong new business levels and improvement in retention is the path to sustained market share growth for Allstate.
我们的目标是提高客户留存率，因为保住现有客户是增长的重要驱动力。新增业务的强劲增长叠加留存率的改善，是 Allstate 实现市场份额持续提升的关键路径。

The second component of Transformative Growth is to expand customer access through a broad distribution platform so that we're growing in all channels. We've drastically improved our direct capabilities, and through the acquisition of National General, we have a strong presence in the independent agent space.
“转型性增长”战略的第二部分是通过多渠道拓展客户触达能力，确保我们在各个分销渠道实现增长。我们显著提升了直销渠道能力，并通过收购 National General，进一步巩固了在独立代理人渠道中的市场地位。

When combined with our excellent exclusive agent channel, we're positioned to reach customers wherever they choose to purchase their protection products.
结合我们表现出色的专属代理人渠道，Allstate 有能力在客户选择购买保障产品的任何渠道中实现有效触达。

The third component is focused on customer acquisition and maximizing the efficiency and effectiveness of our marketing spend. In recent years, we've improved marketing sophistication while maintaining strong brand awareness and consideration.
第三个组成部分聚焦于客户获取，以及最大化我们营销支出的效率与效果。近年来，我们在保持强大品牌认知度和关注度的同时，不断提升了营销的精细化水平。

Next, you'll see we're leaning into a technology-driven strategy, and which is -- instead of just being supported by technology. So technology driven, not just supported by technology. And this is enabling us to deliver new affordable, simple and connected products and experiences to our customers and improving overall operational effectiveness.
接下来你会看到，我们正大力推进以技术驱动为核心的战略，而不仅仅是以技术作为支撑。也就是说，是“由技术驱动”，而非“受技术支持”。这种转变使我们能够向客户提供全新的、更具可负担性、简单且互联的产品与体验，同时提升整体运营效率。
Warning
玩概念。
The final component that you can see of our Transformative Growth initiative is focused on the team. And we're investing to make sure that we have the right people to execute on this strategy and deliver for our customers. We're embracing new ways of working to redesign business processes and increase efficiency across the business.
“转型性增长”战略的最后一个组成部分是聚焦于团队建设。我们正持续投入，确保拥有合适的人才来执行这一战略，为客户提供服务。我们也在采用新的工作方式，重塑业务流程，提升全公司的运营效率。

These five components work together to drive us towards our strategic objective of profitably growing the Property-Liability market share.
这五大组成部分协同推进，助力我们实现“在盈利基础上扩大财产与责任险市场份额”的战略目标。

As you can see on the next slide, Transformative Growth is generating strong new business and positioning Allstate well for the future. Starting with the chart on the left, you can see that Allstate has expanded distribution with competitive capabilities across all three channels.
从下一张幻灯片你可以看到，转型性增长战略正在带动强劲的新业务发展，并为 Allstate 的未来奠定坚实基础。左侧图表显示，Allstate 在三个主要渠道上都提升了竞争能力，拓展了分销网络。

As I touched on previously, this expanded distribution effort has three components: Improving Allstate agent productivity, expanding direct sales and increasing independent agent distribution, all of which have been successful. Allstate agency productivity has increased, enhancements to direct capabilities, lowering prices and increased advertising are attracting more self-directed customers. And the National General acquisition significantly expanded our presence and capabilities in the independent agent channel.
正如我之前提到的，这一分销网络扩展主要包括三方面：提升 Allstate 代理人生产力、扩大直销渠道，以及加强独立代理人渠道。这三项都取得了良好成效。Allstate 代理人的产能水平显著提高，我们也通过增强直销能力、降低价格、加大广告投放，吸引了更多自主决策型客户。而对 National General 的收购则极大增强了我们在独立代理渠道的覆盖与能力。

The new issued application pie charts that you see on the slide show two key trends. First, we're acquiring more customers than we were when we started Transformative Growth in 2019. Second, new issued applications are almost evenly split across the three distribution channels. This mix is aligned with broader industry customer shopping behavior where each channel represents about 1/3 of the market.
幻灯片中的新保单申请饼图显示出两个关键趋势。第一，我们目前获取的新客户数量已超过 2019 年启动“转型性增长”计划时的水平。第二，新发保单在三个分销渠道之间几乎均匀分布。这种结构也符合整个行业的客户购物行为模式，每个渠道大致占据约三分之一的市场份额。

We're beginning to see signs of growth, and our objective remains the same to increase personal Property-Liability market share. As you can see on the chart on the right, policies in force increased sequentially and were slightly over prior year in the first quarter, and this growth trend continued in April.
我们已经开始看到增长的迹象，而我们的目标依然如初——提升个人财产与责任险的市场份额。右侧图表显示，我们的在保保单数量在 2025 年第一季度环比增长，同比也略高于去年，且这一增长趋势在 4 月份仍在延续。

The recent inflationary cycle required us to take significant price increases, which impacted customer retention. As the impact of those price increases moderates, we're seeing the beginning of growth in policies in force supported by the strong new business trends that I just covered. We'll continue to focus on improving customer retention as an important driver of growth through the SAVE initiative that I discussed earlier.
近期的通胀周期迫使我们采取了较大幅度的提价措施，这对客户留存造成了一定影响。随着价格上涨的影响逐步减弱，加之新业务增长强劲，我们开始看到在保保单数量的回升趋势。我们将继续通过前面提到的 SAVE 计划，将提升客户留存作为推动增长的重要引擎。

Shifting gears. Allstate Protection Services segment is comprised of five businesses. We deliver protection to customers through warranties that cover important purchases like automobiles, furniture, consumer electronics. And we also provide products and services that include identity protection and roadside assistance to our customers. So it's a broad range of solutions.
换个话题，Allstate 的“保障服务”（Protection Services）板块由五个子业务组成。我们通过为汽车、家具、消费电子等重要消费品提供保修服务，向客户提供保障。此外，我们还向客户提供身份保护、道路救援等多样化产品与服务，整体解决方案非常全面。

And we embed this protection in the flow of commerce to meet customers where they are, whether that's in a retail store, online or through a mobile phone provider. And that allows customers who may not normally interact with traditional insurance products to engage with the Allstate brand.
我们将这些保障服务嵌入到日常商业交易流程中，以便在客户所在的场景中触达他们——无论是在实体零售店、在线平台，还是通过移动通信服务商。这种模式使那些平时不太接触传统保险产品的客户也能与 Allstate 品牌建立联系。

The largest business in this segment is Allstate Protection Plans, which was acquired as SquareTrade in 2017 for \$1.4 billion. Since the acquisition, our customer base in that business has grown over 4x, and it serves 162 million customers in 18 countries.
该板块中最大的业务是 Allstate Protection Plans，这项业务最初名为 SquareTrade，Allstate 于 2017 年以 14 亿美元将其收购。自那以来，该业务的客户规模增长了超过四倍，目前在 18 个国家为 1.62 亿客户提供服务。

The Allstate brand has helped to secure distribution partnerships with large retailers in North America, providing access to a broader customer base through traditional retail channels, and e-commerce platforms. Allstate has partnered with five Fortune 40 companies and customers can now purchase protection plans at several major retailers.
Allstate 品牌的影响力也帮助我们与北美大型零售商建立了分销合作关系，使我们得以通过传统零售渠道和电商平台覆盖更广泛的客户群。目前 Allstate 已与五家《财富》40 强公司建立合作关系，客户现已可在多家主流零售商处购买我们的保障计划。

The Protection Services segment allows Allstate to build for the future with broad protection offerings that provide a diversified source of profitable growth to the enterprise.
保障服务板块使 Allstate 能够面向未来构建多元化的保障产品体系，为公司提供持续盈利的多元增长来源。

Before we wrap up and move to questions, I want to provide an overview of Allstate's capital management strategy, which creates shareholder value through organic growth, strategic M\&A and by returning capital to shareholders through dividends and share repurchases.
在我们结束陈述并进入提问环节前，我想简要介绍一下 Allstate 的资本管理策略。我们通过有机增长、战略性并购，以及通过股息和股票回购向股东返还资本，来持续为股东创造价值。

We've invested in growing our business through the execution of the Transformative Growth plan to increase personal Property-Liability market share. Allstate Protection Plans has grown to serve 4x the number of policies since acquisition, as I mentioned, while also generating \$157 million of adjusted net income in 2024. And the businesses that we own generate attractive returns on capital at target margins as evidenced by the net income ROE that we reported at the end of the first quarter of 21.4%.
我们通过执行“转型性增长”战略，加大投入以扩大个人财产与责任险的市场份额，从而推动业务增长。正如我之前提到的，自收购以来，Allstate Protection Plans 的保单数量已增长至原来的四倍，并在 2024 年实现了 1.57 亿美元的调整后净利润。我们所拥有的业务以目标利润率实现了具吸引力的资本回报，这一点从我们第一季度披露的 21.4% 净利润净资产收益率（ROE）可见一斑。
Warning
瞎扯，整体的保单数量有没有增长？
Allstate pursues strategic M\&A to create long-term value and strengthen our competitive position. For example, our acquisition of SquareTrade in 2017, which again, we now call Allstate Protection Plans, generated significant growth for Protection Services. By leveraging SquareTrade's capabilities with the power of the Allstate brand and our strong financial position, we've been able to partner with major retailers across the globe and profitably grow that business.
Allstate 一直在积极推动战略性并购，以创造长期价值并巩固竞争优势。比如，我们在 2017 年收购的 SquareTrade（现为 Allstate Protection Plans），大幅推动了保障服务板块的增长。我们将 SquareTrade 的技术能力与 Allstate 品牌的影响力和强大的财务实力相结合，使我们得以与全球主要零售商建立合作关系，实现该业务的盈利性增长。

We acquired National General for \$4 billion in 2021, which improved our position in the independent agent channel, increased our presence and broadened the range of customers who are able to provide protection products.
我们在 2021 年以 40 亿美元收购了 National General，从而加强了我们在独立代理人渠道的布局，扩大了市场覆盖范围，也拓宽了我们能够向其提供保障产品的客户群体。

In April, we completed the \$2 billion divestiture of our Employer Voluntary Benefits business. And we also expect to close the sale of our Group Health business for \$1.25 billion at the end of this year. As a reminder, that business, the Group Health business, was acquired as part of the National General acquisition in 2021.
今年 4 月，我们完成了对雇主自愿福利业务的剥离，交易金额为 20 亿美元。同时我们预计将在年底完成集团健康险业务的出售，交易金额为 12.5 亿美元。需要提醒的是，这项集团健康险业务是在 2021 年收购 National General 时一并获得的。

Both of these divestitures maximize shareholder value while improving the growth opportunities for the respective businesses post divestiture. Overall, the transactions demonstrate our focus on using M\&A strategically to grow and create shareholder value.
这两项业务的出售不仅实现了股东价值的最大化，也为相关业务在剥离后的独立发展创造了更大的增长空间。总体来看，这些交易体现了我们通过战略性并购与剥离，实现增长与股东价值创造的坚定承诺。

Lastly, on the slide, as you can see, on the right side, we show that Allstate has a strong history of returning cash to our shareholders. Since going public over 30 years ago, we've repurchased 84% of the shares outstanding. Over the past 10 years, we repurchased 186 million shares of common stock for over \$17 billion, which would represent about 45% of the outstanding common stock. In the same time period, we paid out over \$7 billion of common stock dividends.
最后一张幻灯片右侧显示，Allstate 拥有向股东返还现金的强劲历史表现。自 30 多年前上市以来，我们已回购了 84% 的流通股。在过去 10 年中，我们回购了 1.86 亿股普通股，总金额超过 170 亿美元，相当于大约 45% 的流通普通股。同时期内，我们还支付了超过 70 亿美元的普通股股息。

We continue to be committed to returning capital to our shareholders, and we recently initiated a \$1.5 billion share repurchase program. I think it's also important to note that Allstate has consistently raised our quarterly dividend in the past 15 years, most recently increasing it by 8.7% to \$1 per quarter. And those recent increases come on the heels of a 50% increase that we made to the common dividend in 2021. So Allstate proactively manages capital and we'll continue to create shareholder value.
我们始终致力于将资本返还给股东，最近我们启动了一项 15 亿美元的股票回购计划。我还想强调，Allstate 在过去 15 年里持续提高季度股息，最近一次上调幅度为 8.7%，将季度股息提高至每股 1 美元。而这次上调是在我们 2021 年将普通股股息提高 50% 的基础上进行的。Allstate 一直在积极管理资本，并将持续为股东创造价值。

Let me close with one comment. Allstate has excellent capabilities, a strong brand, broad distribution and available resources to deliver on our strategy to grow Property-Liability market share. I'm confident that executing that strategy will create value for our shareholders. And now we'll shift over to Adam's questions.
最后我想说，Allstate 拥有卓越的能力、强大的品牌、广泛的分销网络以及充足的资源，足以执行我们扩大财产与责任险市场份额的战略。我相信，这一战略的执行将为股东持续创造价值。接下来我们进入 Adam 的提问环节。
Warning
可能很多增长来自由收购，而不是内生性的增长。
Question-and-Answer Session
问答环节

Adam Klauber

Thank you. I'll kick off. But then if anyone has questions, please feel free to chime in.
谢谢。我先开个头，如果大家有问题，欢迎随时提问。

As you've been focused on growth, but dialing back a little over a year ago, some of the states were a little late in the industry, not just Allstate, like California, New York, New Jersey to approve rate increases, so they came later in the cycle. And that's been somewhat of a drag on your growth. Is that drag on growth from those -- generally those states, is that generally ending? Or is there still a bit of a drag to go from those states?
过去你们一直专注于增长，但回顾到一年前，行业里有一些州（不仅是 Allstate）——比如加州、纽约、新泽西——在批准保费上涨方面行动较晚，导致你们处于周期后段，这对增长产生了一定拖累。请问这些州带来的增长压力是否已基本结束，还是说仍有一定的滞后拖累？

Jesse Edward Merten

Well, we have challenges in various states. And you mentioned California, New York and New Jersey. A gauge that I typically use on where we're at in a state is whether or not we're open for new business. If we're at target margins, we're typically open for new business.
我们在一些州确实面临挑战，正如你提到的加州、纽约和新泽西。判断我们在一个州所处状况的一个标准是：我们是否对新业务开放。如果我们已经达到了目标利润率，通常就会重新开放新业务承保。

And we have opened up for a new business in auto, not home, but auto insurance in the state of California. So that would mean that we feel good about where the rate levels are for new business in the state of California. It doesn't mean that we don't have more work to do, but we're at -- comfortable with margins there.
目前我们已在加州重新开放了汽车险新业务（但房屋险尚未开放）。这说明我们对加州当前新业务的定价水平感到满意。并不是说所有问题都解决了，但我们对该市场的利润率水平已经感到较为安心。

That leaves New York and New Jersey, where we continue to work with the DOIs in those respective states to get the rate level where we need to open up for new business. Otherwise, we're generally open across the country, meaning we're reaching target margins and available to meet new customer needs.
剩下的纽约和新泽西，我们仍在与各州的保险监管部门（DOIs）合作，争取将保费水平调整到可以重新开放新业务的程度。除此之外，我们在全美大部分地区基本都已开放新业务，表明我们在这些市场已达到目标利润率，并有能力满足新客户需求。

Adam Klauber

Great. Great. One more question then I'll open it up. Again, you've been doing the transformation for 4, 5 -- over 5 years at this point. And you've done a lot of heavy lifting to actually position -- reposition the company. Can you talk about the underpinning -- what did you actually have to do to the core technology stack to get you ready to grow? What were some of the heavy lifting things there?
太好了，我再问一个问题，然后把时间交给大家。你们推进“转型性增长”计划已经有四、五年——甚至超过五年了。为了重塑公司定位，你们做了很多艰苦的工作。能不能谈谈你们在技术底层方面做了哪些关键调整？你们为推动增长在核心技术架构上做了哪些“重活累活”？

Jesse Edward Merten

I think that the foundational work from a technology perspective is done, Adam. That -- as you said, this is a 5-year journey, and we started with the technology. As I said, we want to go to a technology-driven strategy, which means you have to sort of reinvent what that tech stack looks like. And as you know, in insurance, that is not an easy task, right, because there's a lot of legacy systems.
我认为，从技术角度看，基础性工作基本完成了，Adam。正如你说的，这是一段为期五年的旅程，我们是从技术端着手的。我们之所以说要迈向“技术驱动”的战略，就意味着必须对我们的技术栈进行彻底重构。而你也清楚，在保险行业，这绝非易事，因为我们面临很多遗留系统（legacy systems）的挑战。

So what we did is we started with that early. And what I'm -- one of the things I'm most proud of is we invested -- we continue to invest in that technology through the cycle, right? So highly inflationary cycle, a lot of rate to take. We didn't stop investing in the technology. So the technology foundation now is there to fuel the growth. We just have to keep making investments, we have to keep putting new products onto the platform.
所以我们在转型初期就率先从这一块入手。而让我最自豪的一点是，我们在整个周期中始终坚持投资于技术。即使在高通胀、必须大幅提价的环境下，我们也没有削减技术投入。如今，这一技术基础已具备支持未来增长的能力。接下来我们要做的，就是持续投资，把更多新产品接入到这一平台中。

So when you hear the number of states for ASC, the number of states for both ASC, auto and home. We have more states to roll out, and we're doing that as quickly as possible but that's all going onto the new tech. So we're using the new tech platform as we roll out new products. And I think that all is going to help us grow.
比如，当你听到我们讲 ASC 产品（包括车险和房主险）已经在哪些州推出时，你要知道我们还有更多州尚待上线，而且我们正在尽可能加快推进。这些产品全部运行在新技术平台之上。我们正在利用新平台持续推出新产品，我认为这将为我们的增长提供坚实支撑。

It also contributes to, quite frankly, the growth in the direct channel, independent agent like that broad platform because I think, one of the things that's overlooked sometimes about Transformative Growth is the breadth of the platform that we have now. So we went from a primarily exclusive agent-based company to exclusive agents being a really important part, but we have a strong direct capability and independent agents. And that all feeds off of that tech platform.
坦率说，这也在推动我们的直销渠道和独立代理人渠道的增长。我认为，人们有时容易忽略“转型性增长”中的一个关键点：就是我们如今平台的广度。我们过去是一家几乎完全依赖专属代理人的公司，而现在，专属代理人仍然是核心组成，但与此同时我们也具备了强大的直销能力和独立代理人体系——这一切都是建立在全新的技术平台之上。
Warning
技术落后是个非常大的麻烦，一时半会很难解决。
So really, we just have to keep our -- the pedal down and keep implementing on the tech.
所以接下来，我们要做的就是继续“踩油门”，不断推进技术落地。

Adam Klauber

So -- and that's helpful. Just to give people an idea, what were some of the changes you did to or made to your technology, I'd call it, stack, but your core systems to enable growth? Maybe just some examples or how did you change the technology system?
这很有帮助。能不能更具体一些，让大家更直观地了解你们在技术架构方面做了哪些关键改变？也就是说，你们是如何对核心系统进行改造来支撑增长的？可以举些例子说明下你们具体是如何做的？

Jesse Edward Merten

Well, we built from the ground up using new flexible technology solutions, right? So think new policy administration system, a new orchestration layer. Because what we wanted to do is not just build for today but build for the future to enable growth so that we can implement advanced computing technology to make us -- to provide better insights on what's going on with customers.
我们是从零开始，用新的、灵活的技术方案进行重构。比如我们构建了全新的保单管理系统（policy administration system）和编排层（orchestration layer）。我们的目标不仅是满足当下的业务需求，更是为未来的增长打下基础，让我们能够应用先进的计算技术，从而更好地洞察客户行为与需求。

The whole customer experience is built on -- the affordable, simple and connected product is built on this new tech platform. So what that means is that, A, it's a contemporary experience that everyone expects, whether you're on a mobile device or whether on a website. But also, it's a more data-driven experience for customers, so they have to give us less information because we can pull that data.
整个客户体验——尤其是我们“实惠、简洁、互联”（ASC）系列产品的体验——都建立在这一新技术平台之上。这意味着：第一，无论客户是在移动设备上还是网页端，体验都是现代化的、符合预期的；第二，它是高度数据驱动的，客户无需反复提供冗余信息，因为我们可以从外部数据源自动获取，同时还能提供个性化推荐。

We can give recommendations to customers based on certain attributes that we know about here's a coverage option that you should consider. And oh, by the way, if you want to understand it better, here, you can click here, and we'll help explain what that coverage option means to you.
我们可以根据已知的客户特征，为其推荐合适的保障选项。例如，“你可能需要考虑这个保障方案”，如果客户想进一步了解，系统就会提供详细解释，一键可读。这种体验既直观又高效。

So really, it's experience focused, but it's also -- there's a flexibility component when you talk about growth and our ability to grow, being able to react quickly from a rate perspective to market conditions, we changed our -- this is somewhat off your question.
所以归根到底，这既是一次围绕客户体验的全面升级，也是一种面向增长的技术柔性能力建设。在应对市场变化、调整定价策略方面，我们现在反应更快。虽然这可能稍微超出你刚才的问题——

We changed our go-to-market approach in sort of the way that we put leadership out in the field for our exclusive agents and we look at markets differently. Those markets give feedback now and the technology enables us to make quick adjustments to the feedback that we're receiving from go-to-market leaders.
我们在专属代理人的一线运营策略上也进行了调整，引入了新的领导机制，并从全新的视角来看待市场。现在各市场能更快反馈情况，而我们的技术系统也能快速响应这些前线领导的反馈，调整业务策略。

So it's -- again, it's a technology foundation that we're building the growth engine on top of.
所以总结来说，这一切都是以新技术平台为基础，在其之上我们构建起了支持业务增长的“引擎”。

Adam Klauber

Okay. Any questions from the audience?
好的，现场有观众提问吗？

Unidentified Analyst

Can you give us Allstate's view of the current conditions [indiscernible] of the auto insurance and the property insurance markets?
你能否谈谈Allstate对当前汽车保险和财产保险市场状况的看法？

Jesse Edward Merten

Sure. So Allstate's view on the auto insurance and homeowners insurance marketplace. Both are competitive -- increasingly competitive as margins have been restored for most companies.
当然。关于Allstate对汽车保险和房主保险市场的看法。两个市场都具有竞争性——而且随着大多数公司利润率的恢复，竞争日益激烈。

I think that auto and home are a little bit different. I think appetite in the homeowners' space isn't quite the same. I think returns are not quite the same across homeowners. Allstate in a 10-year period has made fantastic returns in homeowners insurance. I think we've run about a 92% combined ratio over a recent 10-year period. So we get really strong returns in home, and we've continued to grow in homeowners through the recent cycle. And we'll continue to do that. We like the market.
我认为汽车和房屋保险市场略有不同。我认为在房主保险领域的市场兴趣并不完全相同，各公司在房主保险方面的回报也不完全一致。在过去10年中，Allstate在房主保险方面取得了非常出色的回报。我们的综合赔付率大约为92%。因此我们在房主保险方面的回报非常可观，并且在最近一个周期中持续增长。我们会继续在这个领域发展，我们很喜欢这个市场。

I think what you're seeing is that market is getting a little bit more competitive in homeowners than it was a year or 2 ago. But that doesn't -- I don't think that materially impacts our ability to grow in that space. I think Allstate has always been strong. We have a great product. We're innovating. We have availability across the country, that's good. So I feel good about that market.
我认为目前你们看到的是，相较一两年前，房主保险市场的竞争确实加剧了一些。但我不认为这会实质性地影响我们在这一领域的增长能力。Allstate在这个领域一直很强，我们的产品非常优秀，也不断在创新，而且我们在全国范围都有销售覆盖，这很好。所以我对这个市场的前景感到乐观。

Back to auto insurance, as I said, it's getting more competitive, but we're also really glad in the face of that competitive environment that we've been investing in the technology, as Adam talked about in lowering our cost structure, so we have the very most competitive rates that we can offer. So it's a more competitive landscape, but we feel good about our ability to compete in that landscape given the work that we did to get here.
回到汽车保险，就像我刚才说的，竞争也在加剧，但我们很高兴地看到，在这种竞争环境下，我们一直在投资技术，正如Adam提到的，我们在降低成本结构方面也做了很多工作，因此我们能够提供最具竞争力的费率。整体而言，这确实是一个更具竞争性的市场环境，但考虑到我们此前的努力，我们对自身在这个环境中竞争的能力感到很有信心。

Adam Klauber

I'll jump in. How important today to the growth strategy is the direct channel, and I do follow some of the lead aggregators and seems like your capabilities have come up a fair amount. So maybe you describe, I guess, importance capabilities, what your strategy is in the direct channel?
我插一句。现在直销渠道在你们的增长战略中有多重要？我关注了一些潜在客户的聚合平台，感觉你们的能力提升了不少。你能否谈谈直销渠道的重要性、你们的能力建设以及你们的战略方向？

Jesse Edward Merten

So at the highest level, it's very important. It's -- as I said, we've built the company for is balance. And so I always start with what's important is how customers want to come to us and how they want to buy our protection products. And so a lot of people want to go direct, and so we should be best-in-class in offering them direct solutions. And I think we've invested in the capability to do that,
从最高层面来看，直销渠道非常重要。正如我之前说过的，我们打造这家公司的一个核心原则是“平衡”。所以我总是从一个基本点出发：客户希望以什么方式接触我们，以及他们希望如何购买我们的保障产品。很多客户希望通过直销方式购买，因此我们必须在直销方面具备一流的解决方案。我认为我们已经在这方面进行了大量投入。

whether it's leadership, we have new leadership or relatively new leadership in that space, whether it's building out the capabilities within sort of these virtual agencies that exist or the call centers that help customers, but also some people don't want to talk to someone. They want to go fully direct.
无论是领导力方面——我们在直销领域引入了新的或相对较新的领导班子，还是在虚拟代理机构、客户服务呼叫中心等方面增强能力，我们都在积极推进。同时，还有很多人根本不希望与人交谈，他们更希望完全自助式的直销体验。

And so the affordable, simple and connected product is designed to allow you to do that. So it's really, from my perspective, about making sure that we're doing what customers want, that makes direct very important because the reality is there's a lot of growth in direct. A lot of people want to come to us on a direct basis. And so we have to be there to meet that need. And I think we've invested in the capabilities and we're continuing to because as you said, there's the capabilities within the direct channel, but there's also the marketing sophistication to make sure that you're wisely investing marketing dollars to get those direct leads into your call center on the most kind of efficient and effective basis. And there's a ton of data that we can use to do that.
我们的“经济实惠、简单便捷、互联互通”的产品正是为了满足这种需求而设计的。从我的角度来看，关键在于确保我们在做客户真正想要的事——这也正是为什么直销渠道非常重要。现实是，直销渠道存在大量增长机会，很多人都希望直接与我们进行业务往来，所以我们必须出现在他们需要的地方。我认为我们已经构建了相关能力，并且还在持续投入。正如你所说，不只是要在直销通道本身拥有能力，还要具备高水平的营销能力，确保我们能够明智地投入营销预算，以最有效率、最有效果的方式将潜在客户引导至我们的呼叫中心。同时，我们可以利用海量的数据来实现这一目标。

So I view it as a system. It's a system across all three channels, but there's a system within direct, and we've really been investing in that over the last several years, and I feel good about where our capabilities are at. And certainly, it's an important driver of our growth going forward.
因此我把它看作一个系统——一个涵盖所有三种渠道的系统，而在直销渠道内部也有它自己的系统。我们在过去几年中对这方面持续投资，我对我们目前的能力感到满意。毫无疑问，它将是我们未来增长的一个重要驱动力。

Adam Klauber

Okay. Okay. And then on that just so people have an idea, what -- roughly what percent of the market shops digitally would you say, for auto insurance?
好的，好的。那顺着这个话题说一下，让大家有个概念，你觉得目前大约有多少比例的汽车保险客户是通过数字渠道来比较选购的？

Jesse Edward Merten

It's about 1/3. Well, it's more of the shoppers, Adam, if that's what you're getting at. I think more of your regular shoppers tend to be direct. It's not entirely true. But certainly, there's a lot more shoppers that are direct. I don't have the percentage off the top of my head. We like to -- as I said in the prepared remarks, what we like to see is where you we have that new business coming in spread across all of the channels, but direct is where there's a fair number of shoppers at times.
大约是三分之一。更准确地说，是有三分之一的“购物者”（指比价者），Adam，如果你是指这个的话。我认为那些习惯定期比价的客户更倾向于使用直销渠道。当然，也不是百分之百，但确实有相当多的客户会选择直销方式。我手头没有确切的百分比数据。正如我在开场发言中提到的，我们希望看到新业务在所有渠道之间合理分布，但在某些时候，确实会有相当多的客户集中在直销通道。

Adam Klauber

Okay. Okay. And you mentioned the home business that Allstate in a very, very tough line, does make money and actually is their -- your combined ratios are some of the best in the industry, and that's just not an easy task given that -- what are you doing today to actually -- in a continually weather-volatile world to make sure that you'll stay profitable on the home side?
好的，好的。你刚才提到房主保险业务，Allstate 在这个极具挑战的领域依然实现了盈利，而且你们的综合赔付率在行业中名列前茅——这可不是件容易的事。在一个天气持续多变的环境下，你们现在具体是如何确保房主保险业务能够保持盈利的？

Jesse Edward Merten

Well, we do a few things. One, we invest in product innovation. So I mentioned we have an affordable, simple and connected homeowners product. So that's the next version of our sort of best-in-class segmentation rating, risk evaluation. We have a really good risk-and-return management team that looks at diversification to make sure that we don't get out of balance from a concentration perspective. So I think we're doing a lot of the things that we've done for a long time in homeowners, but also continuing to innovate and be leading edge so that we can maintain that.
我们做了几件事。首先是产品创新投入。我提到过我们推出了一款“经济实惠、简单便捷、互联互通”的房主保险产品，这是我们一流风险细分定价和风险评估体系的升级版本。同时我们还有一支非常强的风险回报管理团队，他们会重点关注风险多样化，确保我们在风险集中度方面不失衡。所以我们既坚持了在房主保险业务上长期以来一直在做的事情，也在不断创新，保持行业领先，以维持我们的优势。

When you think about the volatility in the environment, weather patterns, that's something that we have to continually adjust for, and you do it through rate. We also do some of that through our robust reinsurance program. So Allstate has a very robust prevent reinsurance program that allows us to manage the overall risk of the homeowners block by buying coverage from reinsurers for a significant single event or two events in a year type of situation.
至于环境波动、极端天气这些因素，我们必须持续进行调整——其中一个方式是通过保费定价来实现。我们也会通过强大的再保险计划来分散风险。Allstate 拥有一套非常完善的灾害防范再保险计划，可以通过向再保险公司购买保障，来管理房主保险板块的整体风险，尤其是在一年内发生一次或两次重大事件的情况下。

So I think a little bit of it is looking back and saying, what's made us successful over decades in homeowners. You don't want to change that too much. What you want to do is continually strive to be excellent and improve on what we've done, what's gotten us here and acknowledge that in a changing environment, some of that's just going to be -- you're going to have to charge a little bit more rate to cover the fact that there's inflation in some of the underlying components, and there's just more events.
所以我认为，一方面我们要回顾过去几十年来是什么让我们在房主保险领域取得成功——我们不应轻易改变这些核心做法。另一方面，我们也要不断追求卓越、持续优化那些让我们走到今天的策略。同时我们也要认识到，在这个不断变化的环境下，我们确实需要适当提高费率来覆盖一些成本上涨的因素，比如通胀带来的建材成本上升，以及极端事件发生频率的增加。

Adam Klauber

Yes. And this is a very general question, but how do you think about fire risk because that's traditionally been really tough to model. And obviously, the headlines were awful from a little while back from California, but it's not just California, it's Colorado, Nevada, up the West Coast. So how do you think about it? And how are you looking to management over time?
是的，我接下来这个问题比较泛。你们是如何看待火灾风险的？因为火灾风险传统上是很难建模的。之前来自加州的新闻头条确实很惨烈，但这不仅仅是加州的问题，科罗拉多、内华达，整个西海岸都存在类似情况。所以你们是如何评估这种风险的？未来又准备如何管理？

Jesse Edward Merten

Well, I think that the modeling is getting a lot better. So that is one thing I would say. So our ability as an industry to model wildfire risk is going up. One of the key components, I know we certainly saw this in California, is as insurers, we have to be able to use that modeling to inform rates and charge the appropriate rate to a customer that's at high wildfire risk. And also it lets us go in, in sort of contact those customers or a potential customer and say, "Like, we can't write it for this reason. But if you did these five things, your house might be insurable," right?
我认为目前建模能力正在显著提升，这是我想说的第一点。整个行业在对野火风险进行建模方面的能力在不断增强。我们在加州已经明显看到了一点：作为保险公司，我们必须能够使用这些建模工具来制定合理的费率，对处于高野火风险地区的客户收取与风险相匹配的保费。同时，这些建模工具也使我们能够与客户或潜在客户进行沟通，告诉他们：“出于某些原因我们现在无法承保，但如果你采取以下五项措施，你的房屋也许就可以被承保了。”

But you -- sort of the core of that is a regulatory environment that allows you to use wildfire modeling. And again, that was a challenge that we had in California. It's something that they're talking about doing. But -- so one, I think the modeling is getting better.
但这一切的核心在于监管环境必须允许保险公司使用野火建模工具。我们在加州就曾面临这一挑战——那里的政策限制了模型在费率制定中的应用。目前他们正在讨论放宽限制。因此第一点，我认为建模本身确实正在变得更好。

I think some of our traditional tactics, we've looked at this as a risk. There's been wildfire risk all along, and we help to manage that. There's things that you can do from an aerial imaging perspective as we think about new homeowners products where you can actually look during the underwriting, and you can use AI technology to say what's going on in this property, is there tree overhang? Are their bushes right up against the side? Like there's a lot that we can do. And so we implement those solutions into our processes just to make sure that we're managing the risk.
从传统策略来看，我们一直将野火视为重要风险，也采取措施进行管理。例如，在开发新一代房主保险产品时，我们可以从空中影像入手，在承保流程中使用AI技术分析房产的实际情况——比如房屋周围是否有树枝悬垂？灌木是否紧贴外墙？等等。这方面我们已经能做很多事情。我们将这些解决方案整合进承保流程中，以确保我们能够有效管理这类风险。

I mean at our core, we're there to help people in a time of need. And so you're not going to completely eliminate the risk. We just want to make sure that we appropriately price the risk that exists for any given home in that situation.
我们的核心使命是在人们有需要的时候提供帮助。因此，风险不可能完全消除，我们所能做的就是确保我们能够为每一个具体房屋的实际风险，制定出恰当的价格。

Adam Klauber

So with your scale, the ability to not just taking the models but implement the models and also that you have been traditionally on the leading edge in homeowners, is that ultimately more of an opportunity? Because it's -- wildfire is just tough for the industry and a tough for a lot of competitors, big and small, to get their arms around. So in a way, is that more of an opportunity for you, would you say?
考虑到你们的规模优势，不仅可以应用模型，而且可以真正将这些模型落地执行，同时Allstate在房主险领域也一直处于行业前沿，那这是否最终成为一种机会？因为野火风险对整个行业来说都很棘手，很多竞争对手，无论大小公司，都难以应对。所以从某种意义上说，你们是否可以将这视为一个更大的机会？

Jesse Edward Merten

I think Allstate is good at managing homeowners and understanding homeowners risks. So it's not that we want to run out and ensure wildfire zones as a strategy. But certainly, there's areas that -- I mean, as you've noted, there's -- wildfire risk is not just in California, there's a number of places. We want to understand, get paid appropriately to manage the risk and work with customers to mitigate the risk. And I think that continues to be an opportunity for Allstate.
我认为Allstate在管理房主险和理解相关风险方面确实做得很好。当然，我们并不是说要把承保野火高风险区域当作一种战略去主动推进。但确实，如你所说，野火风险并不局限于加州，还存在于很多其他地区。我们希望能够真正理解这些风险、收取合理保费来承担风险，并与客户合作进行风险缓解。从这个意义上讲，我认为这对Allstate来说确实是一个持续存在的机会。

I think there was a question.
我记得刚才还有一个问题。

Adam Klauber

Yes. Please, do.
是的，请继续。

Unidentified Analyst

Can you talk about your outlook for rates for [indiscernible]
你能谈谈你们对[听不清]利率的展望吗？

Jesse Edward Merten

Portfolio. I mean we don't have -- we haven't taken a view on -- like given a forward view on rates. If you look at our duration, and we tend to be -- we've been around target duration recently. So -- and we continue to reinvest the portfolio. Now you'll see as rates come down to the extent where we have some shorter duration instruments, they're going to roll into lower rates.
是关于投资组合的利率展望吧。我们并没有，也不会对未来利率做出具体预测。如果你看看我们的久期配置，我们最近基本维持在目标久期附近。我们也在持续对投资组合进行再投资。如果未来利率下行，那我们持有的一些短久期工具就会以较低利率进行再投资。

What you've seen over the last couple of years, though, is a lot of stability in the portfolio yield because of where rates have been. And we've been able to first shift the portfolio and then now reinvest at relatively good rates, particularly in comparison to 5 years ago.
但过去几年来你会发现，我们的投资组合收益率表现得相当稳定，这是因为利率整体处于高位。我们一开始调整了投资组合结构，随后又能够在当前相对较好的利率水平下进行再投资，尤其是相比五年前来说，现在的利率条件要优越得多。

So the outlook would be -- I don't -- I'm not going to give you a firm outlook on what rates will do. We all can guess on what's exactly going to happen. But I feel good about where our portfolio is positioned to take advantage of changing interest rates.
所以利率的未来走势——我不会给出明确预测。我们大家都只能对未来会发生什么进行判断。但我可以说，我们目前的投资组合配置让我对利率变动下的应对能力感到非常满意。

Adam Klauber

We have time for one last question, if anyone wants to chime in? Then I'll chime in.
我们还有时间再问最后一个问题，有没有人想提问？那我来问一个。

Can you talk about how is the momentum in the traditional Allstate agents, the captives, there's been some changes, and it's been a work in progress for a long time. But I guess, how is the momentum in that channel?
你能谈谈Allstate传统代理人渠道的现状吗？也就是那些专属代理人（captives）。这个渠道近年来确实经历了不少变化，也是一项长期调整的工程。你认为这个渠道现在的势头如何？

Jesse Edward Merten

I feel good about the momentum in that channel. They're more efficient than they've been. They're bundling more than they've been in the past. So I think what we have as a group of agents that's fewer, but we have fewer agents that are doing more for customers, and I think that's good. We've been making changes. What we're trying to do is make changes to that distribution channel that helps everyone win long term and also helps make sure that we're matching the cost of distribution to what customers are expecting.
我对这个渠道目前的发展势头感到满意。现在的代理人效率比以前高，也更善于捆绑销售多个产品。总体而言，虽然我们的代理人数量减少了，但他们为客户提供的服务更多、更好——我认为这是好事。我们一直在进行调整，目标是让这个分销渠道的每一位参与者都能在长期受益，并确保我们的分销成本与客户的预期相匹配。

And I think our agents generally are in a good spot. I'm sure if you surveyed the thousands, you'll find some that aren't as happy and some that are, but that's, I think, can always be true. I feel good about sort of the positioning in the future of the Allstate Agency. I mean you heard me, we want balanced distribution, which is all three channels, and that includes a strong exclusive agent channel. So I feel encouraged by it.
我认为我们的代理人整体上处于不错的位置。当然，如果你去调查几千名代理人，肯定也会有人不太满意，也有人非常满意——这永远都会存在。但从整体来看，我对Allstate代理渠道未来的发展方向感到乐观。正如你听我之前说的，我们追求“平衡分销”，也就是三个渠道齐头并进，而其中一个重要组成部分就是强有力的专属代理人渠道。因此我对此感到振奋。

Adam Klauber

As your rates have, I'll say, stabilized the way in the last, say, 6 months, have you seen more growth coming out of that channel, would you say?
在过去大约六个月里，你们的费率趋于稳定。你觉得这是否让专属代理人渠道带来了更多的增长？

Jesse Edward Merten

Honestly, Adam, Allstate agents are always very good at generating growth. I think that they -- part of the value that an agent brings is explaining premium increases. And so I think what we've seen through the cycle is even when rates were going up, Allstate agents were able to sell new business because they could go and sit with you and say, "Hey, here's what you're seeing from Allstate or here's what you're seeing from a competitor, here's why, and here are some things you can do back to our SAVE program. Here's some things you can do to lower your premium."
坦率讲，Adam，Allstate 的代理人一贯擅长推动业务增长。我认为代理人的一项重要价值，就是能够向客户解释保费上涨的原因。所以在这一轮周期中，即使在费率上升的阶段，Allstate代理人依然能成功销售新保单。因为他们可以与客户面对面沟通，解释说：“你从Allstate或竞争对手那里看到的保费情况是这样，原因是什么，然后你可以通过我们的SAVE计划采取一些措施来降低你的保费。”

So that advice that they provide, I think has allowed them to be consistent through the cycle versus seeing a big spike now that we've lightened up on rates.
正是这种咨询与服务能力，使他们在整个利率周期中都能保持稳定的表现，而不是等到费率回落后才突然迎来一波增长。

Adam Klauber

Okay, okay. I'd like to thank Jess for joining us.
好的，好的。我要感谢Jess今天的参与。

Jesse Edward Merten

Thank you.
谢谢你们。

Adam Klauber

We'll continue in the Richardson breakout room. Thank you, guys.
我们接下来会在Richardson分会场继续讨论。谢谢大家。

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