Stephan Scholl: Yes. It’s been the one we have talked quite a bit about before, right. And if you look at – you know my history, right. And I have been on the forefront of best-of-breed to enterprise. And there is not many places left where that battle still exists, and this is the one that I am in right now. And what I will tell you is the minute we send the value engineering team into some of the big banks or big utilities or telcos or manufacturings, and we ask some basic questions, how many point solutions do you have across navigation and retiree and benefits. I mean if you ask those questions, the answer gets between 30-point and 50-point solutions. Then you say, how much are you spending on that, and it’s – you start – if you add the category of claims, it begins with a B, right.
You are talking about billions of dollars of expense. And then you ask the real home run question, which is, what engagement and success are you seeing, and you are seeing still – I mean it’s still – despite how smart we have all gotten past-COVID, Tien-tsin, it is shocking to see how many big smart companies are getting between 1% and maybe 7% to 8% engagement on some of these key components. So, very quickly, the ROI when you get the CFO in the room is why are we wasting all this money for so little output, how come we can’t bend the claims curve, which is still going up between 7% and 12% on average. I mean that’s pure bottom-line EBITDA, right. Then you get the CIO in the room, which has become for us, a much, much larger client, especially in the banking world, Tien-tsin, you know this.
The CIOs are very powerful individuals now seizing the day a little bit more in that department of saying, why do we do it this way, why do we have all these point solutions. So, the challenge has been there has been nobody. I mean you see all my competitors in these point solution areas in their talk tracks talking about the importance of engagement and platform, yet they just don’t have the capability like we do. So, our advantage still is that engagement platform level, consolidation of all these point solutions into one place. And then the final piece is, we have the financial horsepower and the technology and capability. And to your point, we have been doing a lot of deals even though we have been in the midst of this massive technology transformation.
When Greg – that’s why I wanted Greg, his promotion and his visibility to clients, is going to be super helpful is when we are done this, the tooling and the capability to take data and do a lot more with it to drive a truly individual level experience will be here by the end of this year. So, that will really help us in the next chapter.
Greg Goff: The one thing I would add is, I think just like in other areas dominated by platforms, the ERP world, etcetera, in this space, the slicing up the sort of amplifying of all the individual pieces, that sub-optimizes the decision process and the outcome you can create for an individual, right. If I am having to go transact might leave in one place, and that’s an individual thing. I am going to go ahead and transact my benefits in an area and that’s one thing. I am going to have you to transact my 401(k) in a different app, and that’s a different thing. That sort of – that hampers my ability to create the best outcome for the individual and the best outcome for the employer in terms of what they can utilize. And so we see this, right.
We see companies choosing best-of-breed. We have to be great at the individual solutions, right. But the overarching opportunities, we talk about AI, we talk about intelligence, we talk about ROI is to bring those things together under an umbrella. That’s really the benefit at the end of the day.
Tien-tsin Huang: Okay. Thanks. Greg, congrats on the promotion, same to Jeremy, and of course, Katie, thank you to you and all the best.
Jeremy Heaton: Thanks Tien-tsin.
Greg Goff: Thanks Tien-tsin.
Operator: That is the end of our question-and-answer session. I will now turn it over to management for closing remarks.
Stephan Scholl: I really appreciate everybody’s time early this morning and I appreciate the questions, and look forward to seeing so many of you at upcoming conferences. Have a great day.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
