So it encompasses a couple of different areas. The first one is just around product improvements. The next one really initiatives around safety. We have been working for many years on various initiatives around safety and we still think there’s more room to grow with that as our capabilities have become more sophisticated. So anything that helps promote safety, obviously, reduce accidents, using our telematics to improve settlement outcomes is going to be a core part of our strategy. And then finally, what I would say is, on the policy side. We continue to be active on what we view as common sense policy reform. Specifically, as it relates to T&C insurance requirements, these function at a state level. But we are also working side by side with our insurance partners, some of the largest insurance carriers certainly in the U.S., in their efforts as an industry to combat what’s sometimes called the social inflation, other times referred to as legal system abuse.
So it’s really a multi-pronged, multi-directional strategy as it relates to insurance. But again, for this year and for our renewals that we just completed, we completed those as expected and we have substantial visibility for the next 12 months.
David Risher: So, Ken, I will kind of pick up exactly where Erin is leaving off. So just talking about the next 12 months in insurance. I will maybe give a little bit of perspective over the next couple of years in terms of growth. If you think of — let’s say this, the strong execution and just continued operational excellence can really, really drive the business is strong. But if you want to look even longer you have got to tap into things that are super, super deep. And it turns out people really like to be together, and people really like to be enjoying their lives outside of just their houses and so forth and so on. And by the way, not only do people like that, but there are all sorts of other companies and organizations and that also like that, cities like that, because it gets people out buying.
Partners like that. We have got a great partnership with Chase Bank, for example. We can talk about that more in-depth later if we are interested, but the credit card partnership we have with them with their Chase Sapphire is great, great partnership and one that I think in a lot of ways is just getting started. So I think if you sort of look over the next couple of years, it becomes a little bit less sort of what I think it’s a little bit of a tired story of kind of just Uber and Lyft and so on and so forth and much more into how can organizations like ours that are really focused on doing really innovative work for customers. How can we really take our Rideshare network and make it a bigger and bigger part of people’s lives such that they end up having a bigger better life and that our partners increasingly can support and get behind as well, because it helps them out as well.
So it’s a little philosophical and we can try to get a little more detail, but that’s at least the way we think about it.
Ken Gawrelski: Thank you.
David Risher: Sure.
Operator: [Operator Instructions] Our next question comes from Deepak Mathivanan from Wolfe Research. Your line is now open.
Deepak Mathivanan: Hey, guys. Thanks for taking the question. Kind of a two parter question on bookings growth. It was nice to see some acceleration in 3Q. But more broadly, how do you think about the market and sort of the industry growth for 2024? And then the second one related to that, Uber is seeing some benefits from new verticals inside Rideshare, kind of product like Shared Ride and also products like Reserve, how do you think about the opportunity for incremental growth from there? And maybe can you unpack some of the contribution from these products that you currently have at all? Thank you so much.
Sonya Banerjee: Hey, Deepak. Really quickly. Sonya, can you actually hear us?
Deepak Mathivanan: Yeah. We can.
Sonya Banerjee: Okay. Awesome. David, go ahead.
David Risher: Okay. Sorry, a little technical glitch there. And my apologies, just as you were starting that question, we had a little technical thing on it. Can you just repeat the first part of that question one more time?
Deepak Mathivanan: Yeah. No. I was just asking about your expectations for industry growth in 2024 in the U.S. Rideshare space?
David Risher: Yeah. We probably, and Erin, I will chime in on this as well. Obviously, we are not giving any longer term guidance besides what we just gave for Q4. We are still very much on track for what we call our long-range plan, LRP, but that will be the beginning of next year. But I would just say, broadly speaking, we see a lot of reasons to be really optimistic about growth. Let’s start with where we are today and then try to extrapolate a little bit. Again, just looking back the last couple of weeks, we have seen growth higher than we have ever seen in our corporate history, not just talking about sort of just going back to 2019, but literally since day one. So that’s to energizing. Number two, we see some secular trends.
Travel will continue to be a big growth driver. You are seeing that across the sector will continue to be a big growth driver. Again, you are seeing that across the sector as people come back to work post-pandemics. So those are sort of secular trends. And then when you look at where we sit in, we really are, again, we are customer obsessed, right? So we are really trying to take a look at large segments like women, for example, or like airport travel, which includes business travel, leisure travel and so forth, and say how can we create more and more differentiated experiences that drive that incremental use and incremental frequency, right? And we all know this. I mean heavy users of Rideshare, because you asked about the sector, they might use the service maybe a couple of times a month, that already gets to be a pretty heavy user.
And most people go to work three times a week, at least most people go to social activities a couple of times a week. So in a lot of ways, I think, we are really underpenetrated in terms of how people can use in their daily lives. So again, I know maybe a tiny bit philosophical, but when we look at our 2024 trajectory, we feel super good.
Erin Brewer: Yeah. The only thing I’d add to that, David, obviously, fully agree. As you think about our model, I think, it’s important to note that as we get into Q2 of 2024, we will have anniversaried a couple of important things. First and foremost, that’s really the first full quarter where we operated competitively and in line with the market as it relates to our pricing strategy, and it’s also the quarter, obviously, we in Q2 of the current year we enacted a cost restructuring program. So as you think about 2024, Q2 2024 will be the quarter where we anniversary those two items.
