Is the integration of insurance and auto loans through Gaya a unique offering, or are insurance companies experimenting with similar solutions?

Historically, most insurance companies operated banks as well. State Farm used to own their bank, AllState and Nationwide as well. They all kind of dissolved them; they sold all their books and all their loans. It seems that operating those banks was difficult because there are different regulators, federal versus the state. Insurance is state regulated, finance is federally regulated. Many of them struggled with loan integrity within their channels, or their agents selling credit cards left and right to customers who don’t want them. There were many scandals that occurred in the 2011-2018 era when it comes to that. So they dissolved.

But the fact that they opened them in the 2000-2010s era tells us that there is an interest in actually expanding. Maybe it's lower tech, or perhaps it's customer retention—could be various reasons. But there is definitely an interest in having banking operations. Now, the execution was terrible. Can we improve it? Can we expand the Gaya vision beyond the insurance agent and to the insurance carrier, and also start offering embedded banking services? To specifically answer your question: Yes. When they had banks, most of them used to call their customers and tell them, ‘I see you are financing with Bank of America. If you finance with me, I will give you a better rate.’ Then, the agent got a commission, and the customer transferred their loan to State Farm instead.

One thing to note is that most recently, Progressive filed for a trademark application for Ello Money, and might be launching banking or neo banking/ financing operations. We might be right on the money on this one.