1 00:00:00,440 --> 00:00:03,920 Speaker 1: This is Bloomberg Best. Bloomberg Best is about the insight 2 00:00:04,080 --> 00:00:06,480 Speaker 1: and the context that we get from our guests. It's 3 00:00:06,519 --> 00:00:07,880 Speaker 1: a great way to catch up on some of the 4 00:00:07,920 --> 00:00:10,520 Speaker 1: stories you might have missed on the Bloomberg stories you're 5 00:00:10,560 --> 00:00:14,600 Speaker 1: not going to find in any other news organizations. Bloomberg 6 00:00:14,720 --> 00:00:18,440 Speaker 1: Best Bloomberg's Best stories of the week, powered by twenty 7 00:00:18,520 --> 00:00:21,320 Speaker 1: seven hundred journalists and enalysts in more than a hundred 8 00:00:21,320 --> 00:00:24,920 Speaker 1: twenty countries around the world. I'm at Baxter and I'm 9 00:00:24,960 --> 00:00:28,520 Speaker 1: did the Spelly Greeny on this weekend edition of Bloomberg Best. 10 00:00:28,920 --> 00:00:32,160 Speaker 1: Because of the components, the safety component. In addition, think 11 00:00:32,200 --> 00:00:35,800 Speaker 1: of the inflation of medical cost why auto insurance is 12 00:00:35,880 --> 00:00:39,159 Speaker 1: so expensive. If you could take you know, Emma for 13 00:00:39,200 --> 00:00:41,720 Speaker 1: a couple of hours while I do this presentation, I 14 00:00:41,800 --> 00:00:43,640 Speaker 1: will baby see your kids and you and your husband 15 00:00:43,680 --> 00:00:46,800 Speaker 1: can go out on the weekend. Progressive CEO Tricia Griffith, 16 00:00:47,200 --> 00:00:50,559 Speaker 1: I'm bartering for childcare for her six children. Do you 17 00:00:50,600 --> 00:00:54,440 Speaker 1: own a home? Yes? Discount plus some insight into Progressive's 18 00:00:54,520 --> 00:00:57,960 Speaker 1: best known personality. All this and more coming up in 19 00:00:58,000 --> 00:01:02,880 Speaker 1: the next hour of Bloomberg Best to all right, and 20 00:01:03,160 --> 00:01:05,640 Speaker 1: you know one thing most people love to have, right, 21 00:01:05,680 --> 00:01:08,680 Speaker 1: but don't love to pay for is insurance right? That's right, 22 00:01:08,720 --> 00:01:13,560 Speaker 1: denise auto insurance, homeowners insurance, liability insurance. But for those 23 00:01:13,600 --> 00:01:15,200 Speaker 1: in the business, said, they look at it from the 24 00:01:15,200 --> 00:01:18,759 Speaker 1: other side, right, it's all about, you know, measuring your risk. Yeah, 25 00:01:18,800 --> 00:01:21,480 Speaker 1: And David Rubinstein had a chance to ask the CEO 26 00:01:21,600 --> 00:01:24,520 Speaker 1: of Progressive all about it. And David starts here on 27 00:01:24,560 --> 00:01:28,319 Speaker 1: the David Rubinstein Show Peer to Peer Conversations by asking 28 00:01:28,400 --> 00:01:32,880 Speaker 1: Tricia Griffith about the company's business model and advertising. So 29 00:01:33,160 --> 00:01:36,040 Speaker 1: for those who aren't familiar with Progressive Um and probably 30 00:01:36,040 --> 00:01:38,000 Speaker 1: if you watch television, you would be familiar because you 31 00:01:38,040 --> 00:01:41,000 Speaker 1: have a lot of television ads, right, And I'm just curious, Uh, 32 00:01:41,040 --> 00:01:44,560 Speaker 1: why is it that automobile insurance companies seem to advertise 33 00:01:44,600 --> 00:01:47,480 Speaker 1: a lot. I see your competitors advertising. You advertise a lot. 34 00:01:47,520 --> 00:01:49,720 Speaker 1: Is that because people really will be guided in their 35 00:01:49,720 --> 00:01:54,280 Speaker 1: insurance decision by the advertisement. It's just a really competitive industry, 36 00:01:54,320 --> 00:01:57,400 Speaker 1: which is always odd because it's something you're required to have. 37 00:01:57,920 --> 00:01:59,680 Speaker 1: So it's not like, you know, do you pick a 38 00:01:59,680 --> 00:02:03,000 Speaker 1: different soft drink or a beverage, but it is required. 39 00:02:03,000 --> 00:02:05,480 Speaker 1: But it is so competitive that to be out there 40 00:02:05,480 --> 00:02:07,520 Speaker 1: and be top of mind and be in the shortlist. 41 00:02:07,560 --> 00:02:09,800 Speaker 1: You really have to be advertising. So you have a 42 00:02:09,800 --> 00:02:12,600 Speaker 1: famous character in your insurance uh one of your some 43 00:02:12,639 --> 00:02:15,880 Speaker 1: of your ads called flow, a woman that plays UH, 44 00:02:15,960 --> 00:02:19,080 Speaker 1: I guess an insurance person. Um. Does she get a 45 00:02:19,080 --> 00:02:21,480 Speaker 1: certain percentage of all the all the new business she 46 00:02:21,520 --> 00:02:23,800 Speaker 1: brings in because she's so so good or she doesn't 47 00:02:23,840 --> 00:02:26,960 Speaker 1: have that deal. She does not have that deal? She um, 48 00:02:27,120 --> 00:02:30,680 Speaker 1: she is paid for her contract and she's doing fine. 49 00:02:30,960 --> 00:02:33,359 Speaker 1: Let's talk about this year now. A lot of the 50 00:02:33,400 --> 00:02:35,959 Speaker 1: auto insurers are up this UH this year in part 51 00:02:36,000 --> 00:02:38,840 Speaker 1: because people aren't driving as much. And the theory is, 52 00:02:38,880 --> 00:02:40,320 Speaker 1: if you don't drive as much, it's hard to have 53 00:02:40,320 --> 00:02:43,520 Speaker 1: an accident. So if I presume there are fewer people 54 00:02:43,560 --> 00:02:46,000 Speaker 1: claiming UH, you know that they've had an accent and 55 00:02:46,000 --> 00:02:47,440 Speaker 1: therefore you don't have to pay out as much. Is 56 00:02:47,440 --> 00:02:49,560 Speaker 1: that why your stock is up? You think? I think 57 00:02:49,560 --> 00:02:51,640 Speaker 1: that might be one piece, But I think we've also 58 00:02:51,720 --> 00:02:56,359 Speaker 1: continued to grow not only market share based on units, 59 00:02:56,360 --> 00:02:59,360 Speaker 1: based on policies and force and really, um, if you 60 00:02:59,400 --> 00:03:04,519 Speaker 1: think about it, yes, immediately in March, vehicle miles traveled 61 00:03:04,520 --> 00:03:07,160 Speaker 1: have been reduced and losses went for that. But as 62 00:03:07,200 --> 00:03:09,600 Speaker 1: states have reopened, it continues to go up. And right 63 00:03:09,639 --> 00:03:13,720 Speaker 1: now we're still not pre COVID level of driving. We're 64 00:03:13,720 --> 00:03:16,480 Speaker 1: about eight to ten per cent down, but those lost costs, 65 00:03:16,520 --> 00:03:18,640 Speaker 1: that gap is closing in because we're seeing more and 66 00:03:18,680 --> 00:03:22,960 Speaker 1: more people driving more often. And so that that lasted 67 00:03:23,120 --> 00:03:26,240 Speaker 1: a couple of months, and then remember many companies gave 68 00:03:26,240 --> 00:03:29,600 Speaker 1: back credits or have reduced rates. Now let me ask 69 00:03:29,600 --> 00:03:31,400 Speaker 1: you about that. If you get a rebate, that was 70 00:03:31,440 --> 00:03:34,079 Speaker 1: because you voluntarily thought it was a good idea, or 71 00:03:34,120 --> 00:03:36,080 Speaker 1: the regulators said you have to give back money. Why 72 00:03:36,080 --> 00:03:38,280 Speaker 1: did the automob I'm sure started giving back money to 73 00:03:38,560 --> 00:03:41,080 Speaker 1: their policy holders. We did it because it was the 74 00:03:41,160 --> 00:03:44,440 Speaker 1: right thing to do. I mean, we immediately saw driving 75 00:03:44,560 --> 00:03:48,000 Speaker 1: vehicle miles traveled go down. It went back up pretty 76 00:03:48,080 --> 00:03:51,480 Speaker 1: quickly to twenty, etcetera. But we sat down and said, okay, 77 00:03:51,480 --> 00:03:53,880 Speaker 1: this we don't want margins that big. It's not the 78 00:03:53,960 --> 00:03:56,120 Speaker 1: right thing to do. We want to be competitively priced, 79 00:03:56,480 --> 00:04:01,040 Speaker 1: and so we gave credits for UM both April and May, 80 00:04:01,120 --> 00:04:05,480 Speaker 1: and then subsequently we're very analytically driven, so we went 81 00:04:05,640 --> 00:04:08,960 Speaker 1: sort of state by states, channel by channel, product by product, 82 00:04:09,040 --> 00:04:12,600 Speaker 1: and so far we've given We've had rate decreases in 83 00:04:12,640 --> 00:04:16,120 Speaker 1: about thirty five states, and those those are baked in permanently. 84 00:04:16,480 --> 00:04:19,400 Speaker 1: So today when people have an accident, Today, when they 85 00:04:19,520 --> 00:04:22,360 Speaker 1: do have accidents, the accidents are more expensive than they 86 00:04:22,440 --> 00:04:25,280 Speaker 1: used to be. Is that because the cars and more complicated, 87 00:04:25,320 --> 00:04:28,159 Speaker 1: more expensive to repair? Yeah, they absolutely are a couple 88 00:04:28,200 --> 00:04:30,680 Speaker 1: of reasons. One is the components of the car. So 89 00:04:30,760 --> 00:04:33,440 Speaker 1: I started as a claim drop and the cars in 90 00:04:34,400 --> 00:04:38,240 Speaker 1: the bumper repair or replacement would be a couple hundred dollars, 91 00:04:38,320 --> 00:04:40,560 Speaker 1: and now they could be upwards of a thousand, two 92 00:04:40,600 --> 00:04:44,200 Speaker 1: thousand dollars because of the components, the safety components. In addition, 93 00:04:44,279 --> 00:04:46,920 Speaker 1: think of the inflation of medical costs. So if you're 94 00:04:46,960 --> 00:04:51,320 Speaker 1: injured in an accident, that's another component of the increased severity. 95 00:04:51,600 --> 00:04:54,440 Speaker 1: So let's suppose i want to get some automobile insurance. Um, 96 00:04:54,760 --> 00:04:57,360 Speaker 1: I'm now seventy one years old. Am I a good 97 00:04:57,480 --> 00:05:00,440 Speaker 1: risk as a seventy one year old? Or you'd rather 98 00:05:00,480 --> 00:05:03,960 Speaker 1: have somebody who's twenty five and more alert. That is 99 00:05:04,279 --> 00:05:07,400 Speaker 1: one variable, So we we look at hundreds of variable. 100 00:05:07,440 --> 00:05:09,800 Speaker 1: So depends on where you live. Do you live in 101 00:05:09,800 --> 00:05:12,040 Speaker 1: a congested area, do you live in the rural area. 102 00:05:12,279 --> 00:05:16,200 Speaker 1: What is your driving history? Uh? Do you have our 103 00:05:16,279 --> 00:05:18,240 Speaker 1: usage based insurance? That way we know what time of 104 00:05:18,360 --> 00:05:20,920 Speaker 1: day you drive, how many miles you drive, have you 105 00:05:20,960 --> 00:05:24,479 Speaker 1: had any violations. There's so many things that go into it, 106 00:05:24,560 --> 00:05:28,000 Speaker 1: so age is only one component. When I was a teenager, 107 00:05:28,800 --> 00:05:31,280 Speaker 1: you know, I was told that teenagers are not good 108 00:05:31,360 --> 00:05:34,840 Speaker 1: drivers and insurance is expensive. Is that true today? Insurance? 109 00:05:34,920 --> 00:05:37,120 Speaker 1: Is it more expensive? Or teenagers are not good drivers? 110 00:05:37,480 --> 00:05:40,760 Speaker 1: I will say that having six people that drive in 111 00:05:40,839 --> 00:05:43,360 Speaker 1: my family that we've added over the years, we can 112 00:05:43,400 --> 00:05:46,760 Speaker 1: call them youthful drivers. Uh. The issue is that many 113 00:05:46,880 --> 00:05:49,200 Speaker 1: many are good, but they just don't have that maturity. 114 00:05:49,240 --> 00:05:52,760 Speaker 1: They haven't had the experience. And I remember saying, because 115 00:05:52,800 --> 00:05:54,640 Speaker 1: you know a lot of times you'll get rate increases 116 00:05:54,680 --> 00:05:57,320 Speaker 1: if you add on a youthful driver. And I challenged 117 00:05:57,360 --> 00:06:00,000 Speaker 1: that when I first got this job, and then I realized, 118 00:06:00,440 --> 00:06:03,200 Speaker 1: having six youthful drivers, that there is a reason you 119 00:06:03,279 --> 00:06:05,560 Speaker 1: paid a little bit more. You were in home insurance 120 00:06:05,600 --> 00:06:07,760 Speaker 1: now and you bought a company that helps you get 121 00:06:07,760 --> 00:06:09,160 Speaker 1: into that. Why do you want to be in a 122 00:06:09,200 --> 00:06:12,279 Speaker 1: home insurance business? For us, it was really access to 123 00:06:12,520 --> 00:06:15,960 Speaker 1: more of the preferred customer, especially on the independent agent sides. 124 00:06:16,240 --> 00:06:19,719 Speaker 1: We had a relationship with a SI American Strategic Insurance 125 00:06:19,720 --> 00:06:23,040 Speaker 1: for years. We had we had a small ownership in them, 126 00:06:23,160 --> 00:06:27,120 Speaker 1: and their values were very much aligned with us, and 127 00:06:27,160 --> 00:06:29,560 Speaker 1: so we decided to go ahead and purchase them. And 128 00:06:29,560 --> 00:06:32,840 Speaker 1: it's been a really nice transition, a really great acquisition. 129 00:06:33,279 --> 00:06:35,480 Speaker 1: And so now you know, having sort of the whole 130 00:06:35,520 --> 00:06:40,960 Speaker 1: picture for whatever you want, auto home, your boat's, motorcycle, commercial. 131 00:06:41,279 --> 00:06:43,920 Speaker 1: And that's why we're continuing to expand because I think 132 00:06:43,960 --> 00:06:47,240 Speaker 1: it's really important to diversify. Is the home insurance business 133 00:06:47,440 --> 00:06:50,599 Speaker 1: very profitable now? The home insurance business, it depends on 134 00:06:50,640 --> 00:06:53,880 Speaker 1: what company you're talking about. We have struggled a little 135 00:06:53,920 --> 00:06:58,359 Speaker 1: bit because of wind hail catastrophes, and we also have 136 00:06:58,480 --> 00:07:01,280 Speaker 1: been obviously growing our mom all across the country. We 137 00:07:01,279 --> 00:07:03,640 Speaker 1: were in about five states for many years, and so 138 00:07:03,680 --> 00:07:06,120 Speaker 1: we're learning a lot about the product model. So have 139 00:07:06,240 --> 00:07:09,240 Speaker 1: you looked at our results. We will be profitable, but 140 00:07:09,320 --> 00:07:12,480 Speaker 1: we're doing the same thing we did on the otto side. 141 00:07:12,480 --> 00:07:16,320 Speaker 1: We're getting very surgical in our segmentation to understand, um 142 00:07:16,400 --> 00:07:18,960 Speaker 1: the right rate for each home. Are you thinking of 143 00:07:19,000 --> 00:07:20,960 Speaker 1: getting into the life insurance business and you're in the 144 00:07:20,960 --> 00:07:23,920 Speaker 1: other insurance businesses, why not get into life insurance? Well, 145 00:07:24,000 --> 00:07:27,000 Speaker 1: right now, we have a great relationship with an unaffiliated 146 00:07:27,080 --> 00:07:29,440 Speaker 1: partner that we get a commission when we send them 147 00:07:29,480 --> 00:07:34,320 Speaker 1: to the company, and that's been working really well, and 148 00:07:34,440 --> 00:07:37,280 Speaker 1: we actually are considering that we have a life insurance 149 00:07:37,360 --> 00:07:40,040 Speaker 1: company filed in Ohio. UM More to come on that. 150 00:07:40,480 --> 00:07:43,200 Speaker 1: People say that there's eventually going to be driver lers 151 00:07:43,360 --> 00:07:46,680 Speaker 1: or autonomous cars, and of course the theory is they 152 00:07:46,680 --> 00:07:49,440 Speaker 1: will never have an accident because they're perfectly programmed. Is 153 00:07:49,480 --> 00:07:52,120 Speaker 1: that something you worry about as cars that don't have accidents? 154 00:07:52,240 --> 00:07:54,480 Speaker 1: Or you're not gonna worry about that right now? I 155 00:07:54,480 --> 00:07:57,200 Speaker 1: don't worry about I mean from a society perspective, you 156 00:07:57,240 --> 00:08:00,280 Speaker 1: want to have less accidents. It's good for society. Everyone 157 00:08:00,280 --> 00:08:03,720 Speaker 1: has been affected by someone who's been in an auto accident. UH. 158 00:08:03,760 --> 00:08:05,800 Speaker 1: What I think about, I don't put my head instand 159 00:08:05,840 --> 00:08:09,800 Speaker 1: But what I think about is timing, realistic timing. That's 160 00:08:09,840 --> 00:08:12,400 Speaker 1: also one of the reasons why I think about I'm 161 00:08:12,440 --> 00:08:15,520 Speaker 1: not just executing on our current plan, but expanding and 162 00:08:15,560 --> 00:08:20,640 Speaker 1: exploring other other uh possibilities adjacencies to to grow our business. 163 00:08:20,880 --> 00:08:23,120 Speaker 1: I will tell you that when you look back at 164 00:08:23,160 --> 00:08:26,280 Speaker 1: some of the headlines in two thousand twelve that say 165 00:08:26,720 --> 00:08:28,760 Speaker 1: this type of car is going to be fully autonomous 166 00:08:28,760 --> 00:08:33,480 Speaker 1: by tift. Uh, it'll take longer, and I know that 167 00:08:33,480 --> 00:08:39,000 Speaker 1: that's said. Again we're preparing for a possible smaller auto 168 00:08:39,040 --> 00:08:42,520 Speaker 1: insurance industry, but again we have so many opportunities with 169 00:08:42,559 --> 00:08:45,440 Speaker 1: other adjacent models, including home and then some of the 170 00:08:45,440 --> 00:08:48,680 Speaker 1: other things we've talked about, whether it's tnc or commercial 171 00:08:48,760 --> 00:08:50,960 Speaker 1: or small business, all the things that we've expanded to 172 00:08:51,400 --> 00:08:54,680 Speaker 1: in the last couple of years. Now. Elon Musk has 173 00:08:54,720 --> 00:08:57,000 Speaker 1: said he's going to have an autonomous car out there 174 00:08:57,040 --> 00:08:59,559 Speaker 1: at some point and not to distant future, and he's 175 00:08:59,559 --> 00:09:02,560 Speaker 1: also said, anybody that's an insurance agent, why don't you 176 00:09:02,880 --> 00:09:04,920 Speaker 1: call me up, because we want to hire insurance agents. 177 00:09:04,920 --> 00:09:07,200 Speaker 1: We're going to be in the automobile insurance business. Is 178 00:09:07,200 --> 00:09:10,760 Speaker 1: that something you're worried about a lot? Not really, because 179 00:09:11,320 --> 00:09:13,559 Speaker 1: I think people I love our culture and I think 180 00:09:13,559 --> 00:09:15,240 Speaker 1: they love we're working here, and I think that we 181 00:09:15,280 --> 00:09:19,960 Speaker 1: have a huge future. I think that they're The technology 182 00:09:20,000 --> 00:09:22,760 Speaker 1: is absolutely there, and I can see a car going 183 00:09:22,840 --> 00:09:25,200 Speaker 1: from point eight to be in a geo fenced area, 184 00:09:25,520 --> 00:09:27,599 Speaker 1: but there's a lot to be done. I think it 185 00:09:27,640 --> 00:09:30,600 Speaker 1: will be a little bit longer than most people had 186 00:09:30,640 --> 00:09:35,840 Speaker 1: predicted even years ago. Let's talk about progressives background. Progressive. 187 00:09:36,000 --> 00:09:39,199 Speaker 1: It's a great name, Progressive, that's a very positive word. Um. 188 00:09:39,320 --> 00:09:41,120 Speaker 1: Was that the original name of the company? When was 189 00:09:41,120 --> 00:09:43,640 Speaker 1: the company started? Yes, it was the original name. The 190 00:09:43,679 --> 00:09:47,200 Speaker 1: company was founded in nineteen thirty seven by Joe Lewis 191 00:09:47,400 --> 00:09:50,120 Speaker 1: and Jack Green. And they were two attorneys in Cleveland, 192 00:09:50,760 --> 00:09:52,640 Speaker 1: and they didn't know what they wanted to do, but 193 00:09:52,679 --> 00:09:55,040 Speaker 1: they wanted to be able to serve the non standard 194 00:09:55,080 --> 00:09:58,839 Speaker 1: customers in Cleveland that I needed insurance, and so they 195 00:09:58,880 --> 00:10:02,800 Speaker 1: borrowed ten thousand from Joe Louis's mother in law, and uh, 196 00:10:02,880 --> 00:10:05,360 Speaker 1: that's how Progressive was born. And you might know Peter 197 00:10:05,440 --> 00:10:08,320 Speaker 1: Lewis who ran the company for a long long time. Uh, 198 00:10:08,320 --> 00:10:10,720 Speaker 1: he was the second CEO, and then Glenn Renwick and 199 00:10:10,760 --> 00:10:13,800 Speaker 1: then myself. How did you get started at Progressive and 200 00:10:13,840 --> 00:10:15,920 Speaker 1: at the bottom? Pretty much? Is that right? Yeah? I 201 00:10:15,960 --> 00:10:18,839 Speaker 1: went to Illinoi State University at marketing degree. I wanted 202 00:10:18,880 --> 00:10:21,760 Speaker 1: to go into something something in marketing, but all through 203 00:10:21,840 --> 00:10:24,640 Speaker 1: high school and college I worked in retail. So and 204 00:10:24,880 --> 00:10:27,800 Speaker 1: oddly where I went to school is the home office 205 00:10:27,920 --> 00:10:30,720 Speaker 1: of State Farm and everybody was doing internships there, and 206 00:10:30,720 --> 00:10:32,920 Speaker 1: I'm like, who wants to work in insurance? So I 207 00:10:32,960 --> 00:10:36,160 Speaker 1: went to a retail company for about six months. It 208 00:10:36,240 --> 00:10:38,880 Speaker 1: was it was called Furrow Building Materials. It was like 209 00:10:38,920 --> 00:10:40,880 Speaker 1: a think of like a Lows or a home depot. 210 00:10:41,320 --> 00:10:43,480 Speaker 1: I was like, what am I doing? I'm mixing paints. 211 00:10:43,520 --> 00:10:46,920 Speaker 1: I'm actually forklift certified. And I was driving home one 212 00:10:47,000 --> 00:10:49,000 Speaker 1: day with my hard hat and I said, I gotta 213 00:10:49,040 --> 00:10:52,000 Speaker 1: I gotta look for something different. And what I wanted 214 00:10:52,040 --> 00:10:53,839 Speaker 1: to do is work somewhere for a couple of years, 215 00:10:53,840 --> 00:10:56,480 Speaker 1: pay off my school loans, and then go to get 216 00:10:56,480 --> 00:10:59,199 Speaker 1: my m b A. So I went home and opened 217 00:10:59,240 --> 00:11:02,440 Speaker 1: the classified ads. I'd never heard of Progressive. At that time, 218 00:11:02,520 --> 00:11:05,680 Speaker 1: we were less than a billion, and I thought, clean 219 00:11:05,760 --> 00:11:08,760 Speaker 1: drop trainy, this sounds interesting, nineteen thousand, that will help 220 00:11:08,800 --> 00:11:11,440 Speaker 1: me pay off my debt and made the call. So 221 00:11:11,559 --> 00:11:14,600 Speaker 1: the job is will be a claim adjuster. Correct. So 222 00:11:14,960 --> 00:11:17,160 Speaker 1: what I would do if if I've had your claim 223 00:11:17,320 --> 00:11:19,839 Speaker 1: and you were injured, I would go out and talk 224 00:11:19,880 --> 00:11:22,320 Speaker 1: to you about your injury and and guide you through that. 225 00:11:22,360 --> 00:11:24,320 Speaker 1: I would crawl under your car and let you know 226 00:11:24,360 --> 00:11:26,160 Speaker 1: how much it took to get it repaired. I would 227 00:11:26,240 --> 00:11:28,800 Speaker 1: kind of manage your whole file. I did. I also 228 00:11:28,880 --> 00:11:31,800 Speaker 1: did special line, so I was a motorcycle wrap UH, 229 00:11:31,840 --> 00:11:34,440 Speaker 1: and I basically handled the entire file. So I was 230 00:11:34,480 --> 00:11:37,840 Speaker 1: in body shops, crawling under cars, and in your house 231 00:11:38,040 --> 00:11:41,160 Speaker 1: talking to you about your injury. You've obviously risen up 232 00:11:41,160 --> 00:11:44,200 Speaker 1: from the lowest position to the highest position, and you 233 00:11:44,280 --> 00:11:47,280 Speaker 1: had many different positions in between. One of them, which 234 00:11:47,320 --> 00:11:50,440 Speaker 1: is very unusual to have for a CEO, maybe sadly, 235 00:11:50,800 --> 00:11:53,160 Speaker 1: is to be the head of human resources. So how 236 00:11:53,160 --> 00:11:55,199 Speaker 1: did you go from being the head of human resources 237 00:11:55,200 --> 00:11:57,680 Speaker 1: to being the CEO? Well that you to me to 238 00:11:57,800 --> 00:12:01,120 Speaker 1: actually take get the HR or old job from having 239 00:12:01,200 --> 00:12:04,400 Speaker 1: mostly claims experience during the fifth first fifteen years, I 240 00:12:04,440 --> 00:12:05,760 Speaker 1: had a little bit of sales and a little bit 241 00:12:05,760 --> 00:12:10,240 Speaker 1: of claims. And Glenn Renwick, at the time, my predecessor UH, 242 00:12:10,360 --> 00:12:14,640 Speaker 1: interviewed me it was it was actually an odd circumstance. 243 00:12:14,720 --> 00:12:16,319 Speaker 1: I went for it. I wasn't going to because I 244 00:12:16,360 --> 00:12:18,640 Speaker 1: don't I don't have any HR experience. I have some 245 00:12:18,720 --> 00:12:22,440 Speaker 1: maternity leaves, but that's about it. And people kept calling 246 00:12:22,440 --> 00:12:24,040 Speaker 1: me from around the company saying, you have to go 247 00:12:24,160 --> 00:12:27,000 Speaker 1: for this. You love diversity, you love metrics, we need this. 248 00:12:27,440 --> 00:12:30,360 Speaker 1: So finally I had a pre interview lunch with Glenn 249 00:12:30,440 --> 00:12:32,640 Speaker 1: to see if I could even go for it. Uh, 250 00:12:32,640 --> 00:12:34,920 Speaker 1: he put my name in the hat and gave me 251 00:12:35,000 --> 00:12:37,360 Speaker 1: the opportunity, and I will always say it was a 252 00:12:37,440 --> 00:12:39,719 Speaker 1: risk for him. He does not say that, but that 253 00:12:39,800 --> 00:12:42,760 Speaker 1: was really the turning point in my career. And then 254 00:12:42,960 --> 00:12:46,240 Speaker 1: you know he was He watched me and I did 255 00:12:46,280 --> 00:12:48,000 Speaker 1: that for six years and made a lot of big 256 00:12:48,080 --> 00:12:51,680 Speaker 1: changes that we still have now. And the president of 257 00:12:51,720 --> 00:12:54,600 Speaker 1: Claims came up, and that's my dream job because I 258 00:12:54,640 --> 00:12:57,320 Speaker 1: love claims, I love helping customers. I was able to 259 00:12:57,360 --> 00:13:00,240 Speaker 1: do that. That's seventy cents of every dollar premium comes 260 00:13:00,240 --> 00:13:02,400 Speaker 1: in your paying on claims, so that's the big business piece. 261 00:13:02,960 --> 00:13:05,400 Speaker 1: And then he gave me all things customer facing, so 262 00:13:05,440 --> 00:13:08,760 Speaker 1: I had our call centers and claims and then I 263 00:13:08,840 --> 00:13:12,920 Speaker 1: was CEO before the CEO role. So I really credit 264 00:13:13,080 --> 00:13:17,760 Speaker 1: Glenn for guiding me, giving me opportunities, coaching me, and 265 00:13:17,800 --> 00:13:21,000 Speaker 1: sponsoring me. So as kind of human resources, you must 266 00:13:21,040 --> 00:13:24,760 Speaker 1: have instituted some policies that changed the company's face. Because 267 00:13:25,080 --> 00:13:28,120 Speaker 1: your company has been voted the number one most diverse 268 00:13:28,200 --> 00:13:30,959 Speaker 1: company in the United States and some surveys. Is that's 269 00:13:31,000 --> 00:13:34,880 Speaker 1: something that you implemented and put into into practice. Yes. 270 00:13:35,040 --> 00:13:38,680 Speaker 1: We started our diversity inclusion initiatives really in earnest when 271 00:13:38,720 --> 00:13:41,600 Speaker 1: I was there. We started our first employee resource groups, 272 00:13:41,640 --> 00:13:45,520 Speaker 1: which was Progressive African American Network and our LGBT plus 273 00:13:45,600 --> 00:13:48,439 Speaker 1: now we have nine. We really set forth the strategy 274 00:13:48,480 --> 00:13:50,840 Speaker 1: of how we're going to make sure everyone can bring 275 00:13:50,840 --> 00:13:52,760 Speaker 1: their whole self to work. It was a big piece 276 00:13:52,760 --> 00:13:55,320 Speaker 1: of our culture and we started looking at the data. 277 00:13:56,040 --> 00:13:58,199 Speaker 1: We continue to work on it, though it's not something 278 00:13:58,240 --> 00:13:59,920 Speaker 1: that you can ever get a check mark. And if 279 00:14:00,000 --> 00:14:03,400 Speaker 1: you look at at senior leadership, we have opportunities there 280 00:14:03,400 --> 00:14:06,480 Speaker 1: and in fact we're working on some really aggressive objectives 281 00:14:06,520 --> 00:14:09,360 Speaker 1: for the next five years with my team to continue 282 00:14:09,400 --> 00:14:12,720 Speaker 1: to change that. Your chairman of your board is a woman, 283 00:14:13,400 --> 00:14:15,680 Speaker 1: and obviously you're a woman. Is there any other Fortune 284 00:14:15,720 --> 00:14:18,120 Speaker 1: five Hunter company where the chairman is a woman and 285 00:14:18,160 --> 00:14:20,280 Speaker 1: the CEO as a woman. There must be none. I 286 00:14:20,280 --> 00:14:24,000 Speaker 1: don't think so. And we actually have twelve twelve members 287 00:14:24,000 --> 00:14:26,360 Speaker 1: of our board and six or women and one of 288 00:14:26,400 --> 00:14:29,480 Speaker 1: the female as a person of color. So when you 289 00:14:29,520 --> 00:14:32,040 Speaker 1: were for the CEO and guess in line to be 290 00:14:32,080 --> 00:14:34,120 Speaker 1: the CEO, did you think that they were going to 291 00:14:34,200 --> 00:14:35,840 Speaker 1: give the job to a woman, or you thought this 292 00:14:35,880 --> 00:14:37,840 Speaker 1: will revert to the normal forum and we'll find a 293 00:14:37,880 --> 00:14:40,480 Speaker 1: nice white male that we can give it to. I 294 00:14:40,480 --> 00:14:42,480 Speaker 1: was hoping to give it to the person that thought 295 00:14:42,520 --> 00:14:44,960 Speaker 1: was the best fit for Progressive at the best time. 296 00:14:45,040 --> 00:14:48,880 Speaker 1: And I remember interviewing with the board for several years 297 00:14:49,040 --> 00:14:51,520 Speaker 1: during the process, and one of the board members said 298 00:14:51,560 --> 00:14:54,240 Speaker 1: to me, so you want to be a CEO, And 299 00:14:54,280 --> 00:14:56,400 Speaker 1: I said, no, I want to be the CEO Progressive 300 00:14:56,480 --> 00:14:59,000 Speaker 1: And that was what really was meaningful to me. So 301 00:14:59,560 --> 00:15:01,520 Speaker 1: had I not found the role, I'd still be here. 302 00:15:01,760 --> 00:15:05,720 Speaker 1: And um, and there were lots of other opportunities to 303 00:15:05,760 --> 00:15:08,800 Speaker 1: have a great CEO other than myself. So UM, when 304 00:15:08,800 --> 00:15:11,360 Speaker 1: you were able to go into your office, you were 305 00:15:11,400 --> 00:15:15,680 Speaker 1: well known for walking into the cafeteria and sitting down 306 00:15:15,680 --> 00:15:18,640 Speaker 1: with the average person. Why did you do that? Why 307 00:15:18,640 --> 00:15:21,200 Speaker 1: didn't you just eat in your office with other executives? 308 00:15:21,320 --> 00:15:24,360 Speaker 1: Because that is my way of getting to know people 309 00:15:25,040 --> 00:15:28,000 Speaker 1: and and really feeling what's going on with the company. 310 00:15:28,040 --> 00:15:30,760 Speaker 1: And when you break bread with people, they open up 311 00:15:30,800 --> 00:15:33,040 Speaker 1: to you, not just about great things, but about things 312 00:15:33,120 --> 00:15:35,520 Speaker 1: you they want to change. And for me, I think 313 00:15:35,600 --> 00:15:37,880 Speaker 1: because of my roots as a claimed rep trainee. I 314 00:15:38,000 --> 00:15:39,880 Speaker 1: was wondered what the executed and we don't have an 315 00:15:39,880 --> 00:15:42,840 Speaker 1: executive cafeteria. All of his eat in the regular cafeteria. 316 00:15:43,160 --> 00:15:46,280 Speaker 1: It's a very different type of company from that perspective. 317 00:15:46,560 --> 00:15:49,320 Speaker 1: But literally it motivated me to be a better leader. 318 00:15:49,320 --> 00:15:51,640 Speaker 1: Every time I walked up to a table of you know, 319 00:15:51,680 --> 00:15:53,920 Speaker 1: five people and said may I join you? And they 320 00:15:54,000 --> 00:15:57,200 Speaker 1: gave that horrible look like please, no, please no, and 321 00:15:57,240 --> 00:15:59,480 Speaker 1: I sat down. I had five new friends, and I 322 00:15:59,600 --> 00:16:03,520 Speaker 1: just to me, it's it's an important part to be approachable. 323 00:16:03,920 --> 00:16:06,240 Speaker 1: If you feel connected and you trust your leader, you're 324 00:16:06,280 --> 00:16:09,000 Speaker 1: going to run through the wall for them. So when 325 00:16:09,000 --> 00:16:11,560 Speaker 1: you sit down with people at the employee cafeteria, did 326 00:16:11,560 --> 00:16:14,120 Speaker 1: they ever say, by the way, i'm underpaid? There's that, 327 00:16:14,240 --> 00:16:17,000 Speaker 1: never a thing, never say that. They'll sometimes talk about 328 00:16:17,160 --> 00:16:19,120 Speaker 1: how they wish they could make more, what can they do, 329 00:16:19,360 --> 00:16:22,280 Speaker 1: how can they get there? People are pretty pretty open 330 00:16:22,320 --> 00:16:26,040 Speaker 1: and honest with me. So as I talked to you, 331 00:16:26,040 --> 00:16:28,160 Speaker 1: you're not in your office, I assume you're at your home. 332 00:16:29,120 --> 00:16:32,080 Speaker 1: That's correct, him in my little library off of our bedroom. 333 00:16:32,160 --> 00:16:35,840 Speaker 1: And have you been running progressive from your little office 334 00:16:35,840 --> 00:16:38,280 Speaker 1: there for a couple of months now. Yes, Ever since 335 00:16:38,360 --> 00:16:41,720 Speaker 1: mid March, I go in sometimes once a week just 336 00:16:41,800 --> 00:16:43,480 Speaker 1: to get my mail and to check things out, but 337 00:16:43,520 --> 00:16:46,160 Speaker 1: I don't see anyone. And in fact, where I'm sitting here, 338 00:16:46,560 --> 00:16:49,960 Speaker 1: my son who's in film school, filmed me weekly for 339 00:16:50,040 --> 00:16:52,400 Speaker 1: several months so I could send a video out to 340 00:16:52,640 --> 00:16:55,000 Speaker 1: all of the progressive people. Has it been difficult to 341 00:16:55,080 --> 00:16:58,400 Speaker 1: run the company remotely this way? It hasn't been difficult 342 00:16:58,560 --> 00:17:01,120 Speaker 1: for me. It's been unusual well, and I don't love 343 00:17:01,160 --> 00:17:03,920 Speaker 1: it because I love the interaction. I think the biggest 344 00:17:03,960 --> 00:17:07,119 Speaker 1: part is the claims organization, because that is face to face, 345 00:17:07,280 --> 00:17:10,680 Speaker 1: especially when you're looking at vehicles. Um. But we immediately 346 00:17:10,760 --> 00:17:13,439 Speaker 1: were able to use videos and pictures to do the 347 00:17:13,480 --> 00:17:17,120 Speaker 1: best job we could to estimate vehicles, and we're doing 348 00:17:17,160 --> 00:17:19,520 Speaker 1: pretty well, and I'm I'm very proud of the organization. 349 00:17:19,880 --> 00:17:22,040 Speaker 1: When the world comes back, which hopefully it will be 350 00:17:22,080 --> 00:17:23,880 Speaker 1: in some point in time, when we have a vaccine, 351 00:17:24,200 --> 00:17:26,320 Speaker 1: do you expect that all your employees will come back 352 00:17:26,359 --> 00:17:28,560 Speaker 1: and work in the offices or now do you think 353 00:17:28,800 --> 00:17:31,920 Speaker 1: you could have people working remotely and maybe save money 354 00:17:31,960 --> 00:17:33,919 Speaker 1: by not have as much office space. How do you 355 00:17:33,960 --> 00:17:37,000 Speaker 1: think about this in the future? Prior to COVID, we 356 00:17:37,040 --> 00:17:40,840 Speaker 1: already had about of our call center people in some claims, 357 00:17:40,880 --> 00:17:43,040 Speaker 1: people that work from home just because it works better 358 00:17:43,040 --> 00:17:46,240 Speaker 1: for them. Um. I imagine we're doing some surveying as 359 00:17:46,280 --> 00:17:49,640 Speaker 1: we think about returning of what percentage will that still 360 00:17:49,640 --> 00:17:54,560 Speaker 1: work for. I think in person, in the office hallway 361 00:17:54,600 --> 00:17:57,680 Speaker 1: conversations are so important. So although I think it might 362 00:17:57,760 --> 00:18:01,280 Speaker 1: increase from that, if you fast forward and there's a 363 00:18:01,359 --> 00:18:04,000 Speaker 1: vaccine and people feel comfortable, I think a lot of 364 00:18:04,000 --> 00:18:06,280 Speaker 1: people will come into the office. I think that that 365 00:18:06,440 --> 00:18:09,520 Speaker 1: is something that we worked through. We've done a really 366 00:18:09,520 --> 00:18:13,119 Speaker 1: great job, especially with technology, but I know many people 367 00:18:13,160 --> 00:18:16,400 Speaker 1: really miss it. You and your husband have six children, right, 368 00:18:16,560 --> 00:18:19,800 Speaker 1: is that right? Six children? Yes, hers and ours all right, 369 00:18:19,840 --> 00:18:22,800 Speaker 1: So when you have six children and you're running a company, 370 00:18:23,320 --> 00:18:25,199 Speaker 1: isn't that kind of complicated? I mean, how do you 371 00:18:25,520 --> 00:18:27,800 Speaker 1: have time in the day to do anything else? It 372 00:18:27,880 --> 00:18:31,119 Speaker 1: was very complicated as I was as I was growing 373 00:18:31,200 --> 00:18:34,960 Speaker 1: in going up through the ranks, and my husband worked 374 00:18:35,000 --> 00:18:37,800 Speaker 1: as well when I was in HR for a couple 375 00:18:37,800 --> 00:18:40,600 Speaker 1: of years. UM. He also we met it progressive, so 376 00:18:40,640 --> 00:18:43,040 Speaker 1: he worked there and we both had travel jobs. And 377 00:18:43,080 --> 00:18:45,440 Speaker 1: at one point he said, when our oldest was going 378 00:18:45,480 --> 00:18:47,920 Speaker 1: into high school. He said, you know, one of us 379 00:18:48,080 --> 00:18:50,240 Speaker 1: probably needs to stay home. I think you have a 380 00:18:50,280 --> 00:18:53,680 Speaker 1: longer runway. And uh so he decided to stay home. 381 00:18:54,080 --> 00:18:57,119 Speaker 1: But I think I treat it like everything else, assume 382 00:18:57,280 --> 00:19:00,400 Speaker 1: something might go wrong. And so when we were both 383 00:19:00,440 --> 00:19:02,919 Speaker 1: traveling and I knew I had a big presentation, I 384 00:19:03,000 --> 00:19:05,960 Speaker 1: knew that morning I would go into somebody's room and 385 00:19:06,080 --> 00:19:09,119 Speaker 1: someone would have an ear infection. And so I created 386 00:19:09,160 --> 00:19:11,840 Speaker 1: a network of friends that stayed home, and I did 387 00:19:11,880 --> 00:19:15,040 Speaker 1: an old fashioned bartering system. So if you could take 388 00:19:15,400 --> 00:19:17,280 Speaker 1: you know, Emma for a couple of hours while I 389 00:19:17,320 --> 00:19:20,280 Speaker 1: do this presentation, I will babysit your kids, and you 390 00:19:20,320 --> 00:19:22,080 Speaker 1: and your husband can go out on the weekend. I 391 00:19:22,160 --> 00:19:24,399 Speaker 1: treated it. I always had planned beast indeed, just like 392 00:19:24,440 --> 00:19:26,560 Speaker 1: you do in business. What would you say the leadership 393 00:19:26,640 --> 00:19:29,159 Speaker 1: qualities that you brought to the table or that you 394 00:19:29,240 --> 00:19:31,480 Speaker 1: most admire. I mean, I think the ones I brought 395 00:19:31,520 --> 00:19:38,119 Speaker 1: to the table were being genuine, being authentic, communicating, uh 396 00:19:38,200 --> 00:19:41,639 Speaker 1: you know, just um all the time, painting the picture 397 00:19:41,680 --> 00:19:43,919 Speaker 1: of where I want the company to go. And I 398 00:19:43,920 --> 00:19:46,919 Speaker 1: think that's really important. I think people, uh, you know 399 00:19:46,960 --> 00:19:48,960 Speaker 1: you only you're only a leader of people want to 400 00:19:48,960 --> 00:19:52,320 Speaker 1: follow you, So do people want to follow you? Do? 401 00:19:52,320 --> 00:19:55,440 Speaker 1: Do you? Do? You have? You know, a great attitude 402 00:19:55,480 --> 00:19:58,240 Speaker 1: but also a certain paranoia to make sure that we're 403 00:19:58,240 --> 00:20:01,480 Speaker 1: always doing well. And for me, I think what I'm 404 00:20:01,480 --> 00:20:04,480 Speaker 1: most proud of and I think why I continue to 405 00:20:04,520 --> 00:20:07,680 Speaker 1: get jobs after that hr job was I form really 406 00:20:07,680 --> 00:20:09,800 Speaker 1: great teams. I don't always have to be the smartest 407 00:20:09,840 --> 00:20:12,720 Speaker 1: person in the room. I know collectively what a team needs, 408 00:20:12,760 --> 00:20:16,040 Speaker 1: and I love having really great debates. And the only 409 00:20:16,040 --> 00:20:19,040 Speaker 1: thing better than those debates are the unity, the power 410 00:20:19,080 --> 00:20:21,480 Speaker 1: in the unity. When you come you know, you come 411 00:20:21,480 --> 00:20:24,320 Speaker 1: out and you're you're solidified as a management team, as 412 00:20:24,320 --> 00:20:27,560 Speaker 1: a leadership team. So sometimes people say it's very difficult 413 00:20:27,600 --> 00:20:30,120 Speaker 1: for women to have it all, to have a family 414 00:20:30,600 --> 00:20:33,360 Speaker 1: and also have a great professional career. It's obviously possible. 415 00:20:33,920 --> 00:20:36,040 Speaker 1: You would You've obviously done it. So what would you 416 00:20:36,040 --> 00:20:38,280 Speaker 1: say is that the trick to having it all and 417 00:20:38,280 --> 00:20:40,119 Speaker 1: and getting it all done? If you were to give 418 00:20:40,119 --> 00:20:43,240 Speaker 1: advice to some younger woman, I think there's sometimes there's 419 00:20:43,280 --> 00:20:46,600 Speaker 1: things you don't give up. So Jack played high school 420 00:20:46,600 --> 00:20:49,679 Speaker 1: and college football. It was important for me to go 421 00:20:49,760 --> 00:20:52,560 Speaker 1: to as many games as I could have his and 422 00:20:52,600 --> 00:20:54,760 Speaker 1: I worked my way around that so I could do that, 423 00:20:54,840 --> 00:20:57,399 Speaker 1: and sometimes that meant working, you know, at ten o'clock 424 00:20:57,400 --> 00:20:58,879 Speaker 1: at night to catch up on things. But it was 425 00:20:58,920 --> 00:21:02,480 Speaker 1: worth it because my kids tell me even now, they're like, 426 00:21:02,560 --> 00:21:04,359 Speaker 1: you went to more things than most stay at home 427 00:21:04,520 --> 00:21:06,879 Speaker 1: moms because I was so obsessed with making sure I 428 00:21:06,920 --> 00:21:09,000 Speaker 1: got to almost everything. So if you were go to 429 00:21:09,000 --> 00:21:11,800 Speaker 1: a football game or something like that with your kids, 430 00:21:12,040 --> 00:21:13,800 Speaker 1: do people come up to you and say you're the 431 00:21:13,800 --> 00:21:16,320 Speaker 1: CEO of Progressive or you try to avoid telling people 432 00:21:16,520 --> 00:21:18,560 Speaker 1: you're the CEO Progressive when you go to those kind 433 00:21:18,560 --> 00:21:21,960 Speaker 1: of family events. It's funny because my husband says all 434 00:21:21,960 --> 00:21:24,879 Speaker 1: the time, why do you play twenty games with everyone? 435 00:21:24,920 --> 00:21:26,679 Speaker 1: Because people will say where do you work? And I'll 436 00:21:26,680 --> 00:21:29,919 Speaker 1: say for insurance company? Where in Cleveland? What do you do? 437 00:21:29,960 --> 00:21:32,160 Speaker 1: I'm corporate, so I'll do all these things so fun 438 00:21:32,160 --> 00:21:35,320 Speaker 1: I'm like, okay, I'm the CEO. UM. What I have 439 00:21:35,600 --> 00:21:38,240 Speaker 1: found if you're on a plane when they're when you 440 00:21:38,320 --> 00:21:40,600 Speaker 1: used to be on planes, or you're somewhere, a good 441 00:21:40,600 --> 00:21:42,840 Speaker 1: way to not get in the conversation is they'll say 442 00:21:42,880 --> 00:21:44,760 Speaker 1: what do you do? And I say, I fell insurance, 443 00:21:44,760 --> 00:21:46,640 Speaker 1: and then no one talks to you. So that's why 444 00:21:46,760 --> 00:21:49,399 Speaker 1: I found the right the right thing. I've no people. 445 00:21:49,520 --> 00:21:51,960 Speaker 1: I live in a smaller town and my kids went 446 00:21:52,000 --> 00:21:55,280 Speaker 1: to a small Catholic school, so everybody knows me. When 447 00:21:55,320 --> 00:21:58,640 Speaker 1: I got the job. The day that it was announced, 448 00:21:58,680 --> 00:22:02,160 Speaker 1: I was headed to our son's school after the workday 449 00:22:02,200 --> 00:22:05,040 Speaker 1: to go to his lacrosse game, and our PR department 450 00:22:05,119 --> 00:22:07,359 Speaker 1: kept saying, you know, the Wall Street Journal wants to 451 00:22:07,359 --> 00:22:08,920 Speaker 1: talk to you. This place wants to talk to you. 452 00:22:08,960 --> 00:22:11,120 Speaker 1: And I said, I'm headed to a lacrosse game. Let 453 00:22:11,119 --> 00:22:13,040 Speaker 1: me call my mom, let me call my sisters, let 454 00:22:13,080 --> 00:22:17,520 Speaker 1: me enjoy this. And um, I finally said, stop calling 455 00:22:17,520 --> 00:22:20,719 Speaker 1: me because I wanted to be present in the moment. 456 00:22:20,800 --> 00:22:23,760 Speaker 1: And actually I talked to my five other children and 457 00:22:23,880 --> 00:22:27,240 Speaker 1: Jack was on the field, and uh, during halftime, I 458 00:22:27,240 --> 00:22:28,639 Speaker 1: went up and I said hi, and I went to 459 00:22:28,640 --> 00:22:30,600 Speaker 1: talent and I said, hey, I need to tell you 460 00:22:30,640 --> 00:22:33,040 Speaker 1: some news. He goes, I know, Mrs Ceo, it's it's 461 00:22:33,280 --> 00:22:35,720 Speaker 1: it's your trendy on Twitter. Suppose somebody came to you 462 00:22:35,760 --> 00:22:38,080 Speaker 1: from Ohio and said, you've run one of the best 463 00:22:38,080 --> 00:22:41,480 Speaker 1: companies in Ohio. You should be governor of Ohio. Would 464 00:22:41,480 --> 00:22:44,119 Speaker 1: you have any interest in running for office. I think 465 00:22:44,440 --> 00:22:47,639 Speaker 1: government would frustrate me. I like to get things done, 466 00:22:47,800 --> 00:22:51,199 Speaker 1: I like to move forward, and I'm a big believer 467 00:22:51,320 --> 00:22:54,840 Speaker 1: in compromise. So for me, I I don't think government 468 00:22:55,320 --> 00:22:56,920 Speaker 1: is in the future for me, I think I loved 469 00:22:56,960 --> 00:22:59,920 Speaker 1: I'd love to do some philanthropy, maybe a border to 470 00:23:00,000 --> 00:23:03,000 Speaker 1: who I'm on a public board now and uh, and 471 00:23:03,080 --> 00:23:06,359 Speaker 1: do some things with my husband to help the country. 472 00:23:06,480 --> 00:23:08,919 Speaker 1: And the higher calling of private equity that doesn't appeal 473 00:23:08,920 --> 00:23:12,600 Speaker 1: to you, I'll let you do that. And you've been 474 00:23:12,640 --> 00:23:16,080 Speaker 1: listening to Tricia Griffith, CEO of Progressive on the David 475 00:23:16,160 --> 00:23:18,520 Speaker 1: Rubinstein Show. Peer to Peer Conversations