Do you think that's not a marketing problem for GEICO? Is it more structural? Do you think GEICO is missing the mark on underwriting and is behind the times on technology?

The fact that Root is doing something with embedded insurance is great for those buying cars. Other companies, like Liberty Mutual, have embedded insurance programs. I wouldn't be surprised if GEICO is considering an embedded insurance program. There's competition in that space, and while it might gain some market share, it won't necessarily place you among the top 15 or top 10 insurers. Here's why, it's the same problem that Tesla insurance has. Let's assume that my wife and I go shopping for a car and we land on a Kia, and let's assume I have a Chevy. Well, now I need two separate insurance policies in my household, if I go with Root's embedded insurance model. You know what? I don't want two insurance policies in my household. There's all sorts of complications with two insurance policies. Are they the same limit? How do you know they're the same limit? There are many other issues. It gets complicated.

It's helpful to see which data sources you respect and look at. There are many different market share reports out there. I would love to see the one you refer to.

The market has abdicated growth to Progressive. That's what happened. The most we ever added at GEICO was 1.15 million. So how did Progressive add 4 million? The answer is because nobody was trying to grow. Marketing was suppressed, and there were all sorts of issues. As other companies return to wanting to grow, now that pricing is back into alignment, it's going to put pressure on Progressive. They're not going to add 4 million this year. They're going to add 3 million, maybe 2.8 million.