Jed Kelly: Thank you.
Joseph Sanborn: Thanks, Jed.
Jayme Mendal: Thanks, Jed.
Operator: Our next question comes from Dan Day with B. Riley Securities. Your line is open.
Dan Day: Yeah. Hey, guys. Thanks for taking the question. So just to turn to home and renters to turn it away from auto for a second. Pretty impressive growth rate there. I know the dollars are still kind of smaller. But any investment you made to drive that growth? How sustainable do you think that is and then just like how big do you think that can be over time?
Jayme Mendal: Yeah. So late last year, we dedicated a team to that vertical to home and renters. I think what we are seeing is the impact of just greater focus, resource concentration and dedicated leadership there and that team has done a great job trying to figure out the growth path for that vertical. We have managed to grow agent demand quite a bit. We have built out consumer traffic footprint in parallel and the product of that is the growth that we are experiencing now. We certainly think there is more room for that vertical to continue growing. We are going to continue to invest in and support its growth. The home market is not immune to some of the hard market dynamics that auto is facing and so this is the kind of growth we are generating in the hard market cycle. And so as that market improves over the course of the next year, we would expect to see some continued growth alongside it.
Dan Day: Great. Thanks. And then just a follow-up back to auto. I think like, historically, your largest carrier customer in the marketplace business was pretty far ahead of everyone else just in terms of like using technology to acquire customers online, right, through marketplaces like yours. Maybe just talk about like the other carriers, whether the last year or two has made them realize they need to be using marketplaces like yours and then digital channels to acquire customers and whether there’s been sort of a market shift in their willingness and the ability as well to use them throughout this hard cycle?
Jayme Mendal: Yeah. I would say that the hard cycle has pushed carriers up the sophistication curve with respect to tapping into marketplaces like ours. One of the most pronounced benefits, particularly in a hard market, is the ability to target with greater precision than you can in more sort of mass market channels. And so we have seen carriers who have historically been called less targeted, increasing their ability to target the types of consumers that work for them at a given moment in time and I think that will persist. In terms of their — I would say that, the progress is sort of sits on the spectrum and our job is to help the carriers, the providers sort of at the lower end of that spectrum to help them either get better or to do the work for them.
And so we have seen some adoption of a product that we have that actually helps carriers do the bidding, where they can just kind of talk to us about and express their preferences for specific consumer profiles, geographies, KPIs and we will use our technology, our data, our machine learning to effectively do the bidding on their behalf and help drive more volume at their KPIs. So I would anticipate more adoption of that technology coming out of the hard market cycle as I think carriers have gained some appreciation for what’s possible in a channel like ours.
Dan Day: Great. Thanks, guys. Appreciate it.
Jayme Mendal: Thanks, Dan.
Joseph Sanborn: Thanks, Dan.
Operator: Our next question comes from Cory Carpenter with JPMorgan. Your line is open.
Danny Pfeiffer: Hey. This is Danny Pfeiffer on for Cory Carpenter. I just have two quick ones. Is there any commentary on kind of how consumer traffic has trended throughout the quarter as more carrier price increases flowed through? And then, on the second, you touched on it before in the prior question, but what are some of the higher level drivers of the home and renters’ insurance market we should look out for next year that will continue to drive growth? Thanks.
Jayme Mendal: Thanks, Danny. On the traffic front, I would say that, consumer shopping volume has been relatively stable. Now stable at historically high levels as the rate cycle continues to drive more shopping behavior. But we expect that to continue to remain at elevated levels for as long as the rate cycle persists, which is likely to be well into next year at a minimum. Now with respect to home, I mentioned a couple of the growth drivers that have enabled some of the growth that we have achieved over the last year. Those include growth in demand from local agents, particularly as it’s become a bit harder for them to underwrite auto as a result of carriers tightening their underwriting restrictions and continuing to build out our traffic footprint in parallel in that vertical.
I think there’s probably continued room for growth along both of those dimensions and then you have got — you layer on the fact that home is still in a relatively hard market, meaning a lot of the carriers that have historically had demand for home insurance shoppers are pulled out of the market, if not operating with a very narrow footprint and so we would expect that as they continue to take rate over the next year that we will see some just recovery in carrier demand through natural course as we expect to happen with auto as well.
Danny Pfeiffer: Thanks.
Jayme Mendal: All right. Thanks, Danny.
Operator: Our next question comes from Ralph Schackart with William Blair. Your line is open.
Ralph Schackart: Good afternoon. Thanks for taking the questions. Can you just maybe give us some perspective if you can about some of the market share shifts you might be seeing? I think, historically, you talked about gaining share and with the eventual recovery at some point with carriers as they take rate, how is EverQuote going to be positioned coming out of this down cycle, let’s say, versus the broader competition? Thanks.
