Pat Thompson: Yes. And Andrew, I would say it’s going to be very dependent on the spend dynamics within the P&C vertical, which is, one major carrier is more private. They’ve been stepping in, in a meaningful way. And as others come back, could that mix start to shift more open? Sure, it could.
Andrew Kligerman: Got it. And if I could sneak one last one in. On the Medicare Advantage business, would you expect — this was a very tough year in terms of new regulations into play. Do you see that — how do you see that dynamic playing in, in the big fourth quarter of 2024? Do you think that you’ll be more nimble? Do you think more of the case of carriers who are nimble and active in that market, given that they may have adapted to this regulation? So if you could give a little color on what the regulation was and how companies might be in 2024, that would be really helpful.
Pat Thompson: Yes. And Andrew, I think the trends for 2023 and what could be coming in 2024 are a little bit different, so probably order, which is I think on the 2023, what we saw was new marketing rules put into place, and that was around kind of what you could say in creative with the carriers ultimately having to approve marketing messaging that was put in front of consumers and also some changes around waiting periods for kind of working leads and outbound dialing. The biggest change was the marketing rules. And essentially, we saw some set of kind of publishers struggle to adapt to those new marketing rules to say, “Hey, you’ve always used marketing messaging A, and you got to pivot to B.” And that’s — some people were able to adapt more quickly than others on that.
And on the approval side, different carriers and some major brokers as well had to approve creative. And there was a degree of inconsistency between them as to what was allowed and what wasn’t. And so — and it took them a while because they were kind of ramping the process in real time. And so that had kind of knock-on effects on the industry. And as I think about 2023 and those regulatory changes, we’re feeling like it will be a lot better as an industry the second time around. Moving to the second part of your question, which is kind of going forward, and I think the CMS is always looking to optimize things as far as regulation goes. And I think they’re talking about a number of things and there’s been commentary from a number of different carriers around kind of where they’re at.
But I would say that rule changes by CMS have generally made real and meaningful progress in cleaning up some of the bad practices in the industry, and they’ve ultimately improved the user experience for seniors. And those are things that we think are actually really long-term positives for the industry, and we think they’re going to keep continuing to look for ways to build on that progress. And quite frankly, we’re — we’ve been pretty good at adapting to these changes over time because they represent an opportunity. And we’ll continue to do that going forward, and we’re really excited about the future of the Medicare Advantage business.
Andrew Kligerman: Awesome. Thanks so much.
Pat Thompson: Thanks Andrew.
Operator: Thank you. Our final question for the day comes from the line of Ben Hendrix from RBC Capital. Please go ahead.
Ben Hendrix: Hi, thank you very much. Just a quick question on the health care business. We saw a lot, very turbulent period for earnings season for the carriers and saw some market share go to one carrier, in particular, CVS, versus slower growth than some of the others. Just wanted to see kind of how that translated to your transaction mix this quarter, if you saw anything in the fourth quarter that was unusual in terms of mix and then how that’s translating to OEP thus far in the season? Thank you.
Pat Thompson: Yes. And Ben, I would say, of course, we saw changes on an individual carrier level basis and we do every year on that, which is seen as some people are a little bit more bullish, a little bit more bearish. But I would say that the macro trends have been pretty stable over time, their carriers continue to find our marketplace attractive and be leaning in to try to find pockets of customers that make sense for them. And as far as translating into the special enrollment period that’s underway now, I would say the business is down significantly from the AETP and I would say the trends are not all that different from kind of what we saw during AEP or quite frankly, what we’re seeing even going in AEP.
Ben Hendrix: Thank you for squeezing me in.
Pat Thompson: Thank you, Ben.
Operator: Thank you. Ladies and gentlemen, as we have no further questions at this time, we will conclude today’s conference call. We thank you for participating, and you may now disconnect.
