RSA exit from Personal Lines buisness in the UK
We wrote to you earlier this year to let you know that RSA had announced they were exiting from all personal lines in the UK following the sale of their MORE THAN Home and Pet businesses to Admiral.
We said we would let you know when this would affect your agency with us. I can now confirm that the Cavere Home insurance policy, underwritten by RSA, will be withdrawn for new business on the 1st November 2024. Any quotes made prior to this date will still be honoured for up to 60 days from the quote date and applications may be submitted with start dates up to 60 days in advance.
The Cavere Home Insurance policy underwritten by Ageas will continue as normal and any RSA policies currently on risk with RSA will be renewed to Ageas as they fall due after 31st December 2024.
Policies that fall due for renewal prior to the 31st December will be renewed to either RSA or Ageas, whichever insurer offers the lowest premium. This process has already commenced.
We are currently in the process of introducing a replacement for the RSA capacity and we will update you further of the planned launch in the new year.
If you need to familiarise yourself or your advisors on the cover provided by the Ageas underwritten product please see our website at www.cavereintermediary.co.uk/product/home-insurance-ageas
If you have any questions, please do not hesitate to contact myself or any member of the team.
Please share this information with your teams internally.
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Home insurance price increases
You will be only too aware, not only as a broker but as customers yourselves, that the cost of insurance has rocketed over the last few years, not just home insurance premiums but that of car insurance too.
I thought it would be useful to give you an update on what is happening in the markets and what we at Cavere Insurance are doing to help you and your customers in these difficult market conditions.
Home insurance prices started to rise in 2022 following the FCA intervention (the Home and Motor pricing remedies) and have been gathering pace ever since. The market has seen premiums rise by over 25% in the last twelve months alone, and most analysts are predicting that net rates are set to increase by a further 36% over the next two years. This is due to a number of factors that have resulted in insurers experiencing their worst period of underwriting in decades. Weather events, increasing inflation, reinsurance costs, and strained supply chains have all contributed to driving up home insurers’ losses. The sector reported an average net combined ratio of 122% in 2022/3.
The recent announcements by RSA and Zurich to exit the UK Home insurance market altogether are also likely to harden the market further, and together with the factors highlighted above, we can all appreciate the pressure this will add to already stretched household budgets.
You will have no doubt seen an increase in customers contacting you asking you for help in finding cheaper cover as their renewal invites from all insurers land on their doorsteps. This may also present you with an opportunity to find new clients and support your existing customers.
What are Cavere doing to help?
You will already know that Cavere only sell 5 star rated home insurance and if ever there was a time when your customers need to rely on their home insurance paying out in the event of claim, it is when money is tight and the risk of financial shock is at its greatest. This doesn’t mean of course that you can’t save them money. You can help your customers review the cover they have with a view to removing some elements that are less critical, rather than buying cheaper/poorer quality cover overall. You may also wish to sacrifice some of your commission in order to retain the customer and reward their loyalty. Customers may also want to increase their excess to reduce premiums. All this can be done either at new business, renewal or mid-term with no charges or admin fees. Your customers can call us directly or we can amend the policy on your instructions.
A factor that compounds the problem of rising premiums is the percentage of commission charged. As net premiums rise so does the amount of commission paid (in cash terms) to brokers.
As you know, we are all now required to view how we price products through the lens of the new Consumer Duty, ensuring that we are fair to customers whilst continuing to provide access to products that meet their needs. After careful consideration, we have concluded that in the current climate, it is not justifiable to allow the commission paid to increase at the same rate as the net premiums. To this end from the 1st of May 2024, we will be capping the maximum commission loading for new business and renewals at 27.5%.
The reduction in commission will be passed directly to your customers in premium reduction, and will hopefully help you to help and retain more customers in this difficult market.
In most cases your commission earnings will still be higher than in previous years, just a slightly lower percentage of a higher premium.
We will be confirming this change to you separately as an amendment to your terms of business agreement in the coming few days.
Since Cavere started trading in 2010, we have always prided ourselves on being able to pay more commission per policy than most of our competitors and remaining competitive on overall price. We believe this remains true even more so today. Cavere have always had a fixed administration charge rather than a percentage of premium, which means as premiums rise, we become increasingly more competitive than that of many of our competitors. If you have not quoted with us for a while, please give us a go.
At Cavere we believe in transparency, which is why we have never price walked our premiums (even before the FCA intervened to outlaw the practice) We have also never charged customers extra for paying by direct debit, making a mid-term alteration to their policy or to cancel. One of the reasons why over 90% of customers renew with us each year.
We have always paid you commission on the full price paid by the customer (net of IPT), unlike some other providers where they do not pay you commission on their premium finance charge or the policy admin fees they add on top of the insurance premium. The result being that the commission you receive from us is not only a higher % but on the full amount charged to the customer.
I hope this helps you manage expectations with your customers and wider teams.
If you would like to discuss anything included in this update, please do not hesitate to get in touch.
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RSA exit from Personal Lines Business
You may have heard or read in the press that RSA have announced that they are exiting from all personal lines in the UK. This announcement follows the sale by RSA of their MORE THAN Home and Pet businesses to Admiral.
Cavere have had a great relationship with RSA since 2015 and they have been the principal underwriter behind the Cavere Home insurance product used by you and many of our other brokers, we will be sorry to see them leave the market.
I am writing to inform you not just about this decision, but also to reassure you that in the short term nothing will change and we will continue to accept new business and invite renewals underwritten by RSA.
Cavere are contracted with RSA until June 2025 but it is likely we will start to migrate new business and existing policies to alternative capacity on a phased basis from the second half of the year.
We are working to ensure the transition is as seamless as possible for you and your existing policyholders.
We already have a comparable 5 star rated product with Ageas and many of you already use this for your flood risks where it is backed by FloodRe, but we are also in negotiations with other insurers to make sure we continue to provide alternative fallback capacity and ensure you and your customers have access to the best quality cover and service in your chosen markets.
We will of course notify you specifically when the change affects your agency, and in good time for you to inform your advisors and wider teams.
If you have any questions, please do not hesitate to contact us.
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Stealth fees are unnecessary and risk damaging customer relationships – Mortgage Solutions
In my last column I explored the issues surrounding a worrying rise in the practice of fees being added to general insurance (GI) sales by brokers. Keeping on the issue of treating customers fairly (TCF), this month I want to highlight the equally unfair practice of charging customers fees for cancelling or making changes to policies.
However, this is not intended as criticism.
With trail commission being slashed by some providers, and the Financial Conduct Authority (FCA) driving down commission, I appreciate that brokers are under pressure, and so I also hope to offer a solution.
So called “stealth fees” for the set up and cancellation of insurance policies have long been criticised. It seems common practice for fees not to be refunded to the customer if they cancel their policy, as well as loading additional charges if they wish to make material changes. A report in the summer by a leading price comparison site found a marked increase in stealth charges, such as adjustment fees, cancellation charges and other administrative fees, between 2012 and today. While this report points a finger at motor insurance, the issues raised apply equally to general insurance sales.
Unfair practice
Brokers must be upfront about such charges, and make them clear in their terms and conditions, however my big issue with this practice, aside from the obvious TCF issues, is that making such charges risks damaging the customer relationship. This is something brokers cannot afford to do in such a competitive and customer driven market.
At a time when consumer trust in the insurance industry is low, and when customers have more access to a wider range of products, from a wider range of providers than ever before, one of the biggest issues facing brokers and intermediaries is improving customer engagement and retention. Charging cancellation and adjustment fees is an unfair practice, but importantly it is unnecessary in an age where technology and specifically the harnessing of live customer data offers a solution.
Technology can offer brokers real time notifications of customer activity such as cancellations, failed direct debits, cancelled mandates, and so on. By facilitating real time customer management these live customer dynamics ensure brokers are never caught on the back foot – for example, only finding out a customer has cancelled a policy when their commission statement comes in. And it can foster proactive engagement, prompting brokers to pick up the phone, speak to the customer and address their concerns. In doing so, not only can a broker save the sale but they also have an opportunity to deepen the relationship, by gaining a clearer understanding of the customer, their lifestyle, concerns and needs.
Exceed expectations
Rather than simply allowing the customer to cancel for a quick buck, brokers should be striving to exceed expectations. Brokers must begin to realise that in the age of the customer the old ways of working will no longer bear fruit and evolve based on experience. They must embrace technology as an enabler and harness the solid reasons it delivers to have a conversation. In doing so, they’ll differentiate their proposition, build credibility and trust, build loyalty, and ultimately earn more than they ever could from small cancellation and adjustment fees.
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Brokers should not be inflating prices just to increase remuneration – Mortgage Solutions
Two of the industry’s chief regulators appear to be working rather at odds.
HM Revenue and Customs (HMRC) is consulting on whether broker fees should come under the scope of Insurance Premium Tax (IPT) to prevent brokers moving away from a commission-based revenue model to a fee-based one that enables them to reduce the IPT liability.
Meanwhile the Financial Conduct Authority (FCA) would prefer to double down on unfair commission practices and encourage brokers to operate on a fee-from-clients basis.
We appear to have ourselves a bit of a conundrum.
From my own experience I’ve certainly noticed a rise in the practice of fees being added to general insurance (GI) sales by brokers.
The problem with adding fees to a policy is how do brokers collect their money if the customer wants to pay by direct debit?
An insurer won’t normally allow brokers to add a fee to the policy and then collect the direct debit from the customer inclusive of the fee.
Brokers therefore have two options – charge the customer an initial payment by credit or debit card and then let the customer make instalments by direct debit for the insurance policy, or wrap the entire premium and fees up in a premium finance agreement.
How can brokers justify this?
I am sure brokers adopting such practices would argue they are not doing anything wrong and that they make it all very clear in their terms of business.
But is this the best solution for the customer? Is it treating customers fairly and are brokers being remunerated in ways that conflict with the customer’s best interests?
The FCA has been taking a hard line on unfair practices so why is HMRC looking at this issue more closely than the regulator?
To give you a typical working example: If an insurance premium is quoted by the product provider at £300 inclusive of IPT and they offer the ability to pay the premium by instalments at no extra charge, the customer would pay £25 per month.
The broker would earn 25 percent commission making their earning from the sale £66.96.
But, if the broker wraps this policy into a premium finance contract the additional fees and commission could increase their earning to as much as £120.30 including the commission plus £35 arrangement fee and five percent commission from premium finance provider.
However, despite the customer paying more – £366.82, based on an average 9.5 percent premium finance interest – the IPT remains the same. No wonder HMRC is paying attention.
My point is that regardless of the loss of IPT revenue, I’m not sure how any broker can justify such an approach when they have the ability to provide instalments interest-free.
So what to do?
As a GI provider I believe that great service is not delivered for free.
Brokers should be paid a fair commission and trail and should not be forced to charge fees on top of the premium to cover their costs.
However, brokers should not be inflating the price the customer pays just to get their remuneration higher or upfront.
Furthermore, is it right that the customer does not get the fee refunded if they decide to cancel their premium inside the statutory cooling off period?
And do not get me started on the fees for cancelling or making changes to policies. That’s one for another day.
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How one broker firm boosted its income by focusing on insurance – Mortgage Solutions
My last column explained that advisers do not need to compete on price when advising clients about their insurance options. Instead, the provision of quality service and support is more than enough to make it worth their time while also providing their client an important service.
This contribution is highlighting how one mortgage advice firm has benefitted from embracing this approach.
I have coined the term The Enlightened Broker and if we have ever met you’ll know it’s a concept I champion strongly.
To put it simply, the enlightened are those that look beyond the perceived burdens of price, regulation and competition, and believe that differentiation and customer experience offer the best route to sustainable growth.
I say concept, but in fact the enlightened broker is a proven strategy.
YMD’s review service
To give you an example, Your Mortgage Decisions (YMD) partnered with Cavere to trial the concept.
We trained up a specialist insurance adviser for them, who they then introduced to all of their clients by way of a free protection review service.
The specialist adviser conducts a full review of each client’s current cover to ensure it is appropriate for their needs.
This leads to three possible outcomes:
Either the adviser discovers that their current arrangements are inadequate and can save them money for the same cover, indeed our data shows money savings can be achieved on half of reviews;
They could achieve better quality cover for the same price;
Or alternatively they discover that the client already has the right cover in place.
Bottom line boost
The benefits of this approach prove itself very quickly.
In instances where better cover can be obtained, this provides YMD with a valuable income stream – an uplift in insurance sales which more than pays for the cost of providing the service, and trail commission for future years.
But more than boosting its bottom line, the service has delivered YMD with a differentiated service proposition.
They are engaging with their clients regularly and going above and beyond to deliver on service and value.
Providing the review service has boosted retention and built brand loyalty – a lasting legacy.
Now is not the time for mortgage brokers to shy away from insurance sales, now is the time to invest in doing it right.
The partner of choice for Premier Insurers, Intermediaries and Retailers
We will succeed by enabling our partners to deliver outstanding service to their clients.
Mortgage advisers do not need to compete on price to sell insurance – Mortgage Solutions
As a general insurance provider all too often I hear from mortgage brokers that insurance sales are just not worth the effort. I empathise, but I ask myself how then do some mortgage brokers sell insurance both easily and successfully?
The pressure to compete on price, to adhere to regulation and compliance, to put in place the correct sales procedures and communications strategies are all barriers to entry, costing valuable time and money.
However, I strongly believe that mortgage brokers not making the effort to sell insurance are missing a trick, or two.
Mortgage brokers are operating in a market in which their value proposition needs to be strong if they’re to survive.
With insurers already offering self-service online models, introductory offers falsely leading to a focus on price, I say falsely because it’s not true mortgage brokers cannot compete and I’ll explain why, and the looming prospect of big businesses such as Amazon taking a cut of the market, mortgage brokers need to find a way to differentiate their service proposition.
This really is not as difficult as it sounds, the point of differentiation already exists – trusted council, quality advice and personal service have always been the cornerstone of mortgage broker advantage.
Insurance sales feed perfectly into this process of differentiation, giving mortgage brokers an opportunity to keep in contact with their customers in between the standard mortgage touch points.
Don’t need to compete on price
When I speak to mortgage brokers price is always the biggest reason quoted for not selling insurance. There still persists a common misbelief that you cannot compete on price.
My answer is simply don’t sell on price, you don’t need to.
The relentless drive for new customers driven by price has been the driving force behind the high level of churn the industry now experiences.
Churn to the extent we have now, where a customer can get a price that is below the true cost of the risk in the hope that the customer will simply stay with that insurer through inertia when the price doubles at renewal is bad for everyone – and your customers are very much coming to realise this.
What is more at any one time less than a third of the market is on an introductory offer, meaning there are still two thirds of the market open to mortgage brokers – customers that could be overpaying, or not receiving the right level of cover, and would appreciate trusted advice.
My answer to every mortgage broker still holding onto the misbelief is this, not only can you compete on price but you can achieve differentiation in terms of quality, service and value.
Customers are happy to pay a little more for peace of mind.
Staying nimble
When you look at the data what you see is that they don’t enjoy shopping around and switching every year for introductory deals.
What they actually want is to feel valued and confident that they have the right cover first time.
In my experience customers value the knowledge a mortgage broker imparts, as well as the time taken to get the right cover for their needs, meaning that they don’t need to shop around themselves.
Differentiation also means staying nimble to needs and connecting with clients via proactive, timely and relevant engagement.
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We will succeed by enabling our partners to deliver outstanding service to their clients.
Cavere Intermediary refreshes home insurance product – Insurance Age
Policy is underwritten by Ageas and has been made available to the broker market.
Cavere Intermediary is set to launch an upgraded home insurance policy, underwritten by Ageas Insurance.
The provider stated that the product will be available to brokers from June this year, adding that the policy had been designed to provide comprehensive insurance with higher cover levels and claim limits.
It detailed that the new offering had been redefined to be simple to read and understand.
Cover
According to Cavere, the key features of the refreshed policy include:
- Maximum claim limit for contents of £100,000
- 60 days un-occupancy cover as opposed to the standard of 30
- Cover for valuables within the home increased to 30%
- Maximum item limit for amount for contents in the open of £500
- The maximum claim amount for garden cover has increased to £1,500
- Bicycle cover up to £1,000 or if specified up to £2,500 per bike to a max of £20,000
Paul Thompson, managing director at Cavere, commented: “We believe that getting right first time solutions for each customer and their individual needs and risks requires an innovative approach – this product ensures the best possible value for money when compared with standard offerings offered by GI panels.”
Chris Dobson, distribution and development director at Ageas, added: “Ageas have been extremely impressed with the speed, agility and expertise that Cavere have demonstrated when developing this upgraded Household product.”
Cavere Intermediary launched in January 2019 and its product range currently includes home insurance, landlords’ and tenants’ insurance, personal accident, travel and non-standard insurance cover.
Ida Axling – News Editor, Insurance Age
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Cavere Intermediary and Ageas Collaborate to Launch New Home Insurance Policy
Cavere Intermediary, the technology driven GI Provider backed by some of the UK’s leading A-rated insurance brands, is delighted to announce that from June 2019 intermediaries will be able to access its upgraded Home Insurance Policy underwritten by Ageas Insurance Ltd. Unlike standard policies, with common wordings, typically offered by GI provider panels, this policy has been designed to provide the very best and most comprehensive insurance, with higher cover levels and claim limits, at a competitive premium.
As part of Cavere Intermediary’s ongoing commitment to improve its products and services, this new home insurance policy delivers some major changes to its current Ageas product. Already a 5 star rated product, the upgrade reflects both Cavere and Ageas’s desire to go above and beyond to deliver the very best in terms of service, quality and value. Likewise, in an effort to set the benchmark for policy wording standards, it’s been redefined using market leading research techniques making it simple to read and understand – setting a new standard in clarity and quality.
Unlike some home insurance policies currently available in the market, Cavere Intermediary offers:
- Maximum claim limit for contents of £100,000
- 60 days un-occupancy cover as opposed to the standard of 30
- Cover for valuables within the home increased to 30%
- Maximum item limit for amount for contents in the open of £500
- The maximum claim amount for garden cover has increased to £1,500
- Bicycle cover up to £1,000 or if specified up to £2,500 per bike to a max of £20,000
Speaking about the launch Paul Thompson, Managing Director at Cavere Intermediary, commented: “We are delighted to bring this product to market in partnership with Ageas. Like us, Ageas have always taken a strong leading position when it comes to delivering the highest possible levels of comprehensive home insurance cover, at a competitive price and in a way that sets the bar for policy treating customers fairly. We believe that getting right first time solutions for each customer and their individual needs and risks requires an innovative approach – this product ensures the best possible value for money when compared with standard offerings offered by GI panels.”
He continues: “This is an example of what can be achieved by having a truly Insurtech approach. Using our proprietary Magenta technology we have a deeper understanding of customer needs, and can deliver significant money saving efficiencies which help to ensure quality cover at a price point that makes sense – as it stands today most of our competitors fall short on offering the levels of cover we are now delivering.”
Chris Dobson, Distribution and Development Director likewise commented: “Ageas have been extremely impressed with the speed, agility and expertise that Cavere have demonstrated when developing this upgraded Household product. Cavere’s attention to detail and long-term focus will be reassuring for any of its broad range of customers.”
Launched in January 2019, Cavere Intermediary provides brokers and intermediaries with premium General Insurance (GI) products. Its product range currently includes home insurance, landlords’ and tenants’ insurance, personal accident, travel and non-standard insurance cover.
-ends-
For further information please contact:
Kelly Prior at Spotlight Consulting: kelly@spotlightconsulting.co.uk or 07730 572878
About Cavere Intermediary
Cavere Intermediary, part of the Cavere Group and trading style of Cavere Ltd, provides a range of wholesale General Insurance products for Brokers and Intermediaries. All Cavere Intermediary policies are highly rated and backed by leading insurers.
Cavere Intermediary leads through technology innovation, and championing creative ideas and solutions that enable its partners to differentiate their proposition in the marketplace.
Based in York, Cavere Intermediary is authorised and regulated by the Financial Conduct Authority.
The partner of choice for Premier Insurers, Intermediaries and Retailers
We will succeed by enabling our partners to deliver outstanding service to their clients.
Building Relationships Drives Cavere Group Expansion – Insurance Edge
Posted on 16 April 2019 by Insurance Edge Editor in Opinion
Cavere Intermediary, officially launched in January. Part of the Cavere Group, it’s growing rapidly, with a raft of new and innovative products and services, most recently a bespoke scheme with Age Partnership. Insurance Edge caught up Paul Thompson, Cavere’s Founder, to find out more.
IE: Tell us a bit more about the Age Partnership deal, do you think as we live longer the industry needs to make travel cover affordable for older people?
PT: The Age Partnership deal is quite an interesting fit. They specialise in equity release, so that in turn means that many older people suddenly have money to fund more holidays. The Cavere scheme came about as a result of direct feedback from Age Partnership; their customers wanted more choice beyond the industry standard cut-off at age 65 for travel insurance, plus cover for longer stays outside the UK. Lots of people want to spend winter away from the UK, so that means they require cover of say 90 days, rather than the usual 30 days. This is what we specialise in, thanks to strong relationships with insurers and a technology driven model we can be creative and deliver solutions that are new and responsive to the changing needs of customers.
IE: So can data analytics software really fine tune the general insurance market, or is it more a case of simply responding rapidly to changes in the market?
PT: Speed matters, but so too does deeper understanding and a responsive approach to meeting customer needs. We can build our products from the basic idea stage to launch in a matter of days, using our own software. We don’t use software houses because it can sometimes mean that agility is lost and you might wait a few weeks for changes to policy wording etc. I think what Cavere strive for is full integration of client feedback and fine-tuning our products by using our own technology to offer total control to the customer.
IE: The home contents insurance market is ready for a major change as fewer people buy houses and rent for most of their lives, how can insurtech help us offer a more diverse set of contents policies?
PT: There’s an inevitable shift in the contents market, and as the UK rental sector is generally under-insured I’d say there’s a big opportunity out there. Renters don’t necessarily see home ownership as the best way to protect their assets, and letting agents aren’t authorised to sell insurance, so there are some challenges ahead. Perhaps the best approach is through online marketing; especially to older renters who may be renting larger homes, and therefore have more contents to insure.
IE: Is there anything you can tell us about Cavere’s expansion plans for 2019?
PT: Since we’ve launched it’s been about building relationships, word of mouth marketing and initiatives like the Age Partnership deal. This year we have just recruited our first Business Development Manager to help us build stronger relationships with brokers and intermediaries. But the real key to our growth will be clarity of vision, a nimble and responsive environment, and a focus on continuous innovation. Technology innovation is as much a core of the business as insurance provision. Cavere is a disruptor, embracing the latest advances in technology to assist brokers and intermediaries to realise the vast potential offered by GI. The strength of our differentiated proposition will be what defines our growth over the coming year and beyond.
IE: Winter 2018/19 was fairly quiet in terms of flooding in the UK, but looking ahead how do you see the residential flood insurance market changing?
PT: The interesting thing about residential flood insurance is that cover is getting cheaper after Flood Re. But this fact of life doesn’t seem to be widely known and perhaps a benign winter has put flooding out of mind for many home owners. We were the second company to launch a Flood Re scheme, and it could be that many people still think this insurance is too good to be true?
In the long run the market will probably become less fragmented, more standardised, because in reality flood insurance is no longer a non-standard risk, it can and should be written as standard with Flood Re in the background. Hopefully in time there will be a consensus amongst insurers or perhaps even a standard flood risk database, but until then brokers and intermediaries must work with a GI provider with the experience and insurer relationships to respond to the needs of customers in flood risk areas.
IE: Regardless of whether the UK actually leaves the EU, do you think insurance is bound to become a more global industry in terms of blockchain backed capital and underwriting, tech-driven marketing and automated claims servicing?
PT: Brexit is interesting as it throws up some short term challenges and possible disruption. But insurance is already a virtual, global product. Most insurers can write the paper in whatever market they like, so whether it’s the EU zone or the UK with slightly different rules, it really makes little difference. The only thing I’d say is that the industry needs to be quick to adapt to any changes, whatever the politicians decide.
IE: Some motor insurers have attracted criticism in the media for not rewarding loyalty, how can the industry utilise the ever increasing stream of data from our personal lives to customise cover, so that people feel their true circumstances are being taken into account?
PT: Is the loyalty penalty being driven by a lack of data? Probably not, it’s more about offering cheaper, subsidised deals to attract new customers. So it’s that business model which needs to change. If the regulator takes action then many insurers will possibly be secretly glad that the market is less about the initial offer, and more about flexible pricing and long term relationships between customers and insurers or brokers.
When you look at the data what you see is that customers don’t always enjoy shopping around and switching every year for the best deal on motor or home insurance. At Cavere we really work hard to make customers feel valued, and that they have the right product first time, and so we’re pleased that we have a 92% renewal rate. Much of this is down to giving brokers and customers plenty of information via regular updates, and engaging brokers throughout the year. In the end insurance is a journey for many consumers and the way you respond to changes in their lives often really helps renewals and builds brand loyalty.
IE: A 92% customer retention ratio is a stat that’s worth repeating, especially in an increasingly online insurance market. Paul, thank you for your time.