Progressive CEO Tricia Griffith on sophomoric nation ‘Political leaders and duration of Flo

(Miss this week is the short lead, this interview was served in the leadership of brief participants mailbox on the morning of Sunday, August 16 ;? Email a week from conversations with leading CEOs in the world, and business decision makers, get click here .) one of the best indicators of economic activity, such as driving many miles Americans, and as CEO of Progressive Corp., one of the largest auto insurer in the United States, Tricia Griffith keeps a watchful eye on the nation come and go. Since the pandemic began, people have two units driven fewer miles than 40% collapsed April and arrive in a few accidents. Griffith has spent his career to progressive, from a claims representative, and it’s a rare CEO previously was responsible for their company hiring a fund that loans make progressive use of diversity and inclusion of top-rated companies, according to the Journal ranking of Wall Street. Griffith, 55, time for a video call from his home outside Cleveland plugged. Griffith has shared his views on humor in insurance advertising, was “sophomoric” leadership of the nation (comedian Stephanie Courtney was published in Progressive Flo ads since 2008), and to build such a diverse and inclusive culture. Sign up short by clicking the command here. This interview has been edited for clarity and condensed. You are in business risk. How good a job are we to judge what risks do the Americans now? How would you grade our decision making? F, F, F I can not believe people do not wear masks. It’s ridiculous. And it is selfish. Why do you wear the mask for me, I wear for you. I look forward to these beaches, and I’m so upset. I just do not understand why people do not wear masks. my daughter’s wedding was 400 people, and is now 12. And we all wear masks. And at what point would you give the leadership of the nation? I think the sophomoric ways that both sides of the aisle to take action, just as it is-I told my team the other day, was right in the democratic period were $600 for unemployment to say. Republicans said the $200. And they could not come to a compromise. I said: “If we worked as a team, we should all be fired.” I will not let that happen. And my advice would I not allowed to work in this way. I disgust of not being able to affect humans. Should not the loud economy speaks up? You have a lot of influence. We actually. As a member of the Business Roundtable, we need letters to Congress, he sent asking you to do certain things for small businesses, so you can send a notice that we sent. Yes, but there are degrees. I mean, a polite letter from the Business Roundtable is nice, but a sharp comment from a single CEO brings another level of pressure. If several people speak? Correct. I have not personally, but many members of the Business Roundtable have on various different talk shows and more aggressive on it were. And another thing, the stock market is so irrational. Exactly. Because the market this plan frothy happened? It ”s hard for me to say. I try not to guess on the market. Very little of our investment portfolio is in equities, as 11%. We are very conservative from this point of view. We are investing across the board in fixed income. Let securities backed by commercial mortgages. We make investments in corporate bonds. municipal bonds. So do not look Squawk Box and call the investment department and say, “Sell! Move all cash!” No no no. They spend more than $1 billion a year on advertising. Because the insurance industry consumer such a heavy advertisers? It ‘s funny to ask because if you really think about it, every insurance policy must have, but we advertise. But it works. We measure and it works. We know that customers respond. It makes playing the proverbial phone. They are out there every day fighting for customers? Absolutely. Geico and Progressive, we are sort of Coca-Cola and Pepsi. It ‘s very competitive. It ‘s funny, I’m an old consumers who use insurance company that is a decision that I will once. It amazes me that people are constantly re-evaluate. Some years ago, we have personality. We have Sam, Diane, Wright and Robinson. You’re a Robinson. I’ma Robinson. I have my phone. I get my car. Those who are much Sams move. They are what we would call assured inconsistent. And they do it just for the money. They will move to $50 or $100. Then Diane are a bit ‘more stable, where they have a car, and maybe have a rental policy. We want to get this Diane, so that they grow in Robinsons bundles are car home /. Insurance is a serious matter. But the dominant tone of the ads is so funny. Because the industry to approach this? There is so much noise out there with many different insurance companies advertising, you have to have something memorable. It is a serious category. When you call in, we’re not going to be light-hearted about it. But we have to get your focus to be on the short list. How important Flo, the Progressive was the growth? She was extremely important. But at the same time, already in 2015 there was a Reddit supporters subthread “Flo Must Go”. How do you balance with the continuous anti-Flo popularity Group? We look at the data. And so we sent a survey that literally says: “Are you tired of Flo?” And you have not seen this change. They are all new characters take off? As a father myself, I love the series parent-like behavior. We call it parent-to-Morphosis. They turn to your parents. We designed it to my office as I was Chief Operating Officer about four and a half years. It ‘s funny because it’s true. These lines are literally from all our fathers: “Winning Defense championships.” It ‘was my father. What’s up with all the new hip insurance as Hippo and lemonade, root and young Alfred? What drives this dynamic? There was a lot of money to be able to finance start-ups. And I think that, in fact, many of these companies answer for those unmet needs. It makes it easy. You can get a quote very fast with lemonade. Root is all the use-bound insurance. These companies are pushing us not be complacent. I love the competition. I just think you do best. Turning on the core business: car insurance. With the pandemic, people drive less? E ‘went 40% down [in April] and then immediately after the opening of the States, has crept back. So it is not at a normal level, but it’s getting closer. As a proxy for how the economy does, then AWE with the reopening and we are a top-down? He went in June, and is now falling again? No, it was relatively stable, began to open things, because different states are to open and close. So if we have some of the were closed, others were hired. Thus, the general trend is higher, correct? Yes. But Miles is still went down compared to the year? Probably it is still down 10%. And what happens to the incident face? We see fewer accidents. We believe because it means that people get less congestion in fewer accidents. Even before the pandemic, the frequency of accidents has decreased, do not you? Frequency [incident] in the industry over the past 60 years to go down. Offsetting this was heaviness. Our components are much more complex, because the technology. When I was in the claims, the bumper could be $300 ° But now would be $2,000 if you get in their cameras, etc. And medical expenses. People are increasingly seriously injured? No, if you hurt, medical expenses have increased. So your visit to the chiropractor yesterday is much more than it was 10 years ago. , On July 4, in terms of accidents, historically, there are certain times that you want to avoid going down the road? I think the highest rate of DUIs Wednesday before Thanksgiving. Everyone goes home. You went with your college friends or your high school friends. As an existential threat to the auto insurance business is full development of autonomous vehicles? To say that it is full here tomorrow. It is a threat to the industry. If he’s here tomorrow, company cars would be very great for our waistlines would be much less accidents. And so the awards would go down. This is one of the reasons why we have diversified and we bought a house of the owner company, and we have business lines, and we have relationships with Lyft and Uber. But I think every rooting for vehicles safer, because it is good for society. I do not put your head in the sand. Cars become more confident, and that will be great for the company. But I think it will be a bit ‘of time. The Wall Street Journal last year ranked consecutive number one company for diversity and inclusion. What would you give to a company that now begins more to be taken seriously, statements of support and donations go further File? You have to be really on purpose. You must understand that it takes a long time to complete. And they really have programs in place that you can monitor. We started groups of employees to HR since I ran back in 2007. Now we have nine resources that are truly embedded in our culture. We began a program three or four years ago called our multicultural Leadership Development Program. We need to get a group of people through a 18-month program. Most of them are people of color. And their promotion rate passed through the 18-month program for about 60% higher than your equal standard. We supercharge this program this gap in the middle, so close that if I go, my team is more varied. The same study found that companies that are more diverse performed better financially. What are your thoughts on why this is so? Why do you get an opinion from a variety of people. If the same people who, like you grew up in the same way, the same way you look, the same one that you love, it probably reaches the same conclusion. The diversity allows for debate and action. And it is more fun. I do not want to be a bit ‘of 55 years, white women all the time together. What he did with success in building a different culture? I had the opportunity to hire several members of my board of directors over the past few years. And I think that advice is that is different is so important, because they are my guide. And I think we are the only Fortune 500 company that has a female CEO and a woman president. And I have 12 board members: Half Men, half of women and one of the women is a person of color. Where are you from? How was your childhood? I was born in Decatur, Illinois., The place is a blue collar. I am the youngest of six children. My mother stayed at home until I was in elementary school. She was a waitress and then worked as a mother. My father sold insurance door to door on the life, so we were really broke. I had a small house with a lot of people. What kind of behavior will not be tolerated on your management team? Disrespect. Be respectful of all. Sign up short by clicking the command here. Griffiths Favorites book business: principles, Ray Dalio Author: David Halberstam especially because-I tell you a quick story. So my sister in front of me bought a book years ago, in October 1964, and that was actually the month and the year I was born, and it comes to the Cardinals and the Yankees World Series in motion. My father played Triple-A agricultural sphere for the Cardinals. He is a Cardinal fan, so that was really great. And I was born the day the Cardinals won the pennant, October 4, 1964. My grandmother called and told, and my father said: “Yes, you can believe the Cardinals won?” APP “Congratulations!”: Instagram YEAR / relieve stress: My husband and I work every day to get up to the fifth I like long walks to go. REPLACING FANTASY CAREER: I want to be a talk show host. Sign up short by clicking the command here.
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