Cory Fischer: Yes. Thanks, Alex. So for commercial auto, we are the largest commercial auto insurer and we are also number one in truck. And I think with that, we have a lot more data than anyone else. And so, we have, we feel like a leadership position in segmentation. I think telematics extends that leadership position relative to the marketplace. So, there are some companies that are investing in telematics. But I think between our size, the amount of data we have, we believe we are increasing the lead through telematics.
John Sauerland: I’ll just add. So, over the history of the personal auto, evolution in telematics, early on, we weren’t pricing to the full curve. So, we understood that a lot of people should be receiving surcharges, and some people should be receiving bigger discounts. Because we were at the forefront and we are seeking consumer adoption, we didn’t price to that full curve. I think we are now very close to or almost completely pricing to that curve with the data we have today. However, as Jim was sharing, we can continue to advance the science, continue to pull additional data elements that can continue to have us leading the pack. So, our segmentation game is never ending. We are always trying to continue to advance, to find additional data to use that can keep us with a gap between us and the competition.
And as Cory mentioned in the prepared comments with the slides, Commercial Lines is at an earlier stage similar to where Personal Lines was. We still have a significant loss ratio benefit in aggregate for telematics and Commercial Lines, which means, we have further pricing options that we can play as competitors come to market with their offering. So, I think we are in a great place from a telematics standpoint. We are not at all at the end of the journey. We are going to continue to evolve and continue to advance our competitive advantage, when it comes to pricing and telematics.
Tricia Griffith: I’ll add one last thing just because I think this is a subtle nuance, so really important. And Cory mentioned it a couple of times. When he’s thinking about telematics in his role, in his prior role and Commercial Lines, he’s talking to Jim and their team. He referred to his colleagues and learnings that they have. This is really common and very specific when you think about our strategic pillars. One is our people and our culture. Our culture is to go back and forth, whether it’s talent and rotational jobs, but understanding learnings from the first movers within the company. That is really key, and I think it’s really different because many of us — I think Lori Niederst prior to her role when she prior to her role when she was in CHRO, she shared many years ago, the amount of depth in our leadership ranks because we think it’s really important for people to know many sides of the business.
So although it’s subtle and it’s hard to measure, the way our culture is and the way our leaders work and the sharing of ideas and successes and opportunities is really important, especially in something like telematics.
Operator: Our next question comes from Andrew Kligerman with Credit Suisse.
Andrew Kligerman: Hey. Thanks a lot. Really helpful answer to that prior question, but I’d like to elaborate on it a bit. And just thinking about the fact that — I don’t know, maybe 80%, 90% plus of the insured Personal Lines population utilizes Cambridge Mobile Telematics. I understand that Progressive’s data and analytics is incredibly robust, the segmentation, you talked about history and data use. But the competitors can see all that. So my question is this replicatable in a very fast fashion? What makes it so hard not to replicate given that you’re all using a similar platform?
