Prudential Financial Inc (PRU) 首席执行官 Charlie Lowrey 收购 Assurance IQ Inc (成绩单)

[机器翻译] 电话会议 · 2019年09月07日 · 169 次阅读 · 保德信金融

Prudential Financial Inc (NYSE:PRU) Prudential Financial to Acquire Assurance IQ Conference Call September 5, 2019 8:00 AM ET

Prudential Financial Inc(纽约证券交易所代码:[PRU])Prudential Financial将于2019年9月5日美国东部时间上午8:00召开Assurance IQ电话会议

公司参与者

Darin Arita - Investor Relations
Charlie Lowrey - Chairman and Chief Executive Officer
Andy Sullivan - Head of U.S. Businesses
Ken Tanji - Chief Financial Officer
Mike Rowell - Co-Founder & CEO, Assurance IQ, Inc.
Mike Paulus - Co-Founder & President, Assurance IQ, Inc.

  • Darin Arita - 投资者关系
  • Charlie Lowrey - 董事长兼首席执行官
  • Andy Sullivan - 美国企业负责人
  • Ken Tanji - 首席财务官
  • Mike Rowell - Assurance IQ,Inc。联合创始人兼首席执行官
  • Mike Paulus - Assurance IQ,Inc。联合创始人兼总裁

电话会议参与者

John Nadel - UBS
Jimmy Bhullar - JPMorgan
Tom Gallagher - Evercore
Alex Scott - Goldman Sachs
John Barnidge - Sandler O'Neill
Elyse Greenspan - Wells Fargo
Mark Dwelle - RBC Capital Markets
Josh Shanker - Deutsche Bank
Randy Binner - FBR
John Heagerty - Atlantic Equities
Humphrey Lee - Dowling & Partners

  • 约翰纳德尔 - 瑞银集团
  • Jimmy Bhullar - 摩根大通
  • Tom Gallagher - Evercore
  • 亚历克斯斯科特 - 高盛
  • 约翰巴尼奇 - 桑德勒奥尼尔
  • 爱丽丝格林斯潘 - 富国银行
  • Mark Dwelle - 加拿大皇家银行资本市场
  • Josh Shanker - 德意志银行
  • Randy Binner - FBR
  • John Heagerty - 大西洋股票
  • Humphrey Lee - Dowling&Partners

会议主持员

Ladies and gentlemen, thank you for standing by, and welcome to the Prudential Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. [Operator Instructions]. As a reminder this conference is being recorded.
I would now like to turn the conference over to our host Darin Arita. Please go ahead, sir.

女士们,先生们,感谢您的支持,欢迎参加保诚会议。 此时,所有参与者都处于只听模式。 之后,我们将进行问答环节,并在那时给出指示。 [操作员说明]。 提醒一下,这次会议正在录制中。

我现在想把会议转交给我们的主持人Darin Arita。 请继续,先生。

达林有田

Thank you, Roxanne. Good morning, and thank you for joining our call to discuss Prudential's definitive agreement to acquire Assurance IQ, Inc. Representing to Prudential on today's call are Charlie Lowrey, Chairman and CEO; Rob Falzon, Vice Chairman; Andy Sullivan, our next Head of U.S. Businesses; and Ken Tanji, Chief Financial Officer. Representing Assurance on today's call are Co-Founders Mike Rowell, CEO; and Mike Paulus, President. We will start with prepared remarks by Charlie, Andy and Mike Rowell. And then we will take your questions, I would kindly ask that you keep your questions related to the transaction.
Today’s presentation may include forward-looking statements. It is possible that actual results may differ materially from the predictions we make today. For a discussion of factors that could cause the actual results to differ materially from those in the forward-looking statements, please see the slide titled Forward-Looking Statements in today's presentation, which can be found on our website at investor.prudential.com.
In addition, this presentation may include references to non-GAAP measures. For historical periods reconciliations of such measures to the comparable GAAP measures can be found in our quarterly financial supplements, which are also available on our website at investor.prudential.com.
With that, I will hand it over to Charlie.

谢谢Roxanne。早上好,感谢您加入我们的电话,讨论保诚集团收购Assurance IQ公司的最终协议。代表保诚集团今天的电话会议是董事长兼首席执行官Charlie Lowrey; Rob Falzon,副主席; Andy Sullivan,我们的下一任美国企业负责人;和首席财务官Ken Tanji。在今天的电话会议上代表保证是共同创始人Mike Rowell,首席执行官;和总统迈克保罗斯。我们将从查理,安迪和迈克罗威尔准备的评论开始。然后我们会回答您的问题,请您保留与交易相关的问题。

今天的演讲可能包括前瞻性陈述。实际结果可能与我们今天的预测产生重大差异。有关可能导致实际结果与前瞻性陈述中的结果大不相同的因素的讨论,请参阅今日演示文稿中标题为前瞻性陈述的幻灯片,该幻灯片可在我们的网站investor.prudential.com上找到。

此外,本演示文稿可能包括对非GAAP措施的参考。在历史时期,可以在我们的季度财务补充中找到此类措施与可比GAAP指标的对账,也可在我们的网站investor.prudential.com上找到。

有了这个,我会把它交给查理。

查理·洛瑞

Thank you, Darin. Good morning, everyone. And thank you for joining us today. Earlier this morning Prudential announced the acquisition of Assurance IQ, a leading online and agent assisted consumer solutions platform for people seeking personalized financial wellness needs across products including life, health and auto. This is an exciting moment for both companies and an important next chapter in our strategy to serve a broader range of customers as the leading provider of financial wellness solutions.
At a higher level, this acquisition is a compelling investment for three primary reasons. First, Assurance is a fast growing, highly scalable business model that brings deep technology capabilities and a new more flexible and variable cost workforce model. Second, this acquisition significantly accelerates our U.S. financial wellness strategy. Assurance will add a large and rapidly growing direct-to-consumer channel to Prudential's platform, allowing us to reach the underserved mass market with financial wellness solutions. Third, this acquisition offers attractive financial benefits with significant upside potential. Assurance represents a new earning stream for us that is not sensitive to equity markets, interest rates or credit. We expect it to be modestly accretive to EPS and ROE starting in 2020, and will enhance Prudential's long-term growth profile. We also expect additional value creation from adding our products to the platform, leveraging their technology within the Prudential platform, and over time, expanding the Assurance business model internationally.
As shown on Slide 3, I'll provide a quick overview of the terms of the deal. We are purchasing Assurance for $2.35 billion in upfront consideration. This will be funded through a mix of cash on hand, debt financing and equity. The Prudential's Board of Directors has authorized a $500 million increase to its share repurchase authorization for calendar year 2019. This will offset the offset the equity issued as part of the upfront consideration. As a result, the share repurchase authorization for the full-year 2019 is $2.5 billion. As of June 30th, Prudential had repurchased $1 billion of shares of its common stock under this authorization. We expect to fully utilize the share repurchase authorization by the end of 2019. The Assurance team also has the opportunity to earn up to an additional $1.15 billion contingent on reaching certain performance targets between 2020 and the end of 2022.
Turning the Slide 4. Mike Rowell and Mike Paulus are impressive leaders, and they have built a world class team. They have a track record for driving growth and innovation, and we greatly respect the business model they’ve pioneered.
Now turning to Slide 5, more importantly, in Assurance, we have found a partner that shares our purpose to solve the financial challenges of our changing world. We've had the opportunity to spend a lot of time with Mike and Mike and other members of their executive team over the past few months. Right from the start, there was an alignment of vision, and it quickly became clear that there is great potential in partnering together. They've built Assurance from the ground up, on the premise of protecting and improving the personal and financial health of all consumers. This shared vision gives us confidence in the strong strategic as well as cultural fit between both companies, an important consideration in the success of any acquisition. I'm pleased to say that Mike and Mike are heavily invested in the long-term success of both Assurance and Prudential underscored by the equity portion of the initial purchase consideration, as well as a significant equity portion of the earnout incentive.

感谢Darin。大家,早安。谢谢你今天加入我们。今天早些时候,Prudential宣布收购Assurance IQ,这是一家领先的在线和代理商协助消费者解决方案平台,面向那些寻求生活,健康和汽车等产品个性化金融健康需求的人们。对于两家公司而言,这是一个激动人心的时刻,也是我们作为金融健康解决方案领先供应商为更广泛客户提供服务的战略的重要下一章。

在更高的层面上,此次收购是一项引人注目的投资,主要有三个原因。首先,Assurance是一种快速增长,高度可扩展的业务模式,它带来了深厚的技术能力和新的更灵活,可变成本的劳动力模型。其次,此次收购显着加速了我们的美国金融健康战略。 Assurance将为Prudential的平台增加一个庞大且快速增长的直接面向消费者的渠道,使我们能够通过金融健康解决方案进入服务欠缺的大众市场。第三,此次收购提供了具有吸引力的经保证代表了我们对股票市场,利率或信贷不敏感的新收入来源。我们预计,从2020年开始,每股盈利和净资产收益率将适度增长,并将提升保诚的长期增长前景。我们还期望通过在平台中添加我们的产品,在Prudential平台内利用其技术,以及随着时间的推移,在国际范围内扩展保证业务模式,创造额外的价值。

如幻灯片3所示,我将简要介绍交易条款。我们正在以23.5亿美元的价格收购Assurance。这将通过手头现金,债务融资和股权融资来提供资金。保诚的董事会已授权在2019日历年度增加5亿美元的股票回购授权。这将抵消作为前期考虑的一部分而发行的股权抵销。因此,2019年全年的股票回购授权为25亿美元。截至6月30日,保诚集团已根据此授权回购了10亿美元的普通股。我们预计到2019年底将充分利用股票回购授权。保证团队还有机会在2020年到2022年底达到某些绩效目标时获得额外的11.5亿美元。

转向幻灯片4. Mike Rowell和Mike Paulus是令人印象深刻的领导者,他们建立了一支世界级的团队。他们在推动增长和创新方面有着良好的记录,我们非常尊重他们开创的商业模式。

现在转到幻灯片5,更重要的是,在保证中,我们找到了一个合作伙伴,分享我们的目标,以解决我们不断变化的世界的财务挑战。在过去几个月里,我们有机会与迈克和迈克以及其他高管团队成员共度时光。从一开始,就有了视觉的一致性,很快就发现合作的可能性非常大。他们在保护和改善所有消费者的个人和财务健康的前提下,从头开始建立保证。这种共同愿景使我们对两家公司之间强大的战略和文化契合充满信心,这是任何收购成功的重要考虑因素。我很高兴地说,Mike和Mike在初始购买代价的权益部分所强调的Assurance和Prudential的长期成功上投入了大量资金,以及奖励激励的重要股权部分。

My team and I are confident that this acquisition, which we expect to close early in the fourth quarter of this year, will create significant long-term value for our company and our shareholders. Assurance is a fast growing business with a substantial and long-term runway for expansion in the U.S., as well as internationally over time. We see clear opportunities to further accelerate their growth trajectory with our products and capabilities and we see many opportunities to leverage their capabilities to create an ecosystem together that will enhance our long-term growth profile.
I’d now like to turn the conversation and call over to Andy Sullivan and Mike Rowell, CEO and Co-Founder of Assurance. Andy?

我和我的团队有信心此次收购,我们预计将在今年第四季度初完成,这将为我们公司和股东创造巨大的长期价值。 保证是一个快速增长的业务,在美国以及国际上随着时间的推移具有实质性和长期的扩展。 我们看到了利用我们的产品和能力进一步加速其增长轨迹的明显机会,我们看到许多机会利用其能力共同创建一个生态系统,从而增强我们的长期增长前景。

我现在想转谈谈话,并致电Assurance的首席执行官兼联合创始人Andy Sullivan和Mike Rowell。安迪?

Andy Sullivan

安迪沙利文

Thank you, Charlie, and good morning, everyone. Turning to Slide 6, I am excited to talk with all of you today about Assurance, and how it will help accelerate our financial wellness strategy. As we've discussed in the past, financial wellness is a compelling opportunity for Prudential. Our business mix, capabilities and strategy put us in an enviable position to deliver a comprehensive range of solutions, education and advice for people with a variety of financial wellness needs.
The acquisition of Assurance, a fast growing and highly scalable consumer solutions platform accelerates our ability to reach and engage in critical market directly with the products and capabilities we both have to offer. Assurance CEO Mike Rowell will discuss the business model and opportunity in greater detail. Then I'll come back to talk about how this acquisition accelerates our financial wellness strategy and delivers attractive financial benefits and potential upside for our company and for our shareholders. Mike Rowell and his Co-Founder Mike Paulus are terrific leaders. And we're thrilled that they're joining Prudential along with the full Assurance team.
I'll now hand the call over to Mike Rowell.

谢谢你,查理,大家早上好。转到幻灯片6,我很高兴今天与大家讨论保证,以及它将如何帮助加快我们的财务健康战略。正如我们过去所讨论的那样,财务健康对于保诚而言是一个令人信服的机会。我们的业务组合,能力和战略使我们处于令人羡慕的地位,为有各种财务健康需求的人们提供全面的解决方案,教育和建议。

收购Assurance是一个快速发展且高度可扩展的消费者解决方案平台,可加速我们直接利用我们必须提供的产品和功能进入和参与关键市场的能力。保证首席执行官Mike Rowell将更详细地讨论商业模式和机会。然后,我将回过头来讨论此次收购如何加速我们的财务健康战略,并为我们的公司和股东提供具有吸引力的财务收益和潜在的好处。 Mike Rowell和他的联合创始人Mike Paulus是非常棒的领导者。我们很高兴他们与全程保证团队一起加入保诚集团。

我现在将电话交给Mike Rowell。

Mike Rowell

Mike Rowell

Thank you, Andy. We're excited to be here this morning and to talk about our future with Prudential. In creating Assurance our goal was to transform the consumer experience for people seeking health and financial wellness products. We wanted it to be intuitive, highly personalized, and most importantly, relevant to a broad range of people and needs across the socioeconomic spectrum, with a significant focus on the underserved mass market.
Turning to Slide 7, our innovative digital engagement platform orchestrates a highly personalized consumer journey. The customer journey begins by attracting consumers to our digital platform, which we achieve through targeted digital advertising, and affinity marketing to highly trafficked web domains in relevant product categories, such as life,
health, and auto insurance.
Once a visitor to our platform provides details on themselves, and what they're looking for, we build a picture of the customer that is assigned to one of more than 50 cohorts of buyer groups. Its mere instantaneous segmentation, which it achieved using machine learning, and third-party data allows us to produce real time personalized product recommendations to our customers.
Customers’ severity. We currently have approximately 19 million people who are actively engaged on our platform, and the numbers continue to grow each month. Because of the advantages of machine learning, every new interaction that comes with deeper engagement helps to make our recommendations smarter, and the customers’ journey better.
The final step in the process is where humans come in and make our customer journey unique. People are increasingly comfortable researching important purchases like life and health insurance online, but they still overwhelmingly prefer to make their final decision with the help of an expert. We address this preference by using algorithms to connect the customer in real time the live digital guides and then licensed agents who’re determined to be the best match to walk an individual through their recommended solution set, answering questions and assisting them with an online purchase.
Now, turning the Slide 8. Our model is built customer-in meaning that the business model puts the customers’ needs at the center. The platform we’ve built combines data science and the human touch in the form of expert agents to help consumers research, find and ultimately purchase health and financial wellness solutions that are tailored to their needs. These agents are available seven days a week, which enhances the overall customer experience.
Our unique approach helps us by eliminating the inefficiencies of conventional models, and lowers the cost of customer acquisition. As a result, we are able to serve all customers more effectively regardless of demographic status, while at the same time delivering a superior experience with a human touch and personalizing details leading to the right solution. Data science is often applied to help companies with operational efficiencies, but at Assurance we also apply these technologies to improve outcomes and experiences for the consumer.

谢谢你,安迪。我们很高兴今天早上来到这里,与保诚谈论我们的未来。在创建Assurance时,我们的目标是为寻求健康和金融健康产品的人们改变消费者体验。我们希望它具有直观性,高度个性化,最重要的是,与社会经济范围内的广泛人群和需求相关,重点关注服务不足的大众市场。

转到幻灯片7,我们的创新数字互动平台可以为高度个性化的消费者旅程提供一个体验。客户之旅始于吸引消费者加入我们的数字平台,我们通过有针对性的数字广告实现这一目标,并在相关产品类别(如生活)中对高度流量的网络域进行亲和营销。

健康和汽车保险。

一旦我们平台的访问者提供了他们自己的详细信息以及他们正在寻找的内容,我们就会为超过50个买方群体中的一个分配一个客户的图片。它仅使用机器学习即可实现即时分割,第三方数据使我们能够向客户提供实时个性化产品推荐。

客户的严重程度。我们目前有大约1900万人积极参与我们的平台,而且这个数字每个月都在不断增长。由于机器学习的优势,每次与更深入的参与相关的新互动都有助于使我们的建议更加智能,并使客户的旅程更加美好。

这个过程的最后一步是人类进入并使我们的客户旅程独特。人们越来越习惯于在线研究重要的购买行为,如生命和健康保险,但他们仍然绝大多数希望在专家的帮助下做出最终决定。我们通过使用算法实时连接客户实时数字指南,然后通过推荐的代理商确定最佳匹配,通过他们推荐的解决方案集,回答问题并协助他们进行在线购买。

现在,转向幻灯片8.我们的模型是客户建立的,意味着商业模式将客户的需求放在中心位置。我们构建的平台以专家代理的形式结合了数据科学和人性化,帮助消费者研究,发现并最终购买适合其需求的健康和金融健康解决方案。这些代理商每周七天都可以使用,从而增强了整体客户体验。

我们独特的方法可以帮助我们消除传统模型的低效率,并降低客户获取成本。因此,无论人口状况如何,我们都能够更有效地为所有客户提供服务,同时通过人性化和个性化细节提供卓越的体验,从而获得正确的解决方案。数据科学通常用于帮助公司提高运营效率,但在Assurance,我们也应用这些技术来改善消费者的成果和体验。

As shown on Slide 9, we are particularly proud of our assisted agent model and the tools and support network we have created to help them succeed. These include dashboards with real time information that helps answer customer questions as well as access to a smaller network of assurance subject matter experts, who can provide further customer assistance when needed. The agents that we partner with work remotely on their own hours and on commission, an arrangement which allows us to maintain a variable cost model that we can scale up and down, based on demand. These agents benefit from a flexible schedule, an entrepreneurial opportunity, where they can focus their skills on helping customers as opposed to prospecting. This leads to much higher agent productivity as well as better outcomes for the customer and strong net promoter scores.
As our business has grown, Mike and I have thought a lot about how we expand in a way that preserves the Assurance customer experience, and keeps us connected to our purpose of improving personal and financial health. We knew that we wanted to find a right partner and our growth roadmap led us to Prudential.
In combining with Prudential, we gain a growing product suites and access to new markets and institutional expertise. Our combined capabilities, creating end-to-end customer engagement model that serves more people with a broader range of solutions available in the manner that they prefer is an exciting next chapter for us.
With that, I'll turn it back to Andy.

如幻灯片9所示,我们对我们的辅助代理模型以及我们为帮助他们成功而创建的工具和支持网络感到特别自豪。其中包括具有实时信息的仪表板,可帮助回答客户问题以及访问较小的保证主题专家网络,他们可在需要时提供进一步的客户帮助。我们合作的代理商在他们自己的工作时间和佣金上远程工作,这种安排允许我们维持可变成本模型,我们可以根据需求进行扩展和缩减。这些代理商可以从灵活的时间表和创业机会中受益,他们可以将技能集中在帮助客户而不是潜在客户。这导致更高的代理生产率以及更好的客户结果和强大的净推动者得分。

随着我们的业务不断发展,Mike和我已经考虑了很多关于我们如何扩展以保持Assurance客户体验的方式,并使我们与改善个人和财务健康的目标保持联系。我们知道我们想找到一个合适的合作伙伴,我们的增长路线图将我们带到了保诚。

与Prudential合并,我们获得了不断增长的产品套件,并获得了新的市场和机构专业知识。我们的综合能力,创建端到端的客户参与模式,为更多人提供他们喜欢的更广泛的解决方案,这对我们来说是一个激动人心的下一章。

有了这个,我会把它转回安迪。

Andy Sullivan

安迪沙利文

Thanks Mike. Let's turn to Slide 10. Assurance helps us significantly accelerate our U.S. financial wellness strategy. Turning to Slide 11, at our Investor Day in June, we talked about our growth opportunity for financial wellness in three customer areas. Overall, we see a significant unmet need where individuals are not currently being served through the traditional financial channels, and we have been prioritizing our capabilities accordingly.
First, we talked about winning and retaining institutional clients in retirement and group insurance. Second, we talked about serving individuals within those institutions, where there's an opportunity to increase utilization of our savings and benefit programs offered to employees. And third, we talked about a significant long-term opportunity for Prudential to provide more individuals with retail solutions that address a broader range of financial wellness needs.
Today, the acquisition of Assurance allows us to accelerate our strategy to expand to direct and deeper engagement with individuals so that we can capitalize on this opportunity now. As shown on Slide 12, Assurance deepens and strengthens our platform for serving individuals with additional financial wellness solutions. And together Prudential and Assurance will create an end-to-end engagement model for financial wellness.
Assurance adds to our existing solution set with health insurance, Medicare and auto insurance. Assurance expands the ways we serve and engage with a highly successful and fast growing direct-to-consumer marketplace. And it strengthens and advances our sales model by adding currently more than 3,000 on-demand agents who are enabled by technology. This variable cost model has quickly scaled to serve a growing base of customers across the United States.
We’ve said that financial wellness for us means helping people to take action to achieve progress in foundational elements of their financial security. For this financial wellness vision to work, we must offer the solutions that people need, engage with them in the way they prefer, and create an experience that's holistic, seamless and personalized.
Now turning to Slide 13. Assurance helps us deliver on this vision faster and for a much larger addressable market. We know that there are large middle market and mass affluent customer segments that have been traditionally underserved. We've been reaching a portion of those customers today through our workplace businesses.
Today Assurance is accelerating the strategy by bringing approximately 17 million individuals, who are actively seeking insurance solutions. This number is expected to grow quickly.
Together Assurance and Prudential can serve a full range of demographics, more people along the socioeconomic spectrum. We can engage with them in more ways. And as Prudential introduces and expand its product options and advice capabilities, we will have the platform to offer a more comprehensive range of financial wellness solutions to meet people's specific needs.

谢谢迈克。让我们转到幻灯片10.保证帮助我们显着加快我们的美国金融健康战略。转到幻灯片11,在6月的投资者日,我们谈到了我们在三个客户领域的财务健康增长机会。总的来说,我们看到一个重要的未满足需求,即个人目前没有通过传统的金融渠道获得服务,我们一直在优先考虑我们的能力。

首先,我们讨论了在退休和团体保险方面赢得和保留机构客户的问题。其次,我们讨论了在这些机构内为个人提供服务的机会,这些机构有机会提高我们为员工提供的储蓄和福利计划的利用率。第三,我们谈到了保诚集团为更多个人提供零售解决方案以满足更广泛的金融健康需求的重要长期机会。

今天,对Assurance的收购使我们能够加快我们的战略,扩大与个人的直接和更深入的接触,以便我们现在可以利用这个机会。如幻灯片12所示,Assurance深化并加强了我们为个人提供额外金融健康解决方案的平台。而Prudential和Assurance将共同为财务健康创建端到端的参与模式。

保证增加了我们现有的健康保险,医疗保险和汽车保险解决方案。 Assurance扩展了我们服务的方式,并与一个非常成功且快速增长的直接面向消费者的市场互动。它通过增加目前由技术支持的3,000多名按需代理来加强和推进我们的销售模式。这种可变成本模型已迅速扩展,以满足美国各地不断增长的客户群。

我们已经说过,我们的财务健康意味着帮助人们采取行动,以实现其财务安全的基本要素的进步。为了实现这种财务健康愿景,我们必须提供人们需要的解决方案,以他们喜欢的方式与他们互动,并创造一种整体,无缝和个性化的体验。

现在转向幻灯片13.保证帮助我们更快地实现这一愿景,并为更大的可寻址市场提供服务。我们知道,传统上服务不足的大型中间市场和大众富裕客户群。我们今天通过我们的工作场所业务接触了这些客户的一部分。

今天,Assurance正在通过吸引大约1700万积极寻求保险解决方案的个人来加速战略。这个数字预计会迅速增长。

Together Assurance和Prudential可以为社会经济范围内的所有人口统计数据,更多人提供服务。我们可以通过更多方式与他们互动。随着Prudential推出并扩展其产品选项和建议功能,我们将拥有提供更全面的金融健康解决方案的平台,以满足人们的特定需求。

As shown on Slide 14, together Prudential and Assurance will create a fast growing ecosystem, one that we believe has significant runway for expansion and will enhance our long-term growth profile. We will be able to offer customized solutions enabled by advanced data science and human touch, drawn from a broad offering inclusive of Prudential and third-party providers, supported by an end-to-end engagement model with on-demand live agent service. This will enable better, simpler experience for the customer leading to improved engagement and outcomes. We believe this is a winning proposition in a market, where demand is outpacing what the industry currently has to offer.
Turning to Slide 15. As a result, we expect this acquisition to deliver attractive financial benefits for our company and for our shareholders. On Slide 16, we highlight the immediate value creation by this transaction. As Charlie mentioned earlier in the call, we expect the acquisition to be modestly accretive to EPS and ROE. We expect it to be accretive to EPS by approximately $0.10 in 2020 and $0.30 to $0.35 in 2021 with significant growth in revenues and attractive returns.
The EPS accretion assumes some cost synergies and minimal revenue synergies. We expect to generate cost synergies of $25 million to $50 million in 2020, increasing to $50 million to $100 million by 2022 as we leverage Assurance’s scalable model and advanced data science capabilities. These synergies are incremental to the 500 million margin expansion provided at a recent June Investor Day. This acquisition provide a low fixed cost, capital light and high margin model, which will support a free cash flow conversion ratio above the company's current ratio of 65% over time. And Assurance provides a new earnings stream to Prudential that's not sensitive to equity markets, interest rates and credit. These financial results will be reported as a separate segment. We hope this transparency makes it easier to model our financials and to track our progress.
Now turning to Slide 17, we see significant upside to our accretion expectations from revenue synergies and additional opportunities for efficiency that have not been assumed in the financial impacts previously highlighted. We have a clear roadmap for increasing Assurance’s growth by adding Prudential products to their existing open architecture marketplace, and by helping them expand internationally over time.
Assurance also offers us the opportunity to deepen our relationship with Prudential's customers. We can leverage their innovative advanced analytics technologies and assisted agent service model and offer a broader solution set to existing Prudential customers. And we can accelerate our usage of these analytics to increase our operational speed and productivity to make it easier for our employees to focus on higher value-added activities.
In summary, we are excited about Assurance becoming a part of Prudential. It's a fast growing highly scalable model. We will further accelerate our U.S. financial wellness strategy, and this will generate attractive financial benefits with upside potential.

如幻灯片14所示,Prudential和Assurance将共同创造一个快速增长的生态系统,我们相信这个生态系统具有重要的扩展速度,并将提升我们的长期增长前景。我们将能够提供基于先进数据科学和人性化的定制解决方案,这些解决方案来自包括保诚和第三方提供商在内的广泛产品,并通过端到端的参与模式和按需实时代理服务提供支持。这将为客户提供更好,更简单的体验,从而改善参与度和结果。我们相信这是一个市场中的一个成功主张,其需求超过了行业目前所提供的需求。

转向Slide 15.因此,我们预计此次收购将为我们公司和股东带来具有吸引力的经济利益。在幻灯片16中,我们突出显示此事务的立即值创建。正如查理在电话会议前面提到的那样,我们预计此次收购将对EPS和ROE产生适度增长。我们预计2020年EPS增加约0.10美元,2021年增加0.30美元至0.35美元,收入显着增长,回报可观。

EPS增加假设一些成本协同效应和最小的收入协同效应。我们预计到2020年将产生2500万美元到5000万美元的成本协同效应,到2022年增加到5000万美元到1亿美元,因为我们利用了Assurance的可扩展模型和先进的数据科学功能。这些协同效应是近六月投资者日提供的5亿利润扩张的增量。此次收购提供低固定成本,资本轻量化和高利润率模型,这将支持自由现金流转换率高于公司当前65%的比率。而Assurance为Prudential提供了一个新的收益来源,它对股票市场,利率和信贷不敏感。这些财务业绩将作为单独的部分报告。我们希望这种透明度可以更轻松地模拟我们的财务状况并跟踪我们的进展。

现在转到幻灯片17,我们看到收入协同效应和额外的效率机会对我们的吸纳预期有显着的上升,这在以前强调的财务影响中没有假设。我们有一个明确的路线图,通过将Prudential产品添加到他们现有的开放式架构市场,并通过帮助他们随着时间的推移进行国际扩张来增加Assurance的增长。

保证还为我们提供了加深与保诚客户关系的机会。我们可以利用其创新的高级分析技术和辅助代理服务模型,为现有的保诚客户提供更广泛的解决方案。我们可以加快这些分析的使用,以提高我们的运营速度和生产力,使我们的员工更容易专注于更高附加值的活动。

总之,我们很高兴Assurance成为Prudential的一部分。它是一种快速增长的高度可扩展模型。我们将进一步加快我们的美国金融健康战略,这将产生具有上升潜力的有吸引力的经济利益。

Operator, we’d now like to turn the call over to Q&A.

接线员,我们现在想把电话转到Q&A。

问答环节

[Operator instructions]. And our first question comes from the line of John Nadel with UBS. Please go ahead.

[操作员说明]。 我们的第一个问题来自约翰纳德尔与瑞银集团的合作。 请继续。

John Nadel

I guess if I was going to start at some place, I'd start here. The 11 times EBITDA multiple that you highlight on Slide 16, does that assume the earnout? And what are the targets that would generate a full earnout and how will the -- what's the composition of that earnout if it is indeed earned?

我想如果我要在某个地方开始,我会从这里开始。 您在幻灯片16中突出显示的11倍EBITDA倍数,是否会产生收益? 什么是能够产生完全收益的目标?如果确实获得了收益,那么它将如何构成?

Ken Tanji

Yes, so, this is Ken. Hey, John. In terms of the 11 times multiple, that's assuming our base case and the way you can think of that is in about two years, we expect annual revenue to be about a billion, with operating margins better than 20%. So you can think of EBITDA that that generates, relative to the 2.350 billion and purchase price is about a 11 times EBITDA multiple, and we think that compares quite favourably to comparable tech focused platforms, our insurance brokers. And we believe Assurance is much better position for growth and success again to the uniqueness of their business model, which is proven to be successful and it brings us new capability. So -- and then beyond that, we expect robust growth to continue beyond year two. And again it doesn't include the upside of offering our life and annuities and investment solutions on their platforms over time nor does it factor in much in terms of referring our customers to their platform or launching this business model in international market. So overall, we think the purchase price was fair and attractive and based upon our base case evaluation.

是的,所以,这是肯。嘿,约翰。就11倍的倍数而言,假设我们的基本情况和你能想到的方式是大约两年,我们预计年收入将达到10亿左右,营业利润率将超过20%。因此,您可以想到EBITDA产生的相对于23.5亿美元和购买价格约为EBITDA倍数的11倍,我们认为这与可比较的技术型平台,我们的保险经纪人相比非常有利。我们相信,Assurance在增长和成功方面再次取得了更好的成功,其业务模式的独特性被证明是成功的,它为我们带来了新的能力。所以 - 除此之外,我们预计强劲增长将持续到第二年以后。同样,它不包括在其平台上提供我们的生活和年金及投资解决方案的优势,也不包括将客户引用到他们的平台或在国际市场上推出这种商业模式的重要因素。总的来说,我们认为购买价格是公平和有吸引力的,并且基于我们的基本案例评估。

John Nadel

So -- but just a follow-up, Ken, is the base case assuming any portion of the earnout is...?

所以 - 但只是一个后续行动,Ken,假设奖金的任何部分是......的基本情况?

Ken Tanji

No, it doesn't. So to the extent that variable profits over the three year -- first three years exceeds 900 million, then we will begin to pay an earnout up to a variable profits of 1.3 billion and then after that all of the upside belongs to Prudential. We think the earnout makes sense. It aligns our interest for the management team to reach those levels. And if we do and we hope we pay an earnout, our returns will look better.

不,它没有。 因此,如果三年内可变利润 - 前三年超过9亿,那么我们将开始支付13亿的可变利润,之后所有的上涨属于保德信。 我们认为赚钱是有道理的。 它使我们对管理团队的兴趣达到了这些水平。 如果我们这样做,我们希望我们支付一笔收益,我们的回报会更好。

John Nadel

And then if -- I have a number of questions, but I'll limit it to two. So I'll just do my follow-up. How -- I don't want to get overly personal here, but how much are the co-founders making personally in this transaction? And assuming it’s a very significant payday for both of them, what gives you confidence, Charlie, that they'll have the same kind of motivation to continue to manage and grow this business over the intermediate and long-term as part of PRU?

然后如果 - 我有很多问题,但我会将其限制为两个。 所以我会做我的后续工作。 怎么样 - 我不想在这里过分个人化,但联合创始人在这次交易中亲自制作了多少? 假设这对他们两人来说都是一个非常重要的发薪日,那么是什么让你有信心,查理,作为PRU的一部分,他们将有同样的动力继续在中长期管理和发展这项业务?

查理·洛瑞

Hey, John, it’s Charlie. I will answer that in a couple of ways. One, obviously the earnout is there, the earnout is substantial and the earnout was intentional. So they have a real incentive to stay to earn that earnout. Secondly, part of the earnout goes to the existing employee base and the two Mikes have been generous in that, so there's a retention factor there as well. The second thing I will say it's softer and this is under the sort of prove it to me, if I were you. But if you get to know Mike and Mike over time, you'll see that they share a real passion in the vision that we have to create products for the mass market and to expand financial solutions and financial wellness to a much broader population both here and internationally. And they chose us because of that shared vision. And the confluence of that vision we think leads us both to working together for a long period of time. So that's the soft side of it.
But we spent a great deal of time talking about that and are convinced on both sides that we chose the right partner and that we have a lot of work to do in order to manifest our visions and we're going to be hard at work at it.

嘿,约翰,这是查理。我会以两种方式回答这个问题。其中一个,显然是盈利在那里,盈利是实实在在的,而盈利是故意的。所以他们有一个真正的动力来留下来赚取收益。其次,奖金的一部分归于现有的员工基础,两个Mikes在这方面很慷慨,因此也存在保留因素。第二件事我会说它更柔和,如果我是你的话,这就是向我证明的。但是,如果你随着时间的推移了解迈克和迈克,你会发现他们对我们必须为大众市场创造产品并将金融解决方案和金融健康扩展到更广泛人群的愿景抱有真正的热情。和国际。他们因为共同的愿景而选择了我们。我们认为,这种愿景的融合使我们两人长期合作。所以这是它的软面。

但是我们花了很多时间谈论这一点,并且双方都相信我们选择了合适的合作伙伴,我们还有很多工作要做,以表现我们的愿景,我们将努力工作它。

John Nadel

And just real quick, was this an auction process or were you guys involved directly in conversations with Assurance here? And how long was the process?

而且真的很快,这是一个拍卖过程还是你们直接参与了Assurance的对话? 这个过程需要多长时间?

查理·洛瑞

The process was over many, many months. What I will say is that Assurance had a lot of choices, and we were delighted that they choose us.

这个过程持续了很多个月。 我要说的是Assurance有很多选择,我们很高兴他们选择了我们。

会议主持员

Next question comes from the line of Jimmy Bhullar, JPMorgan. Please go ahead.

接下来的问题来自摩根大通的Jimmy Bhullar。 请继续。

吉米·布拉尔

I guess the sort of strategic logic of the deal is fairly appearance. But I had a couple of questions on just the financial aspects of it. You're including the -- it seems like most of the buyback and actually more what you're outlining as efficient from the deal is coming just from the buying back of the $500 million and if it wasn't for that the deal would actually be fairly dilutive. So what's the logic of including that $500 million of extra buybacks in the math on the deal, because that's something that you could have done any way, right? Was there something precluding you from doing that? And why is it being tied to the deal itself?

我猜这笔交易的战略逻辑是相当的外观。 但我对它的财务方面提出了几个问题。 你包括了 - 似乎大部分的回购,实际上更多的是你所描述的,因为交易的效率来自5亿美元的回购,如果不是这样,那么交易实际上就是 相当稀释。 那么在这笔交易的数学计算中包含5亿美元的额外回购的逻辑是什么,因为这是你可以做的任何事情,对吧? 有什么事情阻止你做这件事吗? 为什么它与交易本身有关?

查理·洛瑞

Yes. Jimmy now the idea of increasing our shared purchase program by $500 million was essentially to offset the shares that are being issued as part of the purchase price. So we thought having shares as consideration for the purchase price, which are locked up to three years, was important not just to us, but to the insurance team as well, that we would be fully aligned with our common objectives. So having -- making that part of the arrangement, we increased the buyback to offset the dilution, and that's, so that the buybacks aren't factored into the accretion numbers that that we cite.

是。 吉米现在想要增加我们的共享购买计划5亿美元,这主要是为了抵消作为购买价格的一部分发行的股票。 因此,我们认为将股票作为购买价格的考虑因素,这些股票被锁定长达三年,不仅对我们而且对保险团队而言也很重要,我们将完全符合我们的共同目标。 因此,在制定这一部分安排时,我们增加了回购以抵消稀释,这就是说,回购并没有考虑到我们引用的吸积数量。

吉米·布拉尔

And then is this increased buyback in any way sort of front ending the buybacks that you would have done next year or this is -- this doesn't affect your plans for capital deployment beyond this year?

然后这种增加的回购在任何方面都会结束你明年会做的回购,或者这是 - 这不会影响你今年以后的资本配置计划吗?

查理·洛瑞

No, I think the way is Jimmy you should think about this is just leaves our sharing purchases on a net basis unchanged from our authorizations originally from this year. We increased it by 500 million to 2.5 billion. But then we issued -- we'll be issuing 500 million as part of this transaction, and on a net basis, 2 billion in unchanged from our original intentions for the year.

不,我认为吉米的方式是你应该考虑这只是让我们分享购买的净额与我们今年的授权相同。 我们将它增加了5亿到25亿。 但随后我们发布了 - 我们将发行5亿美元作为此次交易的一部分,并且在净额基础上,20亿美元与我们原来的意图保持不变。

吉米·布拉尔

And then just lastly, on the additional products that this brings to your platform, how much of a sort of ramp up do you expect in those types of products now that it's part of a larger franchise and you've obviously got other distribution that complements which are getting though this deal. How much of a pickup in growth do you expect on the company that you're buying, or is it going to be fairly steady with what it would have grown anyway because it's a separation division?

最后,关于这为您的平台带来的其他产品,您对这些类型的产品有多大的期望,因为它是更大的特许经营的一部分而且您显然得到了其他分销的补充 这笔交易正在进行中。 你对购买的公司的增长有多大的提升,或者它会以相当稳定的方式发展,因为它是一个分离部门?

Andy Sullivan

安迪沙利文

Yes. So Jimmy, it’s Andy. Maybe I'll start with the base case is predominantly squarely upon what the company was going to grow in and of itself. But as I mentioned in my prepared remarks we do believe that because of our other mix of businesses, we're going to accelerate the growth that they would have seen otherwise. And in particular, the scope and scale of our workplace businesses, where we've been already leaning in on broadening out the solution set to those 20 million individuals, we now have a very low friction capability to bring a broader solution set, so the medical product offerings, the auto, the home, those type product offerings to those customers. And then obviously, as well, the opportunity to expand this into international market. So while the base case is squarely on what Assurance as a company intended to grow in and of itself, we do believe that we will accelerate that over time.

是。 吉米,这是安迪。 也许我从基础案例开始主要是关于公司将要发展的内容。 但正如我在准备好的评论中提到的,我们确实相信,由于我们的其他业务组合,我们将加速他们本来会看到的增长。 特别是我们的工作场所业务的范围和规模,我们已经倾向于将解决方案扩展到这些2000万人,我们现在具有非常低的摩擦能力,可以提供更广泛的解决方案,因此 医疗产品,汽车,家庭,那些客户的产品类型。 显然,同样有机会将其扩展到国际市场。 因此,虽然基本案例正是基于公司意图成长的保证,但我们相信随着时间的推移,我们会加速这种做法。

会议主持员

Our next question comes from the line of Tom Gallagher, Evercore. Please go ahead.

我们的下一个问题来自Evercore的Tom Gallagher。 请继续。

汤姆加拉格尔

First question, just done the $700 million of revenues assumed for 2020. How does that compare to the current run rate of revenues? And what kind of growth has Assurance been seeing? Like is the 40 some odd percent growth that you're estimating between 2020 and 2021, a deceleration and acceleration?

第一个问题,刚刚完成了2020年的7亿美元收入。这与当前的收入率相比如何? 保证看到了什么样的增长? 就像你在2020年到2021年之间估计的40%的增长,减速和加速一样?

Mike Rowell

Mike Rowell

Tom, I can take that question. It's Mike Rowell here. So revenues for 2019, we are targeting a little under $500 million of revenue for this year.

汤姆,我可以接受这个问题。 这是Mike Rowell。 因此,2019年的收入,我们今年的收入目标略低于5亿美元。

汤姆加拉格尔

And how did that compare to 2018?

那与2018年相比如何呢?

Ken Tanji

2018 was about 120 million.

2018年约为1.2亿。

汤姆加拉格尔

Got it. So this is really -- we're seeing exceptional growth on a run rate basis. And I guess my question is, it's a little more longer term strategic to what extent will -- what's been driving the exceptional growth? Has it been adding a lot new insurance providers to the platform that are selling products? Is it the type of products that have been sold as an expanded? And would you expect that these revenue targets are pretty easily achievable based on the trajectory here?

得到它了。 所以这确实是 - 我们在运行率基础上看到了非凡的增长。 我想我的问题是,它在多大程度上具有更长期的战略意义 - 什么推动了超常增长? 它是否在销售产品的平台上增加了许多新的保险提供商? 它是作为扩展销售的产品类型吗? 您是否期望这些收入目标很容易根据此处的轨迹实现?

Mike Rowell

Mike Rowell

We feel very confident in these revenue targets. I'll add to that, that the driver of the growth has really been consumer demand, which has continued to significantly grow on our platform. And there's significant opportunity for adding additional solutions to the platform in order to capitalize on all of the consumer demand that’s there.

我们对这些收入目标非常有信心。 我要补充一点,增长的驱动力确实是消费者需求,而我们的平台上的需求一直在显着增长。 此外,还有很多机会可以为平台添加额外的解决方案,以充分利用其中的所有消费者需求。

Mike Paulus

Mike Paulus

And to your point around lines of insurance, I think what we've seen is we have a unique business model that's resonating new customers. So Assurance is profitable from a very early point in our history. And we've been able to both grow market share in the lines of insurance that we've been in longer, and we've also proven our ability to enter new lines of insurance with the model and to have success.

对于您的保险范围,我认为我们所看到的是我们拥有一种独特的商业模式,可以吸引新客户。 因此,从我们历史的早期开始,保证就是有利可图的。 而且我们已经能够在保险范围内增加市场份额,我们已经证明了这一点,我们也证明了我们能够通过模型进入新的保险业务并获得成功。

Andy Sullivan

安迪沙利文

And Tom it’s Andy, maybe one thing I would just add from my perspective about the model. Mike and Mike and their team have had a zealous focus on removing friction in the shopping in the buying process. And they have literally -- quite literally applied data science to every step of that process. And from that focus and from that better shopping experience and reduced friction that's been a key secret to the acceleration in the growth along with what Mike and Mike have shared.

汤姆是安迪,也许我会从我对模型的看法中加入一件事。 迈克和迈克以及他们的团队一直热衷于消除购买过程中的购物摩擦。 从字面上看,他们确实将数据科学应用于该过程的每一步。 从这个焦点和更好的购物体验和减少摩擦,这是加速增长的关键秘密以及迈克和迈克分享的内容。

汤姆加拉格尔

And just one final follow-up, if I could. Charlie, you -- in the slides it's mentioned that this should I think significantly lower acquisition costs over time. If there's an agent being used in most transactions here, presumably they're still being paid a similar commission, how exactly just would that lower acquisition expenses?

如果可以的话,最后一次跟进。 查理,你 - 在幻灯片中提到我认为这应该会大大降低购买成本。 如果在这里的大多数交易中都使用了代理商,可能他们仍然需要支付相似的佣金,那么降低收购费用究竟是多少呢?

查理·洛瑞

Well, I will take a first crack at it and then somebody can either clarify or correct me. But the beauty of the Assurance model is that these are independent agents. And if you think that an agent does three things, right, he prospects, presents and closes. What Assurance does is eliminate the prospecting by the way they attract customers and then through data science, analyze those customers and then assign them to an appropriate agent. And that way all the agent has to do is to present recommendations and then close. And therefore the agents can be highly efficient and much more productive. And that's one of the beauties of the model is that it eliminates all the prospecting time, if you will, and makes the agents much more efficient. So that's one of the ways in which you get the cost down.

好吧,我会先解决它,然后有人可以澄清或纠正我。 但保证模式的美妙之处在于它们是独立的代理人。 如果你认为代理人做了三件事,对,他有前途,有礼物和结束。 保证所做的是通过吸引客户的方式消除探索,然后通过数据科学,分析这些客户,然后将其分配给适当的代理商。 所有代理人必须做的就是提出建议然后关闭。 因此,代理商可以高效且更高效。 而且这个模型的优点之一就是它可以消除所有的探矿时间,如果你愿意,并使代理更有效率。 这是降低成本的方法之一。

Mike Rowell

Mike Rowell

Yes, I'll add to Charlie’s statement, this is Mike Rowell here. So, the platform that we've built truly integrates data science throughout the entire process. And so every consumer as they enter the process we try and move them as far digitally as possible. And then when it makes sense, we have them interact with an agent. And if you look at the role of the agent, we've really split it into two different parts. There's this quantitative aspect that we felt the models did a much better job of addressing and then there's the soft part of the agent where they can really focus on that relationship with the consumer. And the end result of that is that agents are far more productive. And so what it's enabled within our model is that on a per policy basis or per product basis we can pay the agents far less on our model. However, because of significant productivity, their earning opportunity on our platform is significantly higher than they can find elsewhere.

是的,我将加入查理的陈述,这是Mike Rowell。 因此,我们构建的平台在整个过程中真正集成了数据科学。 因此,每个消费者在进入流程时都会尝试尽可能地以数字方式移动它们。 然后,当它有意义时,我们让它们与代理进行交互。 如果你看看代理的角色,我们真的把它分成两个不同的部分。 在这个定量方面,我们认为模型在解决方面做得更好,然后是代理商的软性部分,他们可以真正关注与消费者的关系。 最终结果是代理商的工作效率更高。 因此,在我们的模型中实现的是,在每个政策基础上或每个产品的基础上,我们可以向代理商支付更少的费用。 然而,由于显着的生产力,他们在我们的平台上的收入机会明显高于他们在其他地方找到的机会。

汤姆加拉格尔

That makes perfect sense. So, whatever it would be lower commission. So, if I'm hearing you all correctly. Okay, thank you.

这很有道理。 所以,不管它会降低佣金。 所以,如果我听到你们都说得对。 好的谢谢你。

Ken Tanji

Lower commissions but with higher -- much higher productivity.

较低的佣金,但更高 - 更高的生产力。

会议主持员

The next question is from Alex Scott, Goldman Sachs. Please go ahead.

接下来的问题来自高盛(Goldman Sachs)的Alex Scott。 请继续。

Alex Scott

First question I have is just on the EBITDA margin. I think you mentioned around 20%. And I guess my question is, just how scalable would you expect this to be, like, where do you think that margin could get to over time?

我的第一个问题就是EBITDA利润率。 我想你提到了大约20%。 而且我想我的问题是,您希望这种可扩展性如何,例如,您认为保证金可以随时间推移到哪里?

Ken Tanji

Yes, the margin is very solid, 20% is a very healthy margin. So although that can maybe have some room to improve, the earnings growth will more come from volume and attraction of customers than necessarily margin expansion.

是的,保证金非常可靠,20%是非常健康的保证金。 因此,虽然这可能有一些改善的空间,但盈利增长将更多来自客户的数量和吸引力,而不是必然的利润率扩张。

Mike Paulus

Mike Paulus

And one thing I would add is there are some flywheel and network effects in the business. So as we grow, we have more customers, more agents, so we can more effectively match the right customer to the right agent. We can bring more products on so we have a better product for each customer. And we have more opportunities to learn from the data to improve the engagement outcome for people.

我要补充的一件事是业务中有一些飞轮和网络效应。 随着我们的成长,我们拥有更多的客户,更多的代理商,因此我们可以更有效地将合适的客户与合适的代理商相匹配。 我们可以带来更多产品,因此我们为每位客户提供更好的产品。 我们有更多机会从数据中学习,以改善人们的参与结果。

Alex Scott

And I guess just my follow up to that would be, the revenue growth you're talking about is large. I would assume there's probably significant agent headcount increases that are associated with that. So I'd just be interested in any color on your process there. How successful you guys have been in being able to add that kind of headcount in a quick time period?

而且我想我的后续工作就是,你所谈论的收入增长很大。 我认为可能会有与此相关的重要代理人数增加。 所以我只对你的过程中的任何颜色感兴趣。 你们在快速的时间内能够成功增加这样的人数有多成功?

Mike Rowell

Mike Rowell

Yes. Two things to add there is, agents have -- they play a key role in our business. We consider them one of our customers. And as a result, we have a deep focus on improving the experience for them. What that has led to is significant productivity gains over time, meaning that the average number of policies that an agent can sell on our platform continues to increase on our system.
The second thing I would add is just that agents are very much attracted to the platform. And so we've had a very positive response with significant agents reaching out wanting to get on.

是。 需要补充的两件事是,代理商 - 他们在我们的业务中发挥着关键作用。 我们认为他们是我们的客户之一。 因此,我们非常注重改善他们的体验。 这导致了随着时间的推移显着提高了生产力,这意味着代理商可以在我们的平台上销售的平均政策数量在我们的系统上继续增加。

我要补充的第二件事就是代理商非常喜欢这个平台。 所以我们得到了一个非常积极的回应,重要的代理商希望能够继续前进。

Mike Paulus

Mike Paulus

And unique model means that we have agents in all 50 states, it's a very diverse agent base. Our youngest agent is 18 and our oldest is 83 on the platform. So, there's -- and I think the other key piece, as Charlie alluded to earlier, was we’re really taking away the biggest pain points and the most -- the biggest reason why agents don't find success in this business, which is prospecting.

独特的模式意味着我们在所有50个州都有代理商,这是一个非常多样化的代理商基础。 我们最年轻的经纪人是18岁,我们最年长的经纪人是平台上的83岁。 所以,我认为另一个关键部分,就像查理早些时候提到的那样,我们真正消除了最大的痛点和最大的痛苦 - 这是代理商在这项业务中找不到成功的最大原因, 正在勘探。

Alex Scott

Maybe if I can sneak in one last one. Just on the overall financial wellness investment, cost-save strategy, I think in the past you guys have showed a range of investment that may be needed. I mean does this transaction change at all where you might come out on that spectrum? And just thinking through if there's investment synergies coming from this deal, maybe you don't have to do quite as much as you’d originally planned? I mean is that the right way to think about it?

也许如果我可以潜入最后一个。 就整体金融健康投资,成本节约策略而言,我认为过去你们已经展示了可能需要的一系列投资。 我的意思是这个交易会在你可能出现在那个频谱上的时候发生变化吗? 只要想一想这笔交易是否会产生投资协同效应,也许您不必像原先计划的那样做得那么多? 我的意思是,正确的思考方式是什么?

Andy Sullivan

安迪沙利文

Yes, Alex and Andy. So the cost saves that I talked about in my prepared remarks, the $25 million to $50 million and the $50 and to $100 million, a good portion of those cost saves are builds that we had underway that we don't need to do anymore, because Assurance actually brings the capabilities to us. That's not certainly all the components that will produce the cost saves. But directly to your question, there are capabilities that Assurance is bringing day one that we were either underway building or had intended to build as part of our three year plan. And now we do not need to do that.

是的,Alex和Andy。 因此,我在准备好的评论中谈到的成本节省,2500万美元到5000万美元以及50美元到1亿美元,这些成本节省的很大一部分是我们正在进行的构建,我们不再需要这样做了, 因为Assurance实际上为我们带来了这些能力。 这并不是所有可以节省成本的组件。 但直接针对您的问题,Assurance正在为第一天带来能力,我们正在建设或打算将其作为我们三年计划的一部分。 而现在我们不需要这样做。

Ken Tanji

We will obviously have some one-time deal related expenses associated with the transaction, which we'll record as we close the transaction.

我们显然会有一些与交易相关的一次性交易相关费用,我们将在关闭交易时记录这些费用。

Alex Scott

Okay. Any sense of larger those would be?

好的。 任何更大的感觉都会是?

Ken Tanji

Roughly 30 million.

大约3000万。

会议主持员

Our next question then comes from the line of John Barnidge, Sandler O'Neill. Please go ahead.

我们接下来的问题来自John Barnidge,Sandler O'Neill。 请继续。

John Barnidge

Could you please talk about your plans to export Assurance IQ's capabilities internationally, please?

您能否谈谈您在国际上出口Assurance IQ的能力的计划?

查理·洛瑞

Sure. Happy to do, this is Charlie. So the first priority is to concentrate on expanding quickly in the U.S. That's job one, day one. When we ultimately consider international markets, we and Assurance will look at both the developed and the emerging markets and evaluate where Assurance’s capabilities could be most effective. For example, in developed markets, it may be the opportunity is the same in the U.S., right? Creating a robust platform or ecosystem of products that can be marketed to the mass market.
On the other hand, for emerging markets, given the lower premium amounts, that may be -- that we leverage their model to reach a wider range of potential customers at all levels with a slightly different product set. So we'll evaluate opportunities when we're ready, but the first priority is to continue to grow in the U.S.

当然。 很高兴,这是查理。 因此,首要任务是集中精力在美国迅速扩张这是第一天的工作。 当我们最终考虑国际市场时,我们和Assurance将关注发达市场和新兴市场,并评估保证能力最有效的地方。 例如,在发达市场,美国的机会可能是相同的,对吧? 创建一个可以销售到大众市场的强大平台或产品生态系统。

另一方面,对于新兴市场,由于保费金额较低,可能是 - 我们利用他们的模式在各个层面上覆盖更广泛的潜在客户,产品组略有不同。 因此,我们会在准备好后评估机会,但首要任务是继续在美国发展。

John Barnidge

And then my follow-up. What is the length of the contracts behind the relationships Assurance IQ already has with its product partners?

然后是我的后续行动。 Assurance IQ与其产品合作伙伴之间的关系背后的合同期限是多少?

Ken Tanji

Yes, there, we are currently not on the platform. There's another -- there's a few other providers of life insurance on the platform and that contract extends into next year. And so that's the general length of the life insurance piece.

是的,那里,我们目前不在平台上。 还有另一个 - 平台上有一些其他人寿保险提供商,合同延续到明年。 这就是人寿保险的一般长度。

Mike Paulus

Mike Paulus

And just to give you a little bit of flavour across the board we have more than 20 providers on the platform. To highlight some more known providers, Humana, Chubb, Aetna, UnitedHealth, amongst others.

为了给您一点点风味,我们在该平台上拥有20多家供应商。 突出一些更知名的提供商,Humana,Chubb,Aetna,UnitedHealth等。

John Barnidge

And is there any seasonality you can speak to? I know it's been fast growing, so maybe hard to actually identify?

你有什么季节性可以说话吗? 我知道它一直在快速增长,所以也许难以确定?

Mike Paulus

Mike Paulus

Certainly in Q4, because of the healthcare enrollment periods that are there, certainly increases during that time period.

当然,在第四季度,由于那里的医疗保健登记期,在此期间肯定会增加。

会议主持员

Our next question is from Elyse Greenspan, Wells Fargo. Please go ahead.

我们的下一个问题来自Wells Fargo的Elyse Greenspan。 请继续。

Elyse Greenspan

My first question just picking up on the revenue side. You guys mentioned there's 20 providers on the platform. I was just wondering, when you do your math to view any of these I guess as being competitors where you might kind of lose some relationships now that you guys are owned by Prudential?

我的第一个问题只是在收入方面。 你们提到平台上有20个提供商。 我只是想知道,当你做数学运算来查看其中的任何一个时我认为你可能会失去一些关系,因为你们是Prudential所拥有的?

Mike Paulus

Mike Paulus

We don't. We believe our partners will be very excited by this. We continue with an open architecture model. And we think that Prudential supports us continuing to build out solutions with the existing partners, as well as new ones to come.

我们没有。 我们相信我们的合作伙伴会为此感到非常兴奋。 我们继续开放的架构模型。 我们认为,保诚集团支持我们继续与现有合作伙伴以及未来的新合作伙伴共同构建解决方案。

Andy Sullivan

安迪沙利文

And Elyse, this is Andy. I guess two things, I'd add. One is as we talked about, we see this and we see evidence in the business model and with the results that have been produced, so this is tapping into an underserved segment of the market, which is creating greater volumes for all. So we think that the degree of volumes running through the platform will remain very attractive to all providers, even those that might consider Prudential as a competitor. And then the other thing is, this is an open architecture type of a business where the Assurance guides consumers to solutions and there needs to be a degree of choice around that. So that that number of providers, like Mike and Mike, likely it will continue to grow as we add new solutions and different products.

而爱丽丝,这是安迪。 我猜两件事,我补充道。 一个是我们所谈到的,我们看到了这一点,我们看到了商业模式中的证据以及已经产生的结果,因此这正在利用市场中一个服务不足的部分,这为所有人创造了更大的数量。 因此,我们认为通过该平台运行的卷的程度对所有提供商仍然非常有吸引力,即使那些可能将保诚作为竞争对手的提供商也是如此。 然后另一件事是,这是一种开放式架构类型的业务,其中Assurance引导消费者使用解决方案,并且需要有一定程度的选择。 因此,当我们添加新的解决方案和不同的产品时,像Mike和Mike这样的提供商可能会继续增长。

查理·洛瑞

The one other thing I would add not to pile on. But that most of these products, we're not in, right? So we don't view these folks as competitors nor would they necessarily view us a competitor.

我要补充的另一件事就是不要堆积。 但是大多数这些产品,我们不在,对吗? 因此,我们不会将这些人视为竞争对手,也不一定将我们视为竞争对手。

Elyse Greenspan

And then in terms of the revenue synergies, I know this has come-up throughout the call. You guys obviously are pointing to being able to sell Prudential products on this platform and just expanding your reach. And you doesn't sound like you really want to put a number on the revenue synergies. But if you can kind of I don't know ballpark it or talk a little bit more and then give us a sense in terms of timeframe like when can those revenue synergies start coming into your numbers?

然后就收入协同效应而言,我知道这在整个电话会议中已经出现。 你们显然指的是能够在这个平台上销售保诚产品并扩大你的业务范围。 而且你听起来并不是真的想在收入协同效应上加上数字。 但是,如果你有点我不知道它或更多地谈论它,然后在时间框架上给我们一个感觉,就像那些收入协同效应何时开始进入你的数字?

Ken Tanji

Yes. This is Ken. We didn't factor in a lot of revenue synergies near-term, as Charlie mentioned job one is to execute on their existing business model and continue on the trajectory that they're on to get to that scale that's possible. We prioritize revenues synergy as second and those will be coming later out and we would rather not put a number on that right now.

是。 这是肯。 我们没有考虑近期的大量收入协同效应,因为查理提到第一项工作是执行他们现有的商业模式,并继续沿着他们的目标前进到达可能的规模。 我们优先考虑收入协同作为第二个,而这些将在稍后出现,我们宁愿现在不对其进行说明。

查理·洛瑞

And it’s Charlie. Those are all upside anyway. They weren't factored into our base case per se and therefore we will develop those over time and add them when appropriate.

这是查理。 无论如何,这些都是好的。 它们本身并没有考虑到我们的基础案例中,因此我们将随着时间的推移开发它们并在适当的时候添加它们。

Elyse Greenspan

Okay. And then one last question is it possible a mix of revenue between life, health and auto as it kind of sits today?

好的。 然后最后一个问题是,生活,健康和汽车之间的收入可能会如今有所不同吗?

Andy Sullivan

安迪沙利文

I mean it's a good representation by the three largest kind of product categories of life, health and Medicare. It's fairly evenly distributed. Over time revenues by product will change as the company grows auto and other products that we add to the platform.

我的意思是它是生命,健康和医疗保险这三大类产品的良好代表。 它分布相当均匀。 随着公司增长汽车和我们添加到平台的其他产品,随着时间的推移,产品收入将发生变化。

会议主持员

Our next question is from the line of Mark Dwelle, RBC Capital Markets.

我们的下一个问题来自RBC Capital Markets的Mark Dwelle。

Mark Dwelle

Mark Dwelle

Elyse, actually asked a number of the questions I had. But I guess it's your intention that you will offer now on the platform whereas you had not been previously, is that right?

Elyse,实际上问过我的一些问题。 但我想你的意图是你现在会在平台上提供,而你之前没有,是吗?

Andy Sullivan

安迪沙利文

Yes, so this is Andy. So, obviously we have some really deep manufacturing capabilities in life and in guaranteed income and we will begin offering our solutions as part of the solution set on the platform. One of the things we're most excited about is as I talked about really utilizing Assurance’s data science capabilities and understanding of the consumer combined with our product manufacturing in life and guaranteed income that produce solutions that I use the word are more tuned to the exact need and we think we'll get lift for us out of that.

是的,所以这是安迪。 因此,显然我们在生活和保证收入方面拥有一些非常深厚的制造能力,我们将开始提供我们的解决方案作为平台上解决方案的一部分。 我们最兴奋的事情之一是当我谈到真正利用Assurance的数据科学能力和对消费者的理解以及我们在生活中的产品制造和保证收入时产生的解决方案我使用这个词更加精确到精确 需要,我们认为我们将从中获得提升。

Mark Dwelle

Mark Dwelle

Do you think -- I mean, obviously, you already have your own face-to-face advisers. Is there going to be an opportunity for them to utilize this tool in their relationships? Or is this going to be a completely separate parallel channel?

你觉得 - 我的意思是,你的意思是,你已经有了自己的面对面顾问。 是否有机会在他们的关系中使用这个工具? 或者这是一个完全独立的并行通道?

Andy Sullivan

安迪沙利文

We actually -- and you may have heard us talk about our advice continuum before we see these capabilities as completely complementary. And we already as we were on our financial wellness journey, we're seeing the benefits of being able to, I'll use the word, refer customers to the best channel that they wanted to solve. So we always start with, how does the consumer want to do it? Where do they want to do it? When do they want to do it? How do they want to do it? And we will plug this capability into our Prudential advisor capability. And we believe, there'll be times that we appropriately will have consumers go back and forth and that will be required based on what the solution set is we're trying to solve for them.

实际上 - 在我们看到这些功能完全互补之前,您可能已经听过我们谈论我们的建议连续性。 我们已经在我们的金融健康之旅中,我们看到了能够使用这个词,将客户引导到他们想要解决的最佳渠道的好处。 所以我们总是从一开始,消费者如何做到这一点? 他们想在哪里做? 他们什么时候想做? 他们怎么想这样做? 我们会将此功能纳入我们的保诚顾问能力。 我们相信,有时候我们会适当地让消费者来回走动,并且根据我们正试图为他们解决的解决方案集而言,这将是必需的。

Mark Dwelle

Mark Dwelle

And then one last question. Just you alluded to the earnout previously that there was potentially an equity component to that. Is that in the same proportion as the initial purchase allocation? Or is it more or less equity-heavy on the earnout piece?

然后是最后一个问题。 只是你提到了以前的盈利,可能存在股权成分。 这与初始购买分配的比例是否相同? 或者它是否或多或少地在盈利片上占有一席之地?

Ken Tanji

Yes, so the split on the earnout is 75% will be in the form of PRU stock and 25% in cash. So we structured again the earnout to incent the Assurance team to exceed our base case assumptions. And the stock, again, further aligns our interest in that. So that's the structure of the earnout.

是的,所以赢利的分配是75%将以PRU股票的形式和25%的现金。 因此,我们再次构建奖励以激励保证团队超过我们的基本情况假设。 而股票再次进一步符合我们对此的兴趣。 这就是赢利的结构。

会议主持员

Our next question is from Josh Shanker, Deutsche Bank.

我们的下一个问题来自德意志银行的Josh Shanker。

Josh Shanker

A couple of questions. One in terms of the earnings the business versus the cash flow. When you guys are booking a policy, is there certain number of years that policy needs to stay in tax or before any revenues that you would generate turn cash flow positive?

几个问题。 一个是业务收益与现金流量的关系。 当你们预订政策时,是否有一定年限的政策需要保持税收,或者在你产生的任何收入转为现金流量正面之前?

Ken Tanji

Yes, I will talk to the cash flow. It's actually a highly cash flow generative business. The commissions are received from the insurers over a timely -- in a timely fashion. And that keeps the cash flow quite high. After a period of growth, we would expect the free cash flow relative to after tax earnings to be about 85%.

是的,我会谈谈现金流。 它实际上是一个高度现金流的生成业务。 保险公司及时 - 及时收到佣金。 这使现金流保持相当高的水平。 经过一段时间的增长后,我们预计相对于税后收益的自由现金流约为85%。

Josh Shanker

And the period of -- how many years that gap, I guess, that period of growth you're talking about?

那段时间 - 我想,你所谈论的增长期是多少年?

Ken Tanji

I think about over the next couple years. Again, sort of as they approach $1 billion of revenue, we get them see a pretty healthy cash flow stream. They've been self funded up until this point. And now they're going through a wrap and so that speaks to the natural cash flow nature of it. But they're going to go through some rapid growth and then that cash flow will become -- fully coming through again at about a rate of 85% of after tax earnings.

我想在接下来的几年里。 再次,当他们接近10亿美元的收入时,我们让他们看到一个非常健康的现金流。 到目前为止,他们一直是自筹资金。 而现在他们正在经历一个包装,因此它说明了它的自然现金流性质。 但是,他们将经历一些快速增长,然后现金流将会以相当于税后收入85%的速度再次完全实现。

Josh Shanker

Thank you. And the other question, can you just talk about the units of measurements that were used? I guess when you met the company that they were using to gauge success. Was it growth in interactions? Was it revenues per customer? And can we talk a little bit about that last one, how revenues per customer has been tracking over time?

谢谢。 另一个问题是,您能谈谈所使用的测量单位吗? 我想当你遇到他们用来衡量成功的公司时。 是否在互动中增长? 是每个客户的收入吗? 我们可以谈谈最后一个,每个客户的收入随着时间的推移如何跟踪?

Mike Rowell

Mike Rowell

It's really been -- just revenue overall was I think kind of our primary discussion point and then number of interactions with consumers on the platform and the growth of those two components.

这真的是 - 只是整体收入,我认为是我们的主要讨论点,然后是平台上与消费者的互动次数以及这两个组件的增长。

Josh Shanker

And then -- and how's that latter one been scaling?

然后 - 后者如何缩放?

Mike Rowell

Mike Rowell

Very well, I don't have it in front of me, but it continues to grow at a excellent pace.

很好,我没有在我面前,但它继续以极佳的速度增长。

会议主持员

Our next question comes from a line of Randy Binner, FBR.

我们的下一个问题来自Randy Binner,FBR。

兰迪比恩斯

I have some product questions just to follow up on some of the prior questions. In terms of what Prudential is going to manufacture now, it sounds like Medicare supplement would be expected there. But on the healthcare side, can you dimension for us what kind of major medical products you may manufacture? Or are you just going to be more on the supplemental health side?

我有一些产品问题只是为了跟进一些先前的问题。 就保诚现在将要生产的产品而言,听起来像医疗保险补充剂将在那里出现。 但在医疗保健方面,您能为我们确定您可以制造哪种主要医疗产品吗? 或者你是否会更多地参与补充健康方面?

Andy Sullivan

安迪沙利文

So Randy, it's Andy. So yes, let me -- that is not the direction we're going. So we have manufacturing expertise in life insurance and guaranteed income. Those are the areas that we will be working with Assurance to put those types of products into and onto the platform. As far as the other solution sets or the healthcare solutions that you mentioned, whether it be supplemental medical or Medicare advantage, or any of the P&C type solution sets, we will, in essence, be bringing those solutions to consumers by participating in the distribution economics, we will not be going into manufacturing of those broader product lines.

兰迪,这是安迪。 是的,让我 - 这不是我们要走的方向。 因此,我们拥有人寿保险和保证收入的制造专业知识。 这些是我们将与Assurance合作将这些类型的产品放入平台并进入平台的领域。 就您提到的其他解决方案或医疗保健解决方案而言,无论是补充医疗或医疗保险优势,还是任何P&C类型的解决方案集,我们实质上都会通过参与分发将这些解决方案带给消费者 经济方面,我们不会进入那些更广泛的产品线的制造。

兰迪比恩斯

So then the follow-up question I have is, given the significant revenue ramp that Assurance is expecting in '19 from '18, it sounds like that's going to be through open enrollment period. So can you help us understand kind of what type of products are driving that? And if it is around open enrollment, kind of what changes you've made to your approach to open enrollment this year that you think would lead to much higher sales?

那么接下来的问题就是,考虑到保证期望在'19从'18开始的大幅收入增长,听起来这将是通过公开招生期。 那么,您能帮助我们了解推动哪种类型的产品? 如果它是公开招生,那么你认为今年开放招生的方式有哪些改变会导致销售额大幅上升?

Mike Paulus

Mike Paulus

So as we look at Q4 and the annual election period, I think the single product that we'll see the most growth in on a year-over-year basis is Medicare Advantage. And over the course of the past year, we've done a lot of work in terms of having a fully end-to-end digital capability for consumers to enroll in Medicare Advantage. We've grown out our abilities to fulfill those Medicare Advantage sales ourselves. And we will also have a much larger Medicare Advantage agent force for this AEP.

因此,当我们看看第四季度和年度选举期间,我认为我们看到的同比增长最快的单一产品是Medicare Advantage。 在过去的一年中,我们在为消费者注册Medicare Advantage提供完全端到端的数字功能方面做了大量工作。 我们已经成长为我们自己实现Medicare Advantage销售的能力。 我们还将为此AEP提供更大的Medicare Advantage代理人力量。

兰迪比恩斯

What about short-term limited benefit, the health or other forms of like ACA compliant health? Are you participating in the healthcare market as well or just Med Advantage?

短期有限的福利,健康或其他形式的ACA兼容健康怎么样? 您是否也参与医疗保健市场或仅仅是Med Advantage?

Mike Paulus

Mike Paulus

Yes. So we have Medicare Advantage, Medicare Supplement, and then we have a broad swathe of under-65 health plans, both ACA and non-ACA options. And similarly, as you look at our Q4 this year, we've broadened out our carrier set, we've broadened out our digital capabilities, and you'll also have a significantly larger agent base.

是。 因此,我们有Medicare Advantage,Medicare Supplement,然后我们有大量65岁以下的健康计划,包括ACA和非ACA选项。 同样地,当你看看我们今年的第四季度时,我们已经扩展了我们的运营商套件,我们已经扩展了我们的数字功能,而且你还将拥有一个更大的代理商基础。

兰迪比恩斯

But the main thrust of your growth expectation is MA, Medicare Advantage.

但是,你的增长预期的主要推动力是MA,Medicare Advantage。

Mike Rowell

Mike Rowell

It's both?

这两个都是?

Mike Paulus

Mike Paulus

It's both. I think, MA just on a year-over-year basis is the single product line that will see the most growth.

这两者都是。 我认为,与年同比增长的MA是单一产品线,增长最快。

Mike Rowell

Mike Rowell

We continue to see growth on all product lines.

我们继续看到所有产品线的增长。

会议主持员

We have a question from the line of John Heagerty, Atlantic Equities. Please go ahead.

我们有来自大西洋股票公司John Heagerty的问题。 请继续。

John Heagerty

John Heagerty

Following-up on the ramp up questions. Just wondering what the revenues were in the first half of 2019?

跟进提升问题。 只是想知道2019年上半年的收入是多少?

Ken Tanji

We don't need to break -- we're not going to break that down for you.

我们不需要打破 - 我们不打算为你打破这一点。

John Heagerty

John Heagerty

Okay. A quick follow-up. Just, I mean, how many employees are rather contractors, presumably all the agents are contractors?

好的。 快速跟进。 只是,我的意思是,有多少员工是承包商,大概是所有代理商都是承包商?

Mike Rowell

Mike Rowell

It is roughly 120 full time employees.

大约有120名全职员工。

John Heagerty

John Heagerty

Just last one. So your confidence levels around hitting the roughly $500 million of revenues in 2019?

只是最后一个。 所以你的信心水平在2019年达到约5亿美元的收入?

Mike Rowell

Mike Rowell

We feel good.

我们感觉很好。

会议主持员

Our next question is from Humphrey Lee, Dowling & Partners. Please go ahead.

我们的下一个问题来自Humphrey Lee,Dowling&Partners。 请继续。

汉弗莱李

Just to follow on kind of the revenue outlook trajectory. As I think about kind of your I guess the active user base on the platform right now of that 19 million, like how many of those are actually buying a product as opposed to just using a platform for educational purposes? And then also to get to that 1 billion revenue target like how big would that customer base or user base has to grow over time?

只是为了追随收入前景的轨迹。 正如我想的那样,我认为现在这个1900万平台上的活跃用户群,就像有多少人实际购买产品而不是仅仅使用平台进行教育? 然后还要达到10亿个收入目标,比如客户群或用户群随着时间的推移会有多大?

Mike Rowell

Mike Rowell

Yes, it's a good question. What I will say is that part of our reason behind seeking out a partner and landing on Prudential has been that the demand for solutions from customers on our platform can far exceed the number of solutions that we have. So by that I mean we can
identify a significant number of consumers that we don't currently have a good solution for today and part of this transaction really enables us to broaden our relationships with our existing partners, as well as onboard those products from Prudential in order to help with that.

是的,这是一个很好的问题。 我要说的是,我们寻求合作伙伴并登陆保诚的原因之一就是我们平台上客户对解决方案的需求远远超过我们所拥有的解决方案的数量。 所以,我的意思是我们可以

确定了目前我们目前没有良好解决方案的大量消费者,而且这项交易的一部分确实使我们能够扩大与现有合作伙伴的关系,以及加入Prudential的这些产品以帮助实现这一目标。

Mike Paulus

Mike Paulus

And maybe just give a little bit more insight there, we have sold more than 300,000 policies to-date. What we do see with our current customer base is that they are engaged and when they come back to us a second or third time they purchase at a higher and higher rate. So as people become more familiar with us they do purchase at a higher rate and then we also do have millions of new customers coming in on a monthly basis. So that base of users continues to grow rapidly.

也许只是在那里提供更多的洞察力,到目前为止我们已售出超过300,000份政策。 我们目前的客户群看到的是他们参与其中,当他们第二次或第三次以更高和更高的价格购买时,他们会回来。 因此,随着人们越来越熟悉我们,他们确实以更高的价格购买,然后我们也有数百万的新客户每月进入。 因此,用户群继续快速增长。

汉弗莱李

Okay, so basically the growth is not only supported by kind of the sheer size of the active users but also by deeper penetration.

好的,所以基本上增长不仅受到活跃用户的庞大规模的支持,而且还受到更深入渗透的支持。

Mike Rowell

Mike Rowell

That is correct.

那是正确的。

汉弗莱李

And then maybe a question for Charlie and then also like Mike can provide some insights here. So I guess, I understand the rationale behind and how PRU and Assurance in terms of corporate missions and how they’re aligned. But why taking Assurance IQ as the partner? Like maybe kind of Mike can share in terms of where are you guys standing in terms of the market position or market share in the direct-to-consumer channel?

然后可能是查理的问题,然后迈克也可以提供一些见解。 所以我想,我理解背后的理由以及PRU和Assurance在企业使命方面的表现以及它们如何保持一致。 但为什么选择Assurance IQ作为合作伙伴呢? 就像迈克可以分享你们在直接面向消费者渠道的市场地位或市场份额方面的优势一样?

查理·洛瑞

So let me take that first, Humphrey. We are always looking for interesting ideas and new ways of accessing customers especially in the mass market. And when we began talking to Assurance, we quickly realized that in many ways they've cracked the code that nobody else has cracked before, right? So the way they use data science with a human touch, the way they focus on the customers, and the way they have structured their business model is such that we immediately saw the potential in their company and what they've done, not only because of the platform they've created, but quite frankly because of the quality of the people in their firm and the vision that they have. And when you combine all that together, we became more and more excited about what -- where they were going and what we could do together in combination and that's what led us to do that. These things don't come along very often and we think we found an extraordinary company here. And we are very lucky to find them and very lucky that they chose to combine with us.

让我首先考虑一下,汉弗莱。我们一直在寻找有趣的想法和新的方式来接触客户,特别是在大众市场。当我们开始与Assurance谈话时,我们很快就意识到,在很多方面,他们已经破解了之前没有人破解过的代码,对吗?因此,他们以人性化的方式使用数据科学的方式,他们关注客户的方式以及他们构建业务模式的方式使我们立即看到他们公司的潜力和他们所做的事情,不仅仅是因为他们创造的平台,但坦率地说,因为他们公司的人员素质和他们的愿景。当你把所有这些结合在一起时,我们越来越兴奋的是什么 - 他们去哪里以及我们可以一起做什么,这就是我们做到这一点的原因。这些事情并不经常出现,我们认为我们在这里找到了一家非凡的公司。我们非常幸运地找到了他们并非常幸运地选择了与我们合并。

汉弗莱李

And then, in terms of the Assurance market position or kind of share of the direct-to-consumer channel?

然后,就保证市场地位或直接面向消费者渠道的份额而言?

Mike Rowell

Mike Rowell

Sure, I can take that. And I think maybe the way that I would answer it is really just bringing a little more understanding to our platform. So you have an end-to-end customer engagement platform where we're product agnostic, and it really centers around the consumer. So by that I mean we look at the consumers that are coming into our platform, and we not only look at the specific products that they came in looking for, but we're also looking at the characteristics of those customers, and what other products they need. And just that on its own will take us into significantly more product segments than what we're in today. So I think just looking at us for the specific products that we're in today, and kind of the specific direct-to-consumer model that is there, kind of limits what the opportunity to really leverage the platform in many different ways than just what we're currently doing.

当然,我可以接受。 我想也许我回答它的方式实际上只是为我们的平台带来更多的理解。 因此,您拥有一个端到端的客户互动平台,我们与产品无关,而且它确实以消费者为中心。 所以我的意思是我们看看进入我们平台的消费者,我们不仅看他们所寻找的特定产品,而且我们也在关注这些客户的特征,以及其他什么产品 他们需要。 而就这一点而言,我们将把我们带入比现在更多的产品细分市场。 因此,我认为只是看看我们当前所处的特定产品,以及那种特定的直接面向消费者的模式,这种方式限制了以多种方式真正利用平台的机会。 我们目前正在做什么。

Mike Paulus

Mike Paulus

And we really believe there's no other company that does everything that we do without a science guiding the end-to-end customer journey with a broad set of both product categories and products within those categories. And then the on-demand service supported by the unique variable cost agent model.

我们真的相信没有其他公司可以做我们所做的一切,如果没有科学指导端到端客户的旅程,那么这些产品类别和产品都属于这些类别。 然后是由唯一可变成本代理模型支持的按需服务。

会议主持员

I'll now turn the conference over to Charlie Lowrey for closing comments. Please go ahead.

我现在将会议转交给Charlie Lowrey,以便结束评论。 请继续。

查理·洛瑞

Okay, thank you. In closing, I hope we've succeeded this morning in conveying the sense of excitement and conviction we feel about our acquisition of Assurance. Together, Assurance and Prudential have a unique opportunity to live our purpose and grow our business in a way that benefits our customers, our business partners and our shareholders. So thank you all for your time today and we look forward to having further conversations with you.

好的谢谢你。 最后,我希望我们今天早上成功地传达了我们对获得保证的兴奋和信念。 保证和保诚共同拥有一个独特的机会来实现我们的目标,并以有利于我们的客户,我们的业务合作伙伴和股东的方式发展我们的业务。 非常感谢大家今天的时间,我们期待与您进一步交流。

会议主持员

Ladies and gentlemen, that concludes our conference for today. Thank you for your participation and for using AT&T Executive Teleconference service. You may now disconnect.

女士们,先生们,今天的会议结束了。 感谢您的参与和使用AT&T Executive Teleconference服务。 您现在可以断开连接。

相关问题

  • 保德信金融 电话会议
  • 保德信金融 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei006006, 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后

友情提示 转载请注明出处: https://investguider.com/topics/12400
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册