{"version":"1.0.0","segments":[{"speaker":"YS Chi","startTime":0.75,"endTime":3.72,"body":"The Unique Contributions"},{"speaker":"YS Chi","startTime":0.75,"endTime":3.72,"body":"podcast is brought to you by"},{"speaker":"YS Chi","startTime":3.72,"endTime":7.53,"body":"RELX. Find out more about us by"},{"speaker":"YS Chi","startTime":3.72,"endTime":7.53,"body":"visiting relx.com."},{"speaker":"Bill Madison","startTime":10.41,"endTime":14.55,"body":"How do we help you"},{"speaker":"Bill Madison","startTime":10.41,"endTime":14.55,"body":"evaluate columns of knowledge"},{"speaker":"Bill Madison","startTime":14.55,"endTime":19.23,"body":"about the risk itself and make"},{"speaker":"Bill Madison","startTime":14.55,"endTime":19.23,"body":"an informed decision associated"},{"speaker":"Bill Madison","startTime":19.23,"endTime":24.48,"body":"with it? We've been very focused"},{"speaker":"Bill Madison","startTime":19.23,"endTime":24.48,"body":"on delivering decisions."},{"speaker":"YS Chi","startTime":41.49,"endTime":45.03,"body":"Hello and welcome to our"},{"speaker":"YS Chi","startTime":41.49,"endTime":45.03,"body":"podcast. Today, we dive into the"},{"speaker":"YS Chi","startTime":45.03,"endTime":48.18,"body":"world of insurance, an industry"},{"speaker":"YS Chi","startTime":45.03,"endTime":48.18,"body":"that touches every aspect of our"},{"speaker":"YS Chi","startTime":48.18,"endTime":53.13,"body":"lives and protects what we value"},{"speaker":"YS Chi","startTime":48.18,"endTime":53.13,"body":"most. Since the pandemic, most"},{"speaker":"YS Chi","startTime":53.13,"endTime":55.92,"body":"of us have seen our insurance"},{"speaker":"YS Chi","startTime":53.13,"endTime":55.92,"body":"premiums increase pretty much"},{"speaker":"YS Chi","startTime":55.92,"endTime":59.49,"body":"across the board. Some American"},{"speaker":"YS Chi","startTime":55.92,"endTime":59.49,"body":"states have seen property"},{"speaker":"YS Chi","startTime":59.49,"endTime":62.94,"body":"insurers exit from the market"},{"speaker":"YS Chi","startTime":59.49,"endTime":62.94,"body":"altogether. I'd like to"},{"speaker":"YS Chi","startTime":62.94,"endTime":65.73,"body":"understand why this is"},{"speaker":"YS Chi","startTime":62.94,"endTime":65.73,"body":"happening. Is this an industry"},{"speaker":"YS Chi","startTime":65.73,"endTime":70.17,"body":"in crisis? What will the"},{"speaker":"YS Chi","startTime":65.73,"endTime":70.17,"body":"solutions look like? My guest"},{"speaker":"YS Chi","startTime":70.17,"endTime":72.96,"body":"today is Bill Madison, CEO of"},{"speaker":"YS Chi","startTime":70.17,"endTime":72.96,"body":"our insurance business,"},{"speaker":"YS Chi","startTime":73.08,"endTime":77.43,"body":"LexisNexis Risk Solutions. Our"},{"speaker":"YS Chi","startTime":73.08,"endTime":77.43,"body":"business headquartered in"},{"speaker":"YS Chi","startTime":77.43,"endTime":80.58,"body":"Alpharetta, Georgia, provides"},{"speaker":"YS Chi","startTime":77.43,"endTime":80.58,"body":"analytics and decisions tools"},{"speaker":"YS Chi","startTime":80.58,"endTime":83.61,"body":"for insurance companies. Bill,"},{"speaker":"YS Chi","startTime":80.58,"endTime":83.61,"body":"welcome."},{"speaker":"Bill Madison","startTime":84.12,"endTime":86.16,"body":"Hey YS, thanks for"},{"speaker":"Bill Madison","startTime":84.12,"endTime":86.16,"body":"having me."},{"speaker":"YS Chi","startTime":87.05,"endTime":90.41,"body":"Thank you so much for"},{"speaker":"YS Chi","startTime":87.05,"endTime":90.41,"body":"making the time for this. Bill,"},{"speaker":"YS Chi","startTime":90.44,"endTime":95.39,"body":"we know, you've been at this"},{"speaker":"YS Chi","startTime":90.44,"endTime":95.39,"body":"company for 36 years, but before"},{"speaker":"YS Chi","startTime":95.39,"endTime":98.78,"body":"we talk about that, how about a"},{"speaker":"YS Chi","startTime":95.39,"endTime":98.78,"body":"small introduction from you"},{"speaker":"YS Chi","startTime":98.81,"endTime":100.1,"body":"about yourself."},{"speaker":"Bill Madison","startTime":100.6,"endTime":103.6,"body":"Well, to your"},{"speaker":"Bill Madison","startTime":100.6,"endTime":103.6,"body":"point, over 36 years has been"},{"speaker":"Bill Madison","startTime":103.6,"endTime":109.51,"body":"quite a journey on many fronts."},{"speaker":"Bill Madison","startTime":103.6,"endTime":109.51,"body":"In the early days, was part of a"},{"speaker":"Bill Madison","startTime":109.51,"endTime":114.4,"body":"startup. We're based in"},{"speaker":"Bill Madison","startTime":109.51,"endTime":114.4,"body":"Charlotte, North Carolina,"},{"speaker":"Bill Madison","startTime":115.0,"endTime":120.91,"body":"really defining a problem within"},{"speaker":"Bill Madison","startTime":115.0,"endTime":120.91,"body":"the insurance industry itself."},{"speaker":"Bill Madison","startTime":121.15,"endTime":125.86,"body":"We created a solution to address"},{"speaker":"Bill Madison","startTime":121.15,"endTime":125.86,"body":"the problem. The problem was"},{"speaker":"Bill Madison","startTime":125.89,"endTime":131.77,"body":"hidden drivers and helping the"},{"speaker":"Bill Madison","startTime":125.89,"endTime":131.77,"body":"industry to identify hidden risk"},{"speaker":"Bill Madison","startTime":131.77,"endTime":137.38,"body":"within their portfolio, we got"},{"speaker":"Bill Madison","startTime":131.77,"endTime":137.38,"body":"extremely focused on that. Went"},{"speaker":"Bill Madison","startTime":137.38,"endTime":143.29,"body":"through the market, really"},{"speaker":"Bill Madison","startTime":137.38,"endTime":143.29,"body":"helping the industry implement"},{"speaker":"Bill Madison","startTime":143.29,"endTime":148.54,"body":"that solution across the market."},{"speaker":"Bill Madison","startTime":143.29,"endTime":148.54,"body":"We got acquired, and then,"},{"speaker":"Bill Madison","startTime":148.81,"endTime":155.11,"body":"really advanced through that"},{"speaker":"Bill Madison","startTime":148.81,"endTime":155.11,"body":"solution to the position where I"},{"speaker":"Bill Madison","startTime":155.11,"endTime":162.43,"body":"am today. After we got acquired,"},{"speaker":"Bill Madison","startTime":155.11,"endTime":162.43,"body":"I went into sales and then"},{"speaker":"Bill Madison","startTime":162.43,"endTime":166.75,"body":"eventually became the CEO of the"},{"speaker":"Bill Madison","startTime":162.43,"endTime":166.75,"body":"insurance division within RELX."},{"speaker":"Bill Madison","startTime":166.75,"endTime":171.37,"body":"So, it's been quite a journey."},{"speaker":"Bill Madison","startTime":166.75,"endTime":171.37,"body":"Today, I'm married, live in"},{"speaker":"Bill Madison","startTime":171.37,"endTime":177.76,"body":"Alpharetta, Georgia. Have two"},{"speaker":"Bill Madison","startTime":171.37,"endTime":177.76,"body":"sons, two young men. It's hard"},{"speaker":"Bill Madison","startTime":177.76,"endTime":182.26,"body":"to believe how quickly they've"},{"speaker":"Bill Madison","startTime":177.76,"endTime":182.26,"body":"grown both personally and"},{"speaker":"Bill Madison","startTime":182.26,"endTime":187.0,"body":"professionally. They're doing"},{"speaker":"Bill Madison","startTime":182.26,"endTime":187.0,"body":"well. It's been quite a journey"},{"speaker":"Bill Madison","startTime":187.0,"endTime":188.71,"body":"within itself, very exciting."},{"speaker":"YS Chi","startTime":189.61,"endTime":191.95,"body":"Yeah, very exciting and"},{"speaker":"YS Chi","startTime":189.61,"endTime":191.95,"body":"I'm going to eventually get to"},{"speaker":"YS Chi","startTime":191.95,"endTime":197.47,"body":"this, but to say that you were"},{"speaker":"YS Chi","startTime":191.95,"endTime":197.47,"body":"actually defining of a problem"},{"speaker":"YS Chi","startTime":197.47,"endTime":200.38,"body":"to solve, and it was about"},{"speaker":"YS Chi","startTime":197.47,"endTime":200.38,"body":"hidden drivers and hidden risk"},{"speaker":"YS Chi","startTime":200.38,"endTime":201.16,"body":"from them, right?"},{"speaker":"Bill Madison","startTime":201.61,"endTime":202.45,"body":"Yeah, that's it."},{"speaker":"YS Chi","startTime":202.48,"endTime":206.5,"body":"All of that was well"},{"speaker":"YS Chi","startTime":202.48,"endTime":206.5,"body":"before the days when we talk"},{"speaker":"YS Chi","startTime":206.5,"endTime":211.63,"body":"about AI, let alone data"},{"speaker":"YS Chi","startTime":206.5,"endTime":211.63,"body":"analytics or even big data. How"},{"speaker":"YS Chi","startTime":211.63,"endTime":212.68,"body":"did you think about that?"},{"speaker":"Bill Madison","startTime":212.96,"endTime":215.54,"body":"Yes, it's funny"},{"speaker":"Bill Madison","startTime":212.96,"endTime":215.54,"body":"when you really step back and"},{"speaker":"Bill Madison","startTime":215.54,"endTime":220.91,"body":"look at most startups, the"},{"speaker":"Bill Madison","startTime":215.54,"endTime":220.91,"body":"initial offering was a failure,"},{"speaker":"Bill Madison","startTime":221.54,"endTime":227.21,"body":"to be brutally honest with you."},{"speaker":"Bill Madison","startTime":221.54,"endTime":227.21,"body":"We really focused on the basic"},{"speaker":"Bill Madison","startTime":227.21,"endTime":232.7,"body":"components of capturing mileage"},{"speaker":"Bill Madison","startTime":227.21,"endTime":232.7,"body":"intelligence and doing the"},{"speaker":"Bill Madison","startTime":232.7,"endTime":236.9,"body":"simple math between the point A"},{"speaker":"Bill Madison","startTime":232.7,"endTime":236.9,"body":"and point B, and in determining"},{"speaker":"Bill Madison","startTime":236.9,"endTime":239.48,"body":"how many miles you drove as a"},{"speaker":"Bill Madison","startTime":236.9,"endTime":239.48,"body":"consumer over the course of the"},{"speaker":"Bill Madison","startTime":239.48,"endTime":244.01,"body":"year. Sounds very simple, which"},{"speaker":"Bill Madison","startTime":239.48,"endTime":244.01,"body":"it was. Sounds very exciting,"},{"speaker":"Bill Madison","startTime":244.01,"endTime":248.57,"body":"which it was. The problem is the"},{"speaker":"Bill Madison","startTime":244.01,"endTime":248.57,"body":"early days of computing, when"},{"speaker":"Bill Madison","startTime":248.57,"endTime":253.55,"body":"the inspection locations would"},{"speaker":"Bill Madison","startTime":248.57,"endTime":253.55,"body":"load this software on their"},{"speaker":"Bill Madison","startTime":253.85,"endTime":258.65,"body":"recently acquired PC, back in"},{"speaker":"Bill Madison","startTime":253.85,"endTime":258.65,"body":"the day, they didn't"},{"speaker":"Bill Madison","startTime":258.65,"endTime":262.43,"body":"consistently put the data"},{"speaker":"Bill Madison","startTime":258.65,"endTime":262.43,"body":"incorrectly within the software"},{"speaker":"Bill Madison","startTime":262.43,"endTime":267.98,"body":"package. We had to step back and"},{"speaker":"Bill Madison","startTime":262.43,"endTime":267.98,"body":"we started to really engage with"},{"speaker":"Bill Madison","startTime":267.98,"endTime":272.3,"body":"the market, asking questions."},{"speaker":"Bill Madison","startTime":267.98,"endTime":272.3,"body":"Basically came up with this"},{"speaker":"Bill Madison","startTime":272.3,"endTime":276.11,"body":"concept, once we did some"},{"speaker":"Bill Madison","startTime":272.3,"endTime":276.11,"body":"research with available"},{"speaker":"Bill Madison","startTime":276.11,"endTime":282.59,"body":"information. Data assets by"},{"speaker":"Bill Madison","startTime":276.11,"endTime":282.59,"body":"state, could we acquire the"},{"speaker":"Bill Madison","startTime":282.59,"endTime":286.25,"body":"driver's license file within a"},{"speaker":"Bill Madison","startTime":282.59,"endTime":286.25,"body":"state? That's what we did. Where"},{"speaker":"Bill Madison","startTime":286.25,"endTime":291.62,"body":"was available, we went and"},{"speaker":"Bill Madison","startTime":286.25,"endTime":291.62,"body":"acquired all the licensed driver"},{"speaker":"Bill Madison","startTime":291.65,"endTime":294.86,"body":"information within a given"},{"speaker":"Bill Madison","startTime":291.65,"endTime":294.86,"body":"state. We developed a programme"},{"speaker":"Bill Madison","startTime":295.37,"endTime":298.19,"body":"that could actually take an"},{"speaker":"Bill Madison","startTime":295.37,"endTime":298.19,"body":"insurance carrier's book of"},{"speaker":"Bill Madison","startTime":298.19,"endTime":302.06,"body":"business within that state."},{"speaker":"Bill Madison","startTime":298.19,"endTime":302.06,"body":"Compare it, match it to our"},{"speaker":"Bill Madison","startTime":302.06,"endTime":306.53,"body":"database, and let's say there's"},{"speaker":"Bill Madison","startTime":302.06,"endTime":306.53,"body":"a policy out there that has"},{"speaker":"Bill Madison","startTime":306.56,"endTime":310.7,"body":"three cars, vehicles associated"},{"speaker":"Bill Madison","startTime":306.56,"endTime":310.7,"body":"with the policy, and two"},{"speaker":"Bill Madison","startTime":310.7,"endTime":315.47,"body":"drivers. We would match on the"},{"speaker":"Bill Madison","startTime":310.7,"endTime":315.47,"body":"address. We would identify those"},{"speaker":"Bill Madison","startTime":315.47,"endTime":320.18,"body":"two drivers being located at"},{"speaker":"Bill Madison","startTime":315.47,"endTime":320.18,"body":"that address, and if mom and dad"},{"speaker":"Bill Madison","startTime":320.18,"endTime":326.75,"body":"forget to put licensed kids on"},{"speaker":"Bill Madison","startTime":320.18,"endTime":326.75,"body":"the policy. We would identify"},{"speaker":"Bill Madison","startTime":326.75,"endTime":330.71,"body":"those individuals that were in"},{"speaker":"Bill Madison","startTime":326.75,"endTime":330.71,"body":"the household at that location"},{"speaker":"Bill Madison","startTime":330.71,"endTime":333.68,"body":"were reported back to the"},{"speaker":"Bill Madison","startTime":330.71,"endTime":333.68,"body":"insurance carrier. Then the"},{"speaker":"Bill Madison","startTime":333.68,"endTime":336.92,"body":"insurance carrier would reach"},{"speaker":"Bill Madison","startTime":333.68,"endTime":336.92,"body":"out to the policy owner and say,"},{"speaker":"Bill Madison","startTime":336.92,"endTime":341.66,"body":"\"Hey, I see you have, looks like"},{"speaker":"Bill Madison","startTime":336.92,"endTime":341.66,"body":"two kids, two of your kids that"},{"speaker":"Bill Madison","startTime":341.66,"endTime":345.47,"body":"are licensed within a household,"},{"speaker":"Bill Madison","startTime":341.66,"endTime":345.47,"body":"do they belong on, associated"},{"speaker":"Bill Madison","startTime":345.47,"endTime":348.32,"body":"with one of the policies? Are"},{"speaker":"Bill Madison","startTime":345.47,"endTime":348.32,"body":"one of the vehicles on the"},{"speaker":"Bill Madison","startTime":348.32,"endTime":356.63,"body":"policy?\" That's what we did."},{"speaker":"Bill Madison","startTime":348.32,"endTime":356.63,"body":"Again, a very simple concept of"},{"speaker":"Bill Madison","startTime":356.63,"endTime":359.42,"body":"acquiring information, matching"},{"speaker":"Bill Madison","startTime":356.63,"endTime":359.42,"body":"it, reporting back to the"},{"speaker":"Bill Madison","startTime":359.42,"endTime":363.17,"body":"carriers, and then allowing the"},{"speaker":"Bill Madison","startTime":359.42,"endTime":363.17,"body":"carriers to actually get the"},{"speaker":"Bill Madison","startTime":363.17,"endTime":366.35,"body":"premiums associated with the"},{"speaker":"Bill Madison","startTime":363.17,"endTime":366.35,"body":"risk. That's what we did, and"},{"speaker":"Bill Madison","startTime":366.35,"endTime":371.24,"body":"it's still all these years"},{"speaker":"Bill Madison","startTime":366.35,"endTime":371.24,"body":"later, is still a very viable"},{"speaker":"Bill Madison","startTime":371.27,"endTime":374.24,"body":"solution that the insurance"},{"speaker":"Bill Madison","startTime":371.27,"endTime":374.24,"body":"industry uses today."},{"speaker":"YS Chi","startTime":374.96,"endTime":379.4,"body":"So from that little"},{"speaker":"YS Chi","startTime":374.96,"endTime":379.4,"body":"thing, that little curiosity and"},{"speaker":"YS Chi","startTime":379.46,"endTime":385.28,"body":"piecing together the puzzles to"},{"speaker":"YS Chi","startTime":379.46,"endTime":385.28,"body":"your current nickname, billion"},{"speaker":"YS Chi","startTime":385.28,"endTime":386.0,"body":"dollar Bill."},{"speaker":"Bill Madison","startTime":388.46,"endTime":389.6,"body":"That's too funny."},{"speaker":"YS Chi","startTime":389.93,"endTime":392.09,"body":"Oh, wow. Don't think"},{"speaker":"YS Chi","startTime":389.93,"endTime":392.09,"body":"it's funny at all. It's very"},{"speaker":"YS Chi","startTime":392.09,"endTime":396.2,"body":"respectful Bill. That you build"},{"speaker":"YS Chi","startTime":392.09,"endTime":396.2,"body":"this business into a billion"},{"speaker":"YS Chi","startTime":396.23,"endTime":399.89,"body":"dollar business. Tell us a"},{"speaker":"YS Chi","startTime":396.23,"endTime":399.89,"body":"little more secrets."},{"speaker":"Bill Madison","startTime":400.16,"endTime":402.98,"body":"Well, the secrets"},{"speaker":"Bill Madison","startTime":400.16,"endTime":402.98,"body":"are really all about the people."},{"speaker":"YS Chi","startTime":403.01,"endTime":404.06,"body":"You always say that."},{"speaker":"Bill Madison","startTime":404.09,"endTime":406.85,"body":"Well, I know, but"},{"speaker":"Bill Madison","startTime":404.09,"endTime":406.85,"body":"it's a truth. It really is a"},{"speaker":"Bill Madison","startTime":406.85,"endTime":412.97,"body":"truth. I look at myself as a"},{"speaker":"Bill Madison","startTime":406.85,"endTime":412.97,"body":"spoke in a massive wheel, and"},{"speaker":"Bill Madison","startTime":413.0,"endTime":417.29,"body":"the wheel actually turns because"},{"speaker":"Bill Madison","startTime":413.0,"endTime":417.29,"body":"of all the spokes working"},{"speaker":"Bill Madison","startTime":417.29,"endTime":421.28,"body":"together. All the people, the"},{"speaker":"Bill Madison","startTime":417.29,"endTime":421.28,"body":"knowledge that we've created."},{"speaker":"Bill Madison","startTime":421.4,"endTime":425.96,"body":"We're very focused on the"},{"speaker":"Bill Madison","startTime":421.4,"endTime":425.96,"body":"culture of the business itself"},{"speaker":"Bill Madison","startTime":426.95,"endTime":430.49,"body":"being decisive, owning outcomes"},{"speaker":"Bill Madison","startTime":426.95,"endTime":430.49,"body":"and acting as one team, and"},{"speaker":"Bill Madison","startTime":430.49,"endTime":434.6,"body":"that's what we do. The other"},{"speaker":"Bill Madison","startTime":430.49,"endTime":434.6,"body":"side of it is we have an"},{"speaker":"Bill Madison","startTime":434.6,"endTime":438.98,"body":"incredible market that we're"},{"speaker":"Bill Madison","startTime":434.6,"endTime":438.98,"body":"working with today. The"},{"speaker":"Bill Madison","startTime":438.98,"endTime":442.19,"body":"insurance industry, just"},{"speaker":"Bill Madison","startTime":438.98,"endTime":442.19,"body":"absolutely incredible. You"},{"speaker":"Bill Madison","startTime":442.19,"endTime":446.06,"body":"identified it in your opening"},{"speaker":"Bill Madison","startTime":442.19,"endTime":446.06,"body":"when you said, what the"},{"speaker":"Bill Madison","startTime":446.06,"endTime":451.7,"body":"insurance industry does, it"},{"speaker":"Bill Madison","startTime":446.06,"endTime":451.7,"body":"keeps us safe. And when you"},{"speaker":"Bill Madison","startTime":451.7,"endTime":454.88,"body":"start to look at the"},{"speaker":"Bill Madison","startTime":451.7,"endTime":454.88,"body":"fundamentals of insurance"},{"speaker":"Bill Madison","startTime":454.88,"endTime":459.05,"body":"carriers and what they do and"},{"speaker":"Bill Madison","startTime":454.88,"endTime":459.05,"body":"some of the challenges they"},{"speaker":"Bill Madison","startTime":459.05,"endTime":464.51,"body":"have, they work with us to make"},{"speaker":"Bill Madison","startTime":459.05,"endTime":464.51,"body":"us better and to create new"},{"speaker":"Bill Madison","startTime":464.51,"endTime":469.94,"body":"solutions that are prominent"},{"speaker":"Bill Madison","startTime":464.51,"endTime":469.94,"body":"throughout the industry today."},{"speaker":"Bill Madison","startTime":470.3,"endTime":471.71,"body":"We spent a lot of time on that."},{"speaker":"YS Chi","startTime":472.31,"endTime":476.09,"body":"Yeah, let's start"},{"speaker":"YS Chi","startTime":472.31,"endTime":476.09,"body":"talking about that at current"},{"speaker":"YS Chi","startTime":476.12,"endTime":480.08,"body":"time, okay. Insurance rates have"},{"speaker":"YS Chi","startTime":476.12,"endTime":480.08,"body":"gone up. I think we've all felt"},{"speaker":"YS Chi","startTime":480.08,"endTime":483.8,"body":"that in the US, especially."},{"speaker":"YS Chi","startTime":480.08,"endTime":483.8,"body":"Whether it's car insurance or"},{"speaker":"YS Chi","startTime":483.8,"endTime":487.13,"body":"boat or home or any property"},{"speaker":"YS Chi","startTime":483.8,"endTime":487.13,"body":"insurance has gone up. What"},{"speaker":"YS Chi","startTime":487.13,"endTime":490.49,"body":"would you say are the"},{"speaker":"YS Chi","startTime":487.13,"endTime":490.49,"body":"fundamental reasons behind this"},{"speaker":"YS Chi","startTime":490.49,"endTime":491.03,"body":"happening?"},{"speaker":"Bill Madison","startTime":492.86,"endTime":495.8,"body":"Let's go back four"},{"speaker":"Bill Madison","startTime":492.86,"endTime":495.8,"body":"or five years, right to the"},{"speaker":"Bill Madison","startTime":495.8,"endTime":501.11,"body":"beginning of the pandemic and"},{"speaker":"Bill Madison","startTime":495.8,"endTime":501.11,"body":"what happened during 2020. That"},{"speaker":"Bill Madison","startTime":501.11,"endTime":504.65,"body":"was really the cornerstone of"},{"speaker":"Bill Madison","startTime":501.11,"endTime":504.65,"body":"some of the challenges that"},{"speaker":"Bill Madison","startTime":504.65,"endTime":509.87,"body":"we're dealing with today, across"},{"speaker":"Bill Madison","startTime":504.65,"endTime":509.87,"body":"the market. If you think about"},{"speaker":"Bill Madison","startTime":509.87,"endTime":515.39,"body":"it, when March of 2020, hit,"},{"speaker":"Bill Madison","startTime":509.87,"endTime":515.39,"body":"consumers stopped driving."},{"speaker":"YS Chi","startTime":516.83,"endTime":517.61,"body":"That's right."},{"speaker":"Bill Madison","startTime":517.7,"endTime":521.09,"body":"The vehicles"},{"speaker":"Bill Madison","startTime":517.7,"endTime":521.09,"body":"stayed parked in their garage or"},{"speaker":"Bill Madison","startTime":521.09,"endTime":524.75,"body":"their driveways, because people"},{"speaker":"Bill Madison","startTime":521.09,"endTime":524.75,"body":"just weren't moving around. They"},{"speaker":"Bill Madison","startTime":524.75,"endTime":527.87,"body":"weren't connecting, they weren't"},{"speaker":"Bill Madison","startTime":524.75,"endTime":527.87,"body":"going into the office, they"},{"speaker":"Bill Madison","startTime":527.87,"endTime":533.69,"body":"weren't really exposing"},{"speaker":"Bill Madison","startTime":527.87,"endTime":533.69,"body":"themselves as a risk to the"},{"speaker":"Bill Madison","startTime":533.69,"endTime":537.44,"body":"insurance industry. As a result"},{"speaker":"Bill Madison","startTime":533.69,"endTime":537.44,"body":"of that, there were a lot of"},{"speaker":"Bill Madison","startTime":537.44,"endTime":542.15,"body":"consumer groups that were"},{"speaker":"Bill Madison","startTime":537.44,"endTime":542.15,"body":"starting to question as to, why"},{"speaker":"Bill Madison","startTime":542.15,"endTime":547.1,"body":"are we paying for our auto"},{"speaker":"Bill Madison","startTime":542.15,"endTime":547.1,"body":"insurance premiums, when we're"},{"speaker":"Bill Madison","startTime":547.1,"endTime":551.87,"body":"not driving the car? For the"},{"speaker":"Bill Madison","startTime":547.1,"endTime":551.87,"body":"average person, it's a fair"},{"speaker":"Bill Madison","startTime":551.87,"endTime":556.73,"body":"question to ask, but it is"},{"speaker":"Bill Madison","startTime":551.87,"endTime":556.73,"body":"complicated in a lot of ways."},{"speaker":"Bill Madison","startTime":557.66,"endTime":561.56,"body":"What happened as a result of"},{"speaker":"Bill Madison","startTime":557.66,"endTime":561.56,"body":"that event, and people are not"},{"speaker":"Bill Madison","startTime":561.56,"endTime":564.29,"body":"driving. Guess what's happening?"},{"speaker":"Bill Madison","startTime":561.56,"endTime":564.29,"body":"They're not following claims"},{"speaker":"Bill Madison","startTime":564.29,"endTime":568.1,"body":"either, because they're not"},{"speaker":"Bill Madison","startTime":564.29,"endTime":568.1,"body":"having accidents. The industry"},{"speaker":"Bill Madison","startTime":568.1,"endTime":572.51,"body":"is starting to make pretty"},{"speaker":"Bill Madison","startTime":568.1,"endTime":572.51,"body":"significant profits over the"},{"speaker":"Bill Madison","startTime":572.51,"endTime":575.6,"body":"course of the year. As a result"},{"speaker":"Bill Madison","startTime":572.51,"endTime":575.6,"body":"of that, the departments of"},{"speaker":"Bill Madison","startTime":575.6,"endTime":578.96,"body":"insurance were getting involved."},{"speaker":"Bill Madison","startTime":575.6,"endTime":578.96,"body":"Some of the consumer groups were"},{"speaker":"Bill Madison","startTime":578.96,"endTime":583.19,"body":"getting involved, and they're"},{"speaker":"Bill Madison","startTime":578.96,"endTime":583.19,"body":"saying, \"okay, so shouldn't you"},{"speaker":"Bill Madison","startTime":583.19,"endTime":586.37,"body":"be doing something here?\" That's"},{"speaker":"Bill Madison","startTime":583.19,"endTime":586.37,"body":"exactly what the insurance"},{"speaker":"Bill Madison","startTime":586.37,"endTime":590.48,"body":"industry did. Started giving"},{"speaker":"Bill Madison","startTime":586.37,"endTime":590.48,"body":"rebates, started dropping rates,"},{"speaker":"Bill Madison","startTime":591.05,"endTime":594.92,"body":"just to kind of stay in front of"},{"speaker":"Bill Madison","startTime":591.05,"endTime":594.92,"body":"the event itself, but also"},{"speaker":"Bill Madison","startTime":594.92,"endTime":599.36,"body":"because they were making a lot"},{"speaker":"Bill Madison","startTime":594.92,"endTime":599.36,"body":"of money. So, 21 hits, what did"},{"speaker":"Bill Madison","startTime":599.36,"endTime":601.67,"body":"people, the average consumer"},{"speaker":"Bill Madison","startTime":599.36,"endTime":601.67,"body":"started doing?"},{"speaker":"YS Chi","startTime":601.7,"endTime":603.26,"body":"Coming back out with"},{"speaker":"YS Chi","startTime":601.7,"endTime":603.26,"body":"vengeance."},{"speaker":"Bill Madison","startTime":603.33,"endTime":606.9,"body":"Amen. So, they"},{"speaker":"Bill Madison","startTime":603.33,"endTime":606.9,"body":"start driving. When people are"},{"speaker":"Bill Madison","startTime":606.9,"endTime":611.7,"body":"driving, what are they having?"},{"speaker":"Bill Madison","startTime":606.9,"endTime":611.7,"body":"They're having accidents. Now"},{"speaker":"Bill Madison","startTime":611.7,"endTime":616.17,"body":"the carriers are saying, \"oh,"},{"speaker":"Bill Madison","startTime":611.7,"endTime":616.17,"body":"man, this came on a lot faster"},{"speaker":"Bill Madison","startTime":616.17,"endTime":621.81,"body":"than we anticipated.\" With the"},{"speaker":"Bill Madison","startTime":616.17,"endTime":621.81,"body":"increase in driving activity,"},{"speaker":"Bill Madison","startTime":621.84,"endTime":625.59,"body":"the carriers say, I'm starting"},{"speaker":"Bill Madison","startTime":621.84,"endTime":625.59,"body":"to be more challenged and"},{"speaker":"Bill Madison","startTime":625.59,"endTime":629.01,"body":"starting to lose money. Now we"},{"speaker":"Bill Madison","startTime":625.59,"endTime":629.01,"body":"got to fall for right rate"},{"speaker":"Bill Madison","startTime":629.01,"endTime":632.97,"body":"increases. So, working with the"},{"speaker":"Bill Madison","startTime":629.01,"endTime":632.97,"body":"departments of insurance across"},{"speaker":"Bill Madison","startTime":633.45,"endTime":638.01,"body":"United States. Basically they"},{"speaker":"Bill Madison","startTime":633.45,"endTime":638.01,"body":"were trying to get rate to cover"},{"speaker":"Bill Madison","startTime":638.01,"endTime":642.12,"body":"the risk, and they just they"},{"speaker":"Bill Madison","startTime":638.01,"endTime":642.12,"body":"couldn't get enough rate to"},{"speaker":"Bill Madison","startTime":642.15,"endTime":644.37,"body":"cover the, some of the"},{"speaker":"Bill Madison","startTime":642.15,"endTime":644.37,"body":"challenges that they were"},{"speaker":"Bill Madison","startTime":644.37,"endTime":650.64,"body":"dealing with. That process"},{"speaker":"Bill Madison","startTime":644.37,"endTime":650.64,"body":"really continued over the course"},{"speaker":"Bill Madison","startTime":650.64,"endTime":656.79,"body":"of 21, 22 and a big part of 23"},{"speaker":"Bill Madison","startTime":650.64,"endTime":656.79,"body":"as well. As rates were going up,"},{"speaker":"Bill Madison","startTime":656.82,"endTime":661.26,"body":"there's a state out there on the"},{"speaker":"Bill Madison","startTime":656.82,"endTime":661.26,"body":"west coast that over a tier"},{"speaker":"Bill Madison","startTime":661.26,"endTime":666.33,"body":"period, 23 and 24 the average"},{"speaker":"Bill Madison","startTime":661.26,"endTime":666.33,"body":"rates within the state went up"},{"speaker":"Bill Madison","startTime":666.36,"endTime":666.93,"body":"41%."},{"speaker":"YS Chi","startTime":667.8,"endTime":668.88,"body":"Oh my goodness."},{"speaker":"Bill Madison","startTime":668.91,"endTime":670.02,"body":"Yeah, incredible."},{"speaker":"YS Chi","startTime":670.26,"endTime":672.9,"body":"During that time Bill,"},{"speaker":"YS Chi","startTime":670.26,"endTime":672.9,"body":"did the insurance companies"},{"speaker":"YS Chi","startTime":672.9,"endTime":675.87,"body":"regain the profitability? Are"},{"speaker":"YS Chi","startTime":672.9,"endTime":675.87,"body":"they making too much money right"},{"speaker":"YS Chi","startTime":675.87,"endTime":680.67,"body":"now, or are they covering cost"},{"speaker":"YS Chi","startTime":675.87,"endTime":680.67,"body":"of repairs and all the other"},{"speaker":"YS Chi","startTime":680.67,"endTime":681.87,"body":"stuff that has also gone up?"},{"speaker":"Bill Madison","startTime":682.2,"endTime":685.26,"body":"Yeah, well,"},{"speaker":"Bill Madison","startTime":682.2,"endTime":685.26,"body":"they're just starting to get to"},{"speaker":"Bill Madison","startTime":685.26,"endTime":688.14,"body":"a point of profitability after"},{"speaker":"Bill Madison","startTime":685.26,"endTime":688.14,"body":"all this time."},{"speaker":"YS Chi","startTime":688.17,"endTime":689.19,"body":"My goodness."},{"speaker":"Bill Madison","startTime":689.72,"endTime":693.05,"body":"It's been quite a"},{"speaker":"Bill Madison","startTime":689.72,"endTime":693.05,"body":"challenge for them. You look at"},{"speaker":"Bill Madison","startTime":693.05,"endTime":697.52,"body":"labour costs, you look at parts"},{"speaker":"Bill Madison","startTime":693.05,"endTime":697.52,"body":"costs associated with it, and"},{"speaker":"Bill Madison","startTime":697.52,"endTime":700.94,"body":"the challenges that they had"},{"speaker":"Bill Madison","startTime":697.52,"endTime":700.94,"body":"over this period of time."},{"speaker":"Bill Madison","startTime":701.42,"endTime":705.23,"body":"They've been trying to get back"},{"speaker":"Bill Madison","startTime":701.42,"endTime":705.23,"body":"to a point of profitability."},{"speaker":"Bill Madison","startTime":706.22,"endTime":714.05,"body":"Some people are saying, is the"},{"speaker":"Bill Madison","startTime":706.22,"endTime":714.05,"body":"market at a challenging point. I"},{"speaker":"Bill Madison","startTime":714.05,"endTime":718.34,"body":"wouldn't really identify as a,"},{"speaker":"Bill Madison","startTime":714.05,"endTime":718.34,"body":"really a challenging point."},{"speaker":"Bill Madison","startTime":718.64,"endTime":721.76,"body":"They're at a point of transition"},{"speaker":"Bill Madison","startTime":718.64,"endTime":721.76,"body":"right now. You have some"},{"speaker":"Bill Madison","startTime":721.76,"endTime":724.85,"body":"carriers that are just getting"},{"speaker":"Bill Madison","startTime":721.76,"endTime":724.85,"body":"back to a point of"},{"speaker":"Bill Madison","startTime":724.85,"endTime":728.39,"body":"profitability, where they're"},{"speaker":"Bill Madison","startTime":724.85,"endTime":728.39,"body":"starting to get focused on"},{"speaker":"Bill Madison","startTime":728.39,"endTime":732.44,"body":"growth again, which is"},{"speaker":"Bill Madison","startTime":728.39,"endTime":732.44,"body":"interesting. They have other"},{"speaker":"Bill Madison","startTime":732.44,"endTime":735.02,"body":"carriers that are still"},{"speaker":"Bill Madison","startTime":732.44,"endTime":735.02,"body":"challenged and still trying to"},{"speaker":"Bill Madison","startTime":735.02,"endTime":738.86,"body":"get rate increases approved"},{"speaker":"Bill Madison","startTime":735.02,"endTime":738.86,"body":"through the departments of"},{"speaker":"Bill Madison","startTime":738.86,"endTime":743.12,"body":"insurance. You have a lot of"},{"speaker":"Bill Madison","startTime":738.86,"endTime":743.12,"body":"transition activities that are"},{"speaker":"Bill Madison","startTime":743.12,"endTime":745.25,"body":"not consistent across the"},{"speaker":"Bill Madison","startTime":743.12,"endTime":745.25,"body":"market."},{"speaker":"YS Chi","startTime":745.37,"endTime":747.92,"body":"It seems like the"},{"speaker":"YS Chi","startTime":745.37,"endTime":747.92,"body":"insurance business has that"},{"speaker":"YS Chi","startTime":747.92,"endTime":751.07,"body":"delay because of the regulators"},{"speaker":"YS Chi","startTime":747.92,"endTime":751.07,"body":"that have to approve the rates"},{"speaker":"YS Chi","startTime":751.13,"endTime":751.73,"body":"each time."},{"speaker":"Bill Madison","startTime":752.33,"endTime":756.44,"body":"Yes and that's a"},{"speaker":"Bill Madison","startTime":752.33,"endTime":756.44,"body":"big impact on it. One, they've"},{"speaker":"Bill Madison","startTime":756.44,"endTime":760.01,"body":"got to prove it right. They"},{"speaker":"Bill Madison","startTime":756.44,"endTime":760.01,"body":"really need the rates, and then"},{"speaker":"Bill Madison","startTime":760.64,"endTime":763.1,"body":"the regulators are there to"},{"speaker":"Bill Madison","startTime":760.64,"endTime":763.1,"body":"protect consumers,"},{"speaker":"YS Chi","startTime":763.1,"endTime":763.55,"body":"Yes."},{"speaker":"Bill Madison","startTime":763.76,"endTime":766.55,"body":"Right, making sure"},{"speaker":"Bill Madison","startTime":763.76,"endTime":766.55,"body":"the consumers aren't overly"},{"speaker":"Bill Madison","startTime":766.55,"endTime":772.76,"body":"penalised based on any activity"},{"speaker":"Bill Madison","startTime":766.55,"endTime":772.76,"body":"across the markets that are in"},{"speaker":"Bill Madison","startTime":772.76,"endTime":773.39,"body":"play here."},{"speaker":"YS Chi","startTime":773.63,"endTime":779.78,"body":"Yeah, yet as consumers,"},{"speaker":"YS Chi","startTime":773.63,"endTime":779.78,"body":"it hurts every $50 more that you"},{"speaker":"YS Chi","startTime":779.78,"endTime":781.31,"body":"have to pay hurts."},{"speaker":"Bill Madison","startTime":781.6,"endTime":785.5,"body":"Well, and I use"},{"speaker":"Bill Madison","startTime":781.6,"endTime":785.5,"body":"the reference, every consumer is"},{"speaker":"Bill Madison","startTime":785.5,"endTime":790.51,"body":"the CEO of their household. You"},{"speaker":"Bill Madison","startTime":785.5,"endTime":790.51,"body":"think about it from that"},{"speaker":"Bill Madison","startTime":790.51,"endTime":793.87,"body":"perspective, and to your point"},{"speaker":"Bill Madison","startTime":790.51,"endTime":793.87,"body":"YS, they're trying to control"},{"speaker":"Bill Madison","startTime":794.59,"endTime":797.65,"body":"how they're operating, their"},{"speaker":"Bill Madison","startTime":794.59,"endTime":797.65,"body":"funding, and what they can"},{"speaker":"Bill Madison","startTime":797.65,"endTime":802.36,"body":"afford and not afford. You have"},{"speaker":"Bill Madison","startTime":797.65,"endTime":802.36,"body":"this thing that's mandatory"},{"speaker":"Bill Madison","startTime":802.36,"endTime":805.36,"body":"called insurance. If you have a"},{"speaker":"Bill Madison","startTime":802.36,"endTime":805.36,"body":"mortgage on your home, you have"},{"speaker":"Bill Madison","startTime":805.36,"endTime":808.99,"body":"to have insurance. If you own a"},{"speaker":"Bill Madison","startTime":805.36,"endTime":808.99,"body":"car, you have to have insurance."},{"speaker":"Bill Madison","startTime":809.53,"endTime":814.33,"body":"So you sign anything you can run"},{"speaker":"Bill Madison","startTime":809.53,"endTime":814.33,"body":"away from. When the cost of this"},{"speaker":"Bill Madison","startTime":814.36,"endTime":816.73,"body":"continues to go up, something"},{"speaker":"Bill Madison","startTime":814.36,"endTime":816.73,"body":"else has to give."},{"speaker":"YS Chi","startTime":816.82,"endTime":820.57,"body":"Yeah, exactly. But I"},{"speaker":"YS Chi","startTime":816.82,"endTime":820.57,"body":"think that people, just general"},{"speaker":"YS Chi","startTime":820.57,"endTime":823.66,"body":"consumers, understanding this"},{"speaker":"YS Chi","startTime":820.57,"endTime":823.66,"body":"big picture is not an easy"},{"speaker":"YS Chi","startTime":823.66,"endTime":828.22,"body":"thing. Even someone like me,"},{"speaker":"YS Chi","startTime":823.66,"endTime":828.22,"body":"who's been insuring cars for a"},{"speaker":"YS Chi","startTime":828.22,"endTime":832.39,"body":"long time, does not understand"},{"speaker":"YS Chi","startTime":828.22,"endTime":832.39,"body":"the entire dynamics that you"},{"speaker":"YS Chi","startTime":832.39,"endTime":834.76,"body":"just explained. So, very"},{"speaker":"YS Chi","startTime":832.39,"endTime":834.76,"body":"helpful."},{"speaker":"Bill Madison","startTime":835.36,"endTime":837.55,"body":"Yeah, and just to"},{"speaker":"Bill Madison","startTime":835.36,"endTime":837.55,"body":"add to that real quick. It"},{"speaker":"Bill Madison","startTime":838.33,"endTime":842.47,"body":"really goes back to the"},{"speaker":"Bill Madison","startTime":838.33,"endTime":842.47,"body":"education side. One of the"},{"speaker":"Bill Madison","startTime":842.47,"endTime":847.54,"body":"things that during this whole"},{"speaker":"Bill Madison","startTime":842.47,"endTime":847.54,"body":"process just described, you have"},{"speaker":"Bill Madison","startTime":847.54,"endTime":852.64,"body":"more and more states, as we went"},{"speaker":"Bill Madison","startTime":847.54,"endTime":852.64,"body":"into 21 that was questioning the"},{"speaker":"Bill Madison","startTime":852.64,"endTime":857.41,"body":"use of data, data for good,"},{"speaker":"Bill Madison","startTime":852.64,"endTime":857.41,"body":"associated with it. And over the"},{"speaker":"Bill Madison","startTime":857.41,"endTime":861.61,"body":"course of 21 we decided that we"},{"speaker":"Bill Madison","startTime":857.41,"endTime":861.61,"body":"really needed to get proactive"},{"speaker":"Bill Madison","startTime":861.85,"endTime":865.78,"body":"and create an education team."},{"speaker":"Bill Madison","startTime":861.85,"endTime":865.78,"body":"That's what we did. Our team"},{"speaker":"Bill Madison","startTime":865.78,"endTime":869.5,"body":"internally, what they do is they"},{"speaker":"Bill Madison","startTime":865.78,"endTime":869.5,"body":"work with regulators, they work"},{"speaker":"Bill Madison","startTime":869.5,"endTime":873.31,"body":"with the insurance carriers."},{"speaker":"Bill Madison","startTime":869.5,"endTime":873.31,"body":"They work with insurance trades,"},{"speaker":"Bill Madison","startTime":873.76,"endTime":877.54,"body":"really to help everybody"},{"speaker":"Bill Madison","startTime":873.76,"endTime":877.54,"body":"collectively understand how data"},{"speaker":"Bill Madison","startTime":877.54,"endTime":881.17,"body":"is being utilised. Now, it's a"},{"speaker":"Bill Madison","startTime":877.54,"endTime":881.17,"body":"benefit for consumers. Now the"},{"speaker":"Bill Madison","startTime":881.17,"endTime":884.77,"body":"next part of this journey is,"},{"speaker":"Bill Madison","startTime":881.17,"endTime":884.77,"body":"can we get more proactive in"},{"speaker":"Bill Madison","startTime":884.77,"endTime":888.43,"body":"working with consumer groups?"},{"speaker":"Bill Madison","startTime":884.77,"endTime":888.43,"body":"That's what we're designing as"},{"speaker":"Bill Madison","startTime":888.43,"endTime":893.83,"body":"we speak, to take a position of"},{"speaker":"Bill Madison","startTime":888.43,"endTime":893.83,"body":"education. As an example, that"},{"speaker":"Bill Madison","startTime":893.83,"endTime":896.83,"body":"story I just walked through,"},{"speaker":"Bill Madison","startTime":893.83,"endTime":896.83,"body":"what happened during the"},{"speaker":"Bill Madison","startTime":896.83,"endTime":900.7,"body":"pandemic and why insurance"},{"speaker":"Bill Madison","startTime":896.83,"endTime":900.7,"body":"carriers are having to raise"},{"speaker":"Bill Madison","startTime":900.7,"endTime":904.12,"body":"rates. To your point a second"},{"speaker":"Bill Madison","startTime":900.7,"endTime":904.12,"body":"ago, because the average"},{"speaker":"Bill Madison","startTime":904.12,"endTime":907.66,"body":"consumer doesn't understand"},{"speaker":"Bill Madison","startTime":904.12,"endTime":907.66,"body":"that. Can we actually help the"},{"speaker":"Bill Madison","startTime":907.66,"endTime":909.7,"body":"industry in telling that story?"},{"speaker":"YS Chi","startTime":910.96,"endTime":913.54,"body":"It does appear that a"},{"speaker":"YS Chi","startTime":910.96,"endTime":913.54,"body":"shock in the system like the"},{"speaker":"YS Chi","startTime":913.54,"endTime":920.05,"body":"pandemic has kind of made this"},{"speaker":"YS Chi","startTime":913.54,"endTime":920.05,"body":"not ordinary. Now Bill, is this"},{"speaker":"YS Chi","startTime":920.05,"endTime":922.81,"body":"going to last, or is this just a"},{"speaker":"YS Chi","startTime":920.05,"endTime":922.81,"body":"hiccup?"},{"speaker":"Bill Madison","startTime":922.93,"endTime":927.64,"body":"Well, sitting back"},{"speaker":"Bill Madison","startTime":922.93,"endTime":927.64,"body":"in 2020 I don't think anybody"},{"speaker":"Bill Madison","startTime":927.64,"endTime":931.99,"body":"would have anticipated or guess"},{"speaker":"Bill Madison","startTime":927.64,"endTime":931.99,"body":"that we would still be dealing"},{"speaker":"Bill Madison","startTime":931.99,"endTime":935.77,"body":"with this challenge in 2025. But"},{"speaker":"Bill Madison","startTime":931.99,"endTime":935.77,"body":"here we are."},{"speaker":"YS Chi","startTime":935.8,"endTime":936.1,"body":"Yeah."},{"speaker":"Bill Madison","startTime":936.52,"endTime":942.16,"body":"I think we still"},{"speaker":"Bill Madison","startTime":936.52,"endTime":942.16,"body":"have a period of transition,"},{"speaker":"Bill Madison","startTime":942.4,"endTime":946.18,"body":"I'll use that word again, and"},{"speaker":"Bill Madison","startTime":942.4,"endTime":946.18,"body":"what the industry is going"},{"speaker":"Bill Madison","startTime":946.18,"endTime":952.48,"body":"through because of the lack of"},{"speaker":"Bill Madison","startTime":946.18,"endTime":952.48,"body":"consistency in terms of where"},{"speaker":"Bill Madison","startTime":952.48,"endTime":955.99,"body":"carriers are from a growth"},{"speaker":"Bill Madison","startTime":952.48,"endTime":955.99,"body":"perspective, from a rate"},{"speaker":"Bill Madison","startTime":955.99,"endTime":962.26,"body":"perspective, and how they're"},{"speaker":"Bill Madison","startTime":955.99,"endTime":962.26,"body":"going to advance in the markets"},{"speaker":"Bill Madison","startTime":962.26,"endTime":965.65,"body":"that they're going in. And then"},{"speaker":"Bill Madison","startTime":962.26,"endTime":965.65,"body":"on top of it all, you have"},{"speaker":"Bill Madison","startTime":965.65,"endTime":968.65,"body":"things like the California fires"},{"speaker":"Bill Madison","startTime":965.65,"endTime":968.65,"body":"that come into play. Does that"},{"speaker":"Bill Madison","startTime":968.65,"endTime":973.72,"body":"create a new challenge for many"},{"speaker":"Bill Madison","startTime":968.65,"endTime":973.72,"body":"carriers across the market? It"},{"speaker":"Bill Madison","startTime":973.72,"endTime":979.18,"body":"does. You have the hurricane"},{"speaker":"Bill Madison","startTime":973.72,"endTime":979.18,"body":"activity across the southeast"},{"speaker":"Bill Madison","startTime":979.18,"endTime":981.79,"body":"and especially in the state of"},{"speaker":"Bill Madison","startTime":979.18,"endTime":981.79,"body":"Florida, does that impact"},{"speaker":"Bill Madison","startTime":981.79,"endTime":990.1,"body":"things? It does. To the extent"},{"speaker":"Bill Madison","startTime":981.79,"endTime":990.1,"body":"we really don't know. No one has"},{"speaker":"Bill Madison","startTime":990.1,"endTime":995.44,"body":"a crystal ball in terms of the"},{"speaker":"Bill Madison","startTime":990.1,"endTime":995.44,"body":"long term impact, because, in a"},{"speaker":"Bill Madison","startTime":995.44,"endTime":1000.24,"body":"weird way, there's always a"},{"speaker":"Bill Madison","startTime":995.44,"endTime":1000.24,"body":"challenge to deal with. Then the"},{"speaker":"Bill Madison","startTime":1000.24,"endTime":1003.0,"body":"question becomes the severity of"},{"speaker":"Bill Madison","startTime":1000.24,"endTime":1003.0,"body":"the challenge itself."},{"speaker":"YS Chi","startTime":1003.42,"endTime":1007.29,"body":"So, it seems like you"},{"speaker":"YS Chi","startTime":1003.42,"endTime":1007.29,"body":"have been helping these"},{"speaker":"YS Chi","startTime":1007.29,"endTime":1013.11,"body":"insurance companies provide the"},{"speaker":"YS Chi","startTime":1007.29,"endTime":1013.11,"body":"best, most accurate pricing by"},{"speaker":"YS Chi","startTime":1013.11,"endTime":1017.88,"body":"giving them the drivers data so"},{"speaker":"YS Chi","startTime":1013.11,"endTime":1017.88,"body":"that there's no froth on top of"},{"speaker":"YS Chi","startTime":1017.88,"endTime":1022.77,"body":"the premium, or they lose their"},{"speaker":"YS Chi","startTime":1017.88,"endTime":1022.77,"body":"shirt by underestimating the"},{"speaker":"YS Chi","startTime":1022.77,"endTime":1028.53,"body":"risk. What kind of data do you"},{"speaker":"YS Chi","startTime":1022.77,"endTime":1028.53,"body":"give them to be able to help"},{"speaker":"YS Chi","startTime":1028.53,"endTime":1029.76,"body":"them make better decision?"},{"speaker":"Bill Madison","startTime":1029.24,"endTime":1032.906,"body":"Yeah, so it's"},{"speaker":"Bill Madison","startTime":1029.24,"endTime":1032.906,"body":"multiple data sets, that goes"},{"speaker":"YS Chi","startTime":1030.17,"endTime":1047.368,"body":"So if I could take a"},{"speaker":"YS Chi","startTime":1030.17,"endTime":1047.368,"body":"little risk here and ask you a"},{"speaker":"YS Chi","startTime":1032.992,"endTime":1038.279,"body":"into the evaluation of a risk."},{"speaker":"YS Chi","startTime":1032.992,"endTime":1038.279,"body":"You mentioned AI earlier in the"},{"speaker":"YS Chi","startTime":1038.364,"endTime":1042.883,"body":"conversation. We have really"},{"speaker":"YS Chi","startTime":1038.364,"endTime":1042.883,"body":"focused in the market on"},{"speaker":"YS Chi","startTime":1042.969,"endTime":1047.915,"body":"delivering decisions. Think"},{"speaker":"YS Chi","startTime":1042.969,"endTime":1047.915,"body":"about that. Over my career, we"},{"speaker":"YS Chi","startTime":1047.705,"endTime":1068.614,"body":"question in, say, comparison to"},{"speaker":"YS Chi","startTime":1047.705,"endTime":1068.614,"body":"food. Giving data, raw data is"},{"speaker":"YS Chi","startTime":1048.0,"endTime":1052.69,"body":"always had the ability to"},{"speaker":"YS Chi","startTime":1048.0,"endTime":1052.69,"body":"deliver content and say, \"All"},{"speaker":"YS Chi","startTime":1052.775,"endTime":1057.977,"body":"right, here's a view on YS. You"},{"speaker":"YS Chi","startTime":1052.775,"endTime":1057.977,"body":"know, grab it, incorporate it"},{"speaker":"YS Chi","startTime":1058.062,"endTime":1062.667,"body":"into your system, and good"},{"speaker":"YS Chi","startTime":1058.062,"endTime":1062.667,"body":"luck.\" Okay, we took a more"},{"speaker":"YS Chi","startTime":1062.753,"endTime":1067.869,"body":"proactive position of saying,"},{"speaker":"YS Chi","startTime":1062.753,"endTime":1067.869,"body":"\"Okay, how can we help you, as"},{"speaker":"YS Chi","startTime":1067.954,"endTime":1072.9,"body":"an insurance carrier, ingest the"},{"speaker":"YS Chi","startTime":1067.954,"endTime":1072.9,"body":"intelligence that we have"},{"speaker":"YS Chi","startTime":1068.951,"endTime":1090.871,"body":"like providing just raw grocery."},{"speaker":"YS Chi","startTime":1068.951,"endTime":1090.871,"body":"If you give them well structured"},{"speaker":"YS Chi","startTime":1072.986,"endTime":1077.932,"body":"associated with it? How do we"},{"speaker":"YS Chi","startTime":1072.986,"endTime":1077.932,"body":"help you evaluate columns of"},{"speaker":"YS Chi","startTime":1078.017,"endTime":1083.219,"body":"knowledge about the risk itself"},{"speaker":"YS Chi","startTime":1078.017,"endTime":1083.219,"body":"and make an informed decision"},{"speaker":"YS Chi","startTime":1083.304,"endTime":1088.25,"body":"associated with it?\" We've been"},{"speaker":"YS Chi","startTime":1083.304,"endTime":1088.25,"body":"very focused on delivering"},{"speaker":"YS Chi","startTime":1088.335,"endTime":1093.622,"body":"decisions. Think about that. The"},{"speaker":"YS Chi","startTime":1088.335,"endTime":1093.622,"body":"difference between delivering"},{"speaker":"YS Chi","startTime":1091.208,"endTime":1109.419,"body":"and organised, it's like giving"},{"speaker":"YS Chi","startTime":1091.208,"endTime":1109.419,"body":"things by selling in a"},{"speaker":"YS Chi","startTime":1093.707,"endTime":1098.056,"body":"content and delivering"},{"speaker":"YS Chi","startTime":1093.707,"endTime":1098.056,"body":"decisions. That's what we've"},{"speaker":"YS Chi","startTime":1098.142,"endTime":1103.002,"body":"been focused on. Now, that"},{"speaker":"YS Chi","startTime":1098.142,"endTime":1103.002,"body":"decision on the risk is looked"},{"speaker":"YS Chi","startTime":1103.088,"endTime":1107.692,"body":"at by every carrier in a"},{"speaker":"YS Chi","startTime":1103.088,"endTime":1107.692,"body":"different way. Based on their"},{"speaker":"YS Chi","startTime":1107.778,"endTime":1112.724,"body":"profiles and the type of risk"},{"speaker":"YS Chi","startTime":1107.778,"endTime":1112.724,"body":"that they want to do, and go"},{"speaker":"YS Chi","startTime":1109.756,"endTime":1130.327,"body":"supermarket, pre packaged and"},{"speaker":"YS Chi","startTime":1109.756,"endTime":1130.327,"body":"nicely, cleaned up and all that"},{"speaker":"YS Chi","startTime":1112.809,"endTime":1116.646,"body":"after the actuarial side"},{"speaker":"YS Chi","startTime":1112.809,"endTime":1116.646,"body":"associated with that"},{"speaker":"YS Chi","startTime":1116.732,"endTime":1121.251,"body":"organisation and their"},{"speaker":"YS Chi","startTime":1116.732,"endTime":1121.251,"body":"activities really match to the"},{"speaker":"YS Chi","startTime":1121.336,"endTime":1126.538,"body":"strategy of that company itself."},{"speaker":"YS Chi","startTime":1121.336,"endTime":1126.538,"body":"No two companies are exactly"},{"speaker":"YS Chi","startTime":1126.624,"endTime":1132.166,"body":"alike. To the foundation of your"},{"speaker":"YS Chi","startTime":1126.624,"endTime":1132.166,"body":"question YS, it's claim history."},{"speaker":"YS Chi","startTime":1130.664,"endTime":1151.91,"body":"stuff. But you're talking about"},{"speaker":"YS Chi","startTime":1130.664,"endTime":1151.91,"body":"actually giving them the recipe"},{"speaker":"YS Chi","startTime":1132.252,"endTime":1137.539,"body":"The claim activity I've had in"},{"speaker":"YS Chi","startTime":1132.252,"endTime":1137.539,"body":"the market is my coverage. Have"},{"speaker":"YS Chi","startTime":1137.624,"endTime":1143.167,"body":"I had consistent coverage in the"},{"speaker":"YS Chi","startTime":1137.624,"endTime":1143.167,"body":"market over a period of time. My"},{"speaker":"YS Chi","startTime":1143.252,"endTime":1147.942,"body":"financial records. What does"},{"speaker":"YS Chi","startTime":1143.252,"endTime":1147.942,"body":"that say in terms of how I"},{"speaker":"YS Chi","startTime":1148.028,"endTime":1153.144,"body":"performed financially in the"},{"speaker":"YS Chi","startTime":1148.028,"endTime":1153.144,"body":"market? Is that predictive? The"},{"speaker":"YS Chi","startTime":1152.247,"endTime":1171.469,"body":"and running that stuff, so that"},{"speaker":"YS Chi","startTime":1152.247,"endTime":1171.469,"body":"it is actually mixed well"},{"speaker":"YS Chi","startTime":1153.229,"endTime":1158.431,"body":"driver intelligence. It goes on"},{"speaker":"YS Chi","startTime":1153.229,"endTime":1158.431,"body":"and on, columns of data being"},{"speaker":"YS Chi","startTime":1158.516,"endTime":1163.462,"body":"evaluated to have a decision"},{"speaker":"YS Chi","startTime":1158.516,"endTime":1163.462,"body":"reported back to the carrier."},{"speaker":"YS Chi","startTime":1163.548,"endTime":1168.238,"body":"Again, as stated, so they can"},{"speaker":"YS Chi","startTime":1163.548,"endTime":1168.238,"body":"actually make an informed"},{"speaker":"YS Chi","startTime":1168.323,"endTime":1173.44,"body":"decision on how they want to"},{"speaker":"YS Chi","startTime":1168.323,"endTime":1173.44,"body":"move forward with me as a risk."},{"speaker":"YS Chi","startTime":1171.806,"endTime":1192.377,"body":"together, and some decision can"},{"speaker":"YS Chi","startTime":1171.806,"endTime":1192.377,"body":"come out. It goes well beyond"},{"speaker":"Bill Madison","startTime":1173.99,"endTime":1222.17,"body":"Yeah, I think it's"},{"speaker":"Bill Madison","startTime":1173.99,"endTime":1222.17,"body":"well put. It's very easy as an"},{"speaker":"Bill Madison","startTime":1192.714,"endTime":1212.611,"body":"raw data, structure data to"},{"speaker":"Bill Madison","startTime":1192.714,"endTime":1212.611,"body":"decidable data. Have I used the"},{"speaker":"Bill Madison","startTime":1212.948,"endTime":1217.67,"body":"right analogy?"},{"speaker":"Bill Madison","startTime":1222.17,"endTime":1227.45,"body":"organisation to, and I use the"},{"speaker":"Bill Madison","startTime":1222.17,"endTime":1227.45,"body":"phrase tossing data over the"},{"speaker":"Bill Madison","startTime":1227.45,"endTime":1233.33,"body":"wall, and say, good luck. But it"},{"speaker":"Bill Madison","startTime":1227.45,"endTime":1233.33,"body":"really comes down to working"},{"speaker":"Bill Madison","startTime":1233.36,"endTime":1239.3,"body":"with the industry, working with"},{"speaker":"Bill Madison","startTime":1233.36,"endTime":1239.3,"body":"their analytics organisations on"},{"speaker":"Bill Madison","startTime":1239.33,"endTime":1244.43,"body":"what they're trying to achieve"},{"speaker":"Bill Madison","startTime":1239.33,"endTime":1244.43,"body":"and helping them design the"},{"speaker":"Bill Madison","startTime":1244.46,"endTime":1248.03,"body":"combined recipe based on what"},{"speaker":"Bill Madison","startTime":1244.46,"endTime":1248.03,"body":"they know, how they want to move"},{"speaker":"Bill Madison","startTime":1248.03,"endTime":1252.32,"body":"forward in combination with what"},{"speaker":"Bill Madison","startTime":1248.03,"endTime":1252.32,"body":"we have. There's a lot of time"},{"speaker":"Bill Madison","startTime":1252.32,"endTime":1256.76,"body":"and energy associated with that."},{"speaker":"Bill Madison","startTime":1252.32,"endTime":1256.76,"body":"We don't have a separate"},{"speaker":"Bill Madison","startTime":1256.76,"endTime":1262.37,"body":"consulting practice, but we do"},{"speaker":"Bill Madison","startTime":1256.76,"endTime":1262.37,"body":"consult in a way to really on"},{"speaker":"Bill Madison","startTime":1262.37,"endTime":1266.63,"body":"the market conditions, where the"},{"speaker":"Bill Madison","startTime":1262.37,"endTime":1266.63,"body":"market is, and how they can best"},{"speaker":"Bill Madison","startTime":1266.63,"endTime":1273.02,"body":"utilise our data assess to stay"},{"speaker":"Bill Madison","startTime":1266.63,"endTime":1273.02,"body":"in a very solid position within"},{"speaker":"Bill Madison","startTime":1273.02,"endTime":1274.28,"body":"the market that they're serving."},{"speaker":"YS Chi","startTime":1274.84,"endTime":1277.75,"body":"Yeah, I don't think that"},{"speaker":"YS Chi","startTime":1274.84,"endTime":1277.75,"body":"you need a separate consulting"},{"speaker":"YS Chi","startTime":1277.78,"endTime":1282.31,"body":"service because everything you"},{"speaker":"YS Chi","startTime":1277.78,"endTime":1282.31,"body":"do in analysing the data with"},{"speaker":"YS Chi","startTime":1282.31,"endTime":1285.16,"body":"your customer is, in itself,"},{"speaker":"YS Chi","startTime":1282.31,"endTime":1285.16,"body":"consulting, right?"},{"speaker":"Bill Madison","startTime":1285.52,"endTime":1288.04,"body":"That's fair,"},{"speaker":"Bill Madison","startTime":1285.52,"endTime":1288.04,"body":"that's a proper way to look at"},{"speaker":"Bill Madison","startTime":1288.04,"endTime":1289.15,"body":"it. You're exactly right."},{"speaker":"YS Chi","startTime":1289.54,"endTime":1292.6,"body":"I think it's incredible"},{"speaker":"YS Chi","startTime":1289.54,"endTime":1292.6,"body":"that you have built that kind of"},{"speaker":"YS Chi","startTime":1292.6,"endTime":1296.74,"body":"stuff, and that means, should I"},{"speaker":"YS Chi","startTime":1292.6,"endTime":1296.74,"body":"say you are trusted by the"},{"speaker":"YS Chi","startTime":1296.74,"endTime":1298.18,"body":"insurance companies that you"},{"speaker":"YS Chi","startTime":1296.74,"endTime":1298.18,"body":"serve?"},{"speaker":"Bill Madison","startTime":1298.78,"endTime":1302.8,"body":"Yeah and I tell"},{"speaker":"Bill Madison","startTime":1298.78,"endTime":1302.8,"body":"you, that is such an important"},{"speaker":"Bill Madison","startTime":1304.03,"endTime":1307.99,"body":"identification there. What you"},{"speaker":"Bill Madison","startTime":1304.03,"endTime":1307.99,"body":"just went through, is trust. I"},{"speaker":"Bill Madison","startTime":1307.99,"endTime":1313.03,"body":"think the success of any"},{"speaker":"Bill Madison","startTime":1307.99,"endTime":1313.03,"body":"organisation starts with that. A"},{"speaker":"Bill Madison","startTime":1313.03,"endTime":1317.56,"body":"lot of what we do for the"},{"speaker":"Bill Madison","startTime":1313.03,"endTime":1317.56,"body":"industry is through what we call"},{"speaker":"Bill Madison","startTime":1317.56,"endTime":1322.66,"body":"contributory data assets. Where"},{"speaker":"Bill Madison","startTime":1317.56,"endTime":1322.66,"body":"the industry I use to claim"},{"speaker":"Bill Madison","startTime":1322.66,"endTime":1327.46,"body":"history as a great example."},{"speaker":"Bill Madison","startTime":1322.66,"endTime":1327.46,"body":"Where we have a high, high, high"},{"speaker":"Bill Madison","startTime":1327.46,"endTime":1334.15,"body":"percentage of the market giving"},{"speaker":"Bill Madison","startTime":1327.46,"endTime":1334.15,"body":"us daily, in some cases weekly,"},{"speaker":"Bill Madison","startTime":1334.15,"endTime":1340.33,"body":"updates on their claim history."},{"speaker":"Bill Madison","startTime":1334.15,"endTime":1340.33,"body":"That we consolidate as an"},{"speaker":"Bill Madison","startTime":1340.33,"endTime":1346.6,"body":"offering that's used as a"},{"speaker":"Bill Madison","startTime":1340.33,"endTime":1346.6,"body":"consumer shops the marketplace,"},{"speaker":"Bill Madison","startTime":1346.6,"endTime":1350.32,"body":"to understand their claim"},{"speaker":"Bill Madison","startTime":1346.6,"endTime":1350.32,"body":"history over x period of time."},{"speaker":"Bill Madison","startTime":1350.83,"endTime":1356.14,"body":"But you think about the trust"},{"speaker":"Bill Madison","startTime":1350.83,"endTime":1356.14,"body":"that we've had to create over"},{"speaker":"Bill Madison","startTime":1356.14,"endTime":1361.06,"body":"the years for the carrier to,"},{"speaker":"Bill Madison","startTime":1356.14,"endTime":1361.06,"body":"carriers, to contribute that"},{"speaker":"Bill Madison","startTime":1361.06,"endTime":1365.68,"body":"information to us. Without that"},{"speaker":"Bill Madison","startTime":1361.06,"endTime":1365.68,"body":"level of trust, we really"},{"speaker":"Bill Madison","startTime":1365.68,"endTime":1366.82,"body":"wouldn't have a business."},{"speaker":"YS Chi","startTime":1367.36,"endTime":1370.69,"body":"Now is there the same"},{"speaker":"YS Chi","startTime":1367.36,"endTime":1370.69,"body":"trust from the consumers to the"},{"speaker":"YS Chi","startTime":1370.69,"endTime":1371.95,"body":"insurance businesses?"},{"speaker":"Bill Madison","startTime":1372.91,"endTime":1379.03,"body":"Unfortunately,"},{"speaker":"Bill Madison","startTime":1372.91,"endTime":1379.03,"body":"not. I think it's a role that"},{"speaker":"Bill Madison","startTime":1379.03,"endTime":1382.33,"body":"collectively, we all need to"},{"speaker":"Bill Madison","startTime":1379.03,"endTime":1382.33,"body":"play. I just mentioned a second"},{"speaker":"Bill Madison","startTime":1382.33,"endTime":1387.79,"body":"ago on the education side, what"},{"speaker":"Bill Madison","startTime":1382.33,"endTime":1387.79,"body":"we're doing as an organisation,"},{"speaker":"Bill Madison","startTime":1387.79,"endTime":1392.41,"body":"how we're leaning into that"},{"speaker":"Bill Madison","startTime":1387.79,"endTime":1392.41,"body":"challenge. To really talk about"},{"speaker":"Bill Madison","startTime":1392.41,"endTime":1397.27,"body":"the fundamentals of insurance."},{"speaker":"Bill Madison","startTime":1392.41,"endTime":1397.27,"body":"The fundamentals of data and why"},{"speaker":"Bill Madison","startTime":1397.27,"endTime":1400.99,"body":"this is good for consumers in"},{"speaker":"Bill Madison","startTime":1397.27,"endTime":1400.99,"body":"the market. But it goes right"},{"speaker":"Bill Madison","startTime":1400.99,"endTime":1405.88,"body":"back to that education"},{"speaker":"Bill Madison","startTime":1400.99,"endTime":1405.88,"body":"component. I don't think that"},{"speaker":"Bill Madison","startTime":1405.88,"endTime":1409.45,"body":"there has been enough education."},{"speaker":"Bill Madison","startTime":1405.88,"endTime":1409.45,"body":"There have been pockets of it,"},{"speaker":"Bill Madison","startTime":1409.9,"endTime":1415.24,"body":"but we want to play a critical"},{"speaker":"Bill Madison","startTime":1409.9,"endTime":1415.24,"body":"role in helping everybody"},{"speaker":"Bill Madison","startTime":1415.27,"endTime":1419.86,"body":"understand the fundamentals of"},{"speaker":"Bill Madison","startTime":1415.27,"endTime":1419.86,"body":"the insurance process and the"},{"speaker":"Bill Madison","startTime":1419.86,"endTime":1424.6,"body":"fundamentals of data. How data"},{"speaker":"Bill Madison","startTime":1419.86,"endTime":1424.6,"body":"is being utilised across not"},{"speaker":"Bill Madison","startTime":1424.6,"endTime":1426.76,"body":"only the insurance market, but"},{"speaker":"Bill Madison","startTime":1424.6,"endTime":1426.76,"body":"many markets."},{"speaker":"YS Chi","startTime":1427.18,"endTime":1432.22,"body":"And as a third party,"},{"speaker":"YS Chi","startTime":1427.18,"endTime":1432.22,"body":"perhaps we can be more objective"},{"speaker":"YS Chi","startTime":1432.73,"endTime":1436.21,"body":"and more comprehensive in the"},{"speaker":"YS Chi","startTime":1432.73,"endTime":1436.21,"body":"picture we draw for the"},{"speaker":"YS Chi","startTime":1436.27,"endTime":1437.08,"body":"consumers."},{"speaker":"Bill Madison","startTime":1437.62,"endTime":1440.14,"body":"Yeah, and I think"},{"speaker":"Bill Madison","startTime":1437.62,"endTime":1440.14,"body":"it's very important for us to"},{"speaker":"Bill Madison","startTime":1440.14,"endTime":1443.62,"body":"stay in connection with our"},{"speaker":"Bill Madison","startTime":1440.14,"endTime":1443.62,"body":"customer base, with the"},{"speaker":"Bill Madison","startTime":1443.62,"endTime":1446.56,"body":"industry, on what we're doing"},{"speaker":"Bill Madison","startTime":1443.62,"endTime":1446.56,"body":"and why we're doing it, and"},{"speaker":"Bill Madison","startTime":1446.56,"endTime":1450.7,"body":"that's part of this journey that"},{"speaker":"Bill Madison","startTime":1446.56,"endTime":1450.7,"body":"we're on together. It all comes"},{"speaker":"Bill Madison","startTime":1450.7,"endTime":1456.28,"body":"down to one word. And that one"},{"speaker":"Bill Madison","startTime":1450.7,"endTime":1456.28,"body":"word is transparency and for the"},{"speaker":"Bill Madison","startTime":1456.28,"endTime":1463.54,"body":"consumers, for the industry, for"},{"speaker":"Bill Madison","startTime":1456.28,"endTime":1463.54,"body":"regulators, for the trades. You"},{"speaker":"Bill Madison","startTime":1463.57,"endTime":1466.84,"body":"think about our position right"},{"speaker":"Bill Madison","startTime":1463.57,"endTime":1466.84,"body":"now, we really sit as the"},{"speaker":"Bill Madison","startTime":1466.84,"endTime":1470.95,"body":"centerpiece between what we do"},{"speaker":"Bill Madison","startTime":1466.84,"endTime":1470.95,"body":"with the insurance carriers,"},{"speaker":"Bill Madison","startTime":1470.95,"endTime":1475.27,"body":"what we do with law enforcement,"},{"speaker":"Bill Madison","startTime":1470.95,"endTime":1475.27,"body":"what we do with the vehicle"},{"speaker":"Bill Madison","startTime":1475.27,"endTime":1481.78,"body":"manufacturers, associated with"},{"speaker":"Bill Madison","startTime":1475.27,"endTime":1481.78,"body":"it. Can we actually collectively"},{"speaker":"Bill Madison","startTime":1481.78,"endTime":1487.0,"body":"tell that story across these"},{"speaker":"Bill Madison","startTime":1481.78,"endTime":1487.0,"body":"three markets, and really bring"},{"speaker":"Bill Madison","startTime":1487.03,"endTime":1491.77,"body":"a consistent message of"},{"speaker":"Bill Madison","startTime":1487.03,"endTime":1491.77,"body":"education to these markets."},{"speaker":"Bill Madison","startTime":1491.86,"endTime":1497.17,"body":"We're extremely excited about"},{"speaker":"Bill Madison","startTime":1491.86,"endTime":1497.17,"body":"first of all, the role. We've"},{"speaker":"Bill Madison","startTime":1497.2,"endTime":1500.77,"body":"worked for literally decades to"},{"speaker":"Bill Madison","startTime":1497.2,"endTime":1500.77,"body":"get to the position where we are"},{"speaker":"Bill Madison","startTime":1500.77,"endTime":1504.49,"body":"today. Now, how can we help"},{"speaker":"Bill Madison","startTime":1500.77,"endTime":1504.49,"body":"everybody understand better?"},{"speaker":"YS Chi","startTime":1505.03,"endTime":1507.82,"body":"Yes, there's definitely"},{"speaker":"YS Chi","startTime":1505.03,"endTime":1507.82,"body":"a lot of education that's"},{"speaker":"YS Chi","startTime":1507.82,"endTime":1513.73,"body":"required, and transparency helps"},{"speaker":"YS Chi","startTime":1507.82,"endTime":1513.73,"body":"everybody trust each other. Can"},{"speaker":"YS Chi","startTime":1513.73,"endTime":1518.05,"body":"I bring back to the point you"},{"speaker":"YS Chi","startTime":1513.73,"endTime":1518.05,"body":"were making earlier about"},{"speaker":"YS Chi","startTime":1518.41,"endTime":1522.31,"body":"people? It has been so important"},{"speaker":"YS Chi","startTime":1518.41,"endTime":1522.31,"body":"in the years I've known you,"},{"speaker":"YS Chi","startTime":1522.88,"endTime":1526.93,"body":"that you care so deeply about"},{"speaker":"YS Chi","startTime":1522.88,"endTime":1526.93,"body":"the people that you work with."},{"speaker":"YS Chi","startTime":1527.44,"endTime":1532.51,"body":"Tell me why it means so much to"},{"speaker":"YS Chi","startTime":1527.44,"endTime":1532.51,"body":"you. Did you always have this"},{"speaker":"YS Chi","startTime":1532.51,"endTime":1536.53,"body":"kind of philosophy, or is this"},{"speaker":"YS Chi","startTime":1532.51,"endTime":1536.53,"body":"something you've developed over"},{"speaker":"YS Chi","startTime":1536.53,"endTime":1539.89,"body":"the years, as you become so"},{"speaker":"YS Chi","startTime":1536.53,"endTime":1539.89,"body":"dependent on their great"},{"speaker":"YS Chi","startTime":1540.16,"endTime":1541.06,"body":"performances?"},{"speaker":"Bill Madison","startTime":1541.02,"endTime":1545.13,"body":"Well, you learn by"},{"speaker":"Bill Madison","startTime":1541.02,"endTime":1545.13,"body":"doing. My mom and dad always"},{"speaker":"YS Chi","startTime":1541.45,"endTime":1589.03,"body":"Well, numbers are"},{"speaker":"YS Chi","startTime":1541.45,"endTime":1589.03,"body":"important because they measure"},{"speaker":"YS Chi","startTime":1545.218,"endTime":1550.291,"body":"looked at me and said, \"you know"},{"speaker":"YS Chi","startTime":1545.218,"endTime":1550.291,"body":"Bill, you're one of these"},{"speaker":"YS Chi","startTime":1550.378,"endTime":1555.888,"body":"individuals that always has to"},{"speaker":"YS Chi","startTime":1550.378,"endTime":1555.888,"body":"learn the hard way.\" A lot of it"},{"speaker":"YS Chi","startTime":1555.976,"endTime":1560.524,"body":"goes back to the early days of"},{"speaker":"YS Chi","startTime":1555.976,"endTime":1560.524,"body":"being affiliated with"},{"speaker":"YS Chi","startTime":1560.611,"endTime":1565.772,"body":"organisations where culture"},{"speaker":"YS Chi","startTime":1560.611,"endTime":1565.772,"body":"wasn't the centerpiece, and you"},{"speaker":"YS Chi","startTime":1565.859,"endTime":1571.369,"body":"saw in some cases, where culture"},{"speaker":"YS Chi","startTime":1565.859,"endTime":1571.369,"body":"was created out of fear. Which"},{"speaker":"YS Chi","startTime":1571.457,"endTime":1575.655,"body":"you never want within an"},{"speaker":"YS Chi","startTime":1571.457,"endTime":1575.655,"body":"organisation, and where"},{"speaker":"YS Chi","startTime":1575.742,"endTime":1581.34,"body":"knowledge wasn't shared because"},{"speaker":"YS Chi","startTime":1575.742,"endTime":1581.34,"body":"individuals felt as if when they"},{"speaker":"YS Chi","startTime":1581.427,"endTime":1587.025,"body":"managed data, when they managed"},{"speaker":"YS Chi","startTime":1581.427,"endTime":1587.025,"body":"the intelligence affiliated with"},{"speaker":"YS Chi","startTime":1587.113,"endTime":1591.661,"body":"where they sat within the"},{"speaker":"YS Chi","startTime":1587.113,"endTime":1591.661,"body":"business and did not share"},{"speaker":"YS Chi","startTime":1591.748,"endTime":1597.258,"body":"knowledge. They felt as if they"},{"speaker":"YS Chi","startTime":1591.748,"endTime":1597.258,"body":"were in better control of their"},{"speaker":"YS Chi","startTime":1597.346,"endTime":1603.031,"body":"destiny. I'm thinking to myself,"},{"speaker":"YS Chi","startTime":1597.346,"endTime":1603.031,"body":"this goes back years ago. I that"},{"speaker":"YS Chi","startTime":1603.118,"endTime":1608.541,"body":"is so wrong. Everybody can learn"},{"speaker":"YS Chi","startTime":1603.118,"endTime":1608.541,"body":"from the knowledge that, that"},{"speaker":"YS Chi","startTime":1608.629,"endTime":1613.701,"body":"individual has, and if they're"},{"speaker":"YS Chi","startTime":1608.629,"endTime":1613.701,"body":"willing to share it, how we"},{"speaker":"YS Chi","startTime":1613.789,"endTime":1619.124,"body":"could all benefit from it. When"},{"speaker":"YS Chi","startTime":1613.789,"endTime":1619.124,"body":"I got to a position of really"},{"speaker":"YS Chi","startTime":1619.212,"endTime":1624.809,"body":"being a leader, where you could"},{"speaker":"YS Chi","startTime":1619.212,"endTime":1624.809,"body":"actually influence culture, it's"},{"speaker":"YS Chi","startTime":1624.897,"endTime":1630.407,"body":"one of the first things I did."},{"speaker":"YS Chi","startTime":1624.897,"endTime":1630.407,"body":"And really started to design the"},{"speaker":"YS Chi","startTime":1630.494,"endTime":1635.655,"body":"organisation with the knowledge"},{"speaker":"YS Chi","startTime":1630.494,"endTime":1635.655,"body":"of the importance of shared"},{"speaker":"YS Chi","startTime":1635.742,"endTime":1640.64,"body":"knowledge. Eventually we"},{"speaker":"YS Chi","startTime":1635.742,"endTime":1640.64,"body":"migrated or evolved that shared"},{"speaker":"YS Chi","startTime":1640.728,"endTime":1646.238,"body":"knowledge culture to a purpose"},{"speaker":"YS Chi","startTime":1640.728,"endTime":1646.238,"body":"driven culture. I'm telling you,"},{"speaker":"YS Chi","startTime":1646.325,"endTime":1650.961,"body":"how that has served the"},{"speaker":"YS Chi","startTime":1646.325,"endTime":1650.961,"body":"organisation. I can't be more"},{"speaker":"YS Chi","startTime":1651.048,"endTime":1656.296,"body":"proud of that. Part of my, early"},{"speaker":"YS Chi","startTime":1651.048,"endTime":1656.296,"body":"part of my career, I was so"},{"speaker":"YS Chi","startTime":1656.383,"endTime":1661.631,"body":"focused on the numbers. You're"},{"speaker":"YS Chi","startTime":1656.383,"endTime":1661.631,"body":"always focused on the numbers"},{"speaker":"YS Chi","startTime":1661.33,"endTime":1692.29,"body":"for us, right?"},{"speaker":"YS Chi","startTime":1661.719,"endTime":1667.141,"body":"being a business leader. Then"},{"speaker":"YS Chi","startTime":1661.719,"endTime":1667.141,"body":"you start to realise, well, it's"},{"speaker":"YS Chi","startTime":1667.229,"endTime":1672.827,"body":"kind of about the people and the"},{"speaker":"YS Chi","startTime":1667.229,"endTime":1672.827,"body":"numbers. Now, I'm probably more"},{"speaker":"YS Chi","startTime":1672.914,"endTime":1677.55,"body":"so focused on the people,"},{"speaker":"YS Chi","startTime":1672.914,"endTime":1677.55,"body":"because you really start to"},{"speaker":"YS Chi","startTime":1677.637,"endTime":1683.322,"body":"really understand the impact the"},{"speaker":"YS Chi","startTime":1677.637,"endTime":1683.322,"body":"right people in the right roles,"},{"speaker":"YS Chi","startTime":1683.41,"endTime":1688.657,"body":"believing in a purpose driven"},{"speaker":"YS Chi","startTime":1683.41,"endTime":1688.657,"body":"organisation and acting as one"},{"speaker":"YS Chi","startTime":1688.745,"endTime":1694.08,"body":"team, what it really means to"},{"speaker":"YS Chi","startTime":1688.745,"endTime":1694.08,"body":"the success of the organisation"},{"speaker":"Bill Madison","startTime":1693.37,"endTime":1693.64,"body":"Yes."},{"speaker":"YS Chi","startTime":1694.03,"endTime":1702.13,"body":"They measure for us and"},{"speaker":"YS Chi","startTime":1694.03,"endTime":1702.13,"body":"it gives us an assessment as to"},{"speaker":"YS Chi","startTime":1694.168,"endTime":1695.48,"body":"moving forward."},{"speaker":"YS Chi","startTime":1702.13,"endTime":1706.09,"body":"how well we're doing, but that"},{"speaker":"YS Chi","startTime":1702.13,"endTime":1706.09,"body":"is not the purpose. When you do"},{"speaker":"YS Chi","startTime":1706.12,"endTime":1710.11,"body":"well, it can stay that way. One"},{"speaker":"YS Chi","startTime":1706.12,"endTime":1710.11,"body":"of the things that I really,"},{"speaker":"YS Chi","startTime":1710.11,"endTime":1714.01,"body":"really, deeply admire about you"},{"speaker":"YS Chi","startTime":1710.11,"endTime":1714.01,"body":"is just how you can do that"},{"speaker":"YS Chi","startTime":1714.01,"endTime":1718.48,"body":"continuously. You just don't"},{"speaker":"YS Chi","startTime":1714.01,"endTime":1718.48,"body":"stop innovating. You don't stop"},{"speaker":"YS Chi","startTime":1718.96,"endTime":1722.08,"body":"growing people, growing"},{"speaker":"YS Chi","startTime":1718.96,"endTime":1722.08,"body":"relationship with your"},{"speaker":"YS Chi","startTime":1722.08,"endTime":1724.9,"body":"customers. Tell me the secret,"},{"speaker":"YS Chi","startTime":1722.08,"endTime":1724.9,"body":"please."},{"speaker":"Bill Madison","startTime":1725.35,"endTime":1728.47,"body":"Well, thanks for"},{"speaker":"Bill Madison","startTime":1725.35,"endTime":1728.47,"body":"that. Just again, not being"},{"speaker":"Bill Madison","startTime":1728.47,"endTime":1733.81,"body":"complacent, right? I just, I"},{"speaker":"Bill Madison","startTime":1728.47,"endTime":1733.81,"body":"feel like me personally, I owe"},{"speaker":"Bill Madison","startTime":1733.81,"endTime":1738.49,"body":"it to the organisation. I owe it"},{"speaker":"Bill Madison","startTime":1733.81,"endTime":1738.49,"body":"to our employees. I owe it to"},{"speaker":"Bill Madison","startTime":1738.49,"endTime":1744.13,"body":"the market, our customer base."},{"speaker":"Bill Madison","startTime":1738.49,"endTime":1744.13,"body":"First of all, to advance their"},{"speaker":"Bill Madison","startTime":1744.13,"endTime":1749.32,"body":"personal strategies. Whether"},{"speaker":"Bill Madison","startTime":1744.13,"endTime":1749.32,"body":"it's an employee, to continue to"},{"speaker":"Bill Madison","startTime":1749.32,"endTime":1754.33,"body":"have the lens of advancement and"},{"speaker":"Bill Madison","startTime":1749.32,"endTime":1754.33,"body":"being able to support them. All"},{"speaker":"Bill Madison","startTime":1754.33,"endTime":1757.21,"body":"the way through our customers"},{"speaker":"Bill Madison","startTime":1754.33,"endTime":1757.21,"body":"and their strategies, I just"},{"speaker":"Bill Madison","startTime":1757.21,"endTime":1765.19,"body":"think is so critical. I do put a"},{"speaker":"Bill Madison","startTime":1757.21,"endTime":1765.19,"body":"lot into my role, and I wouldn't"},{"speaker":"Bill Madison","startTime":1765.19,"endTime":1768.85,"body":"do it if I didn't love it. I"},{"speaker":"Bill Madison","startTime":1765.19,"endTime":1768.85,"body":"love our customers. I love the"},{"speaker":"Bill Madison","startTime":1768.85,"endTime":1772.84,"body":"people that are affiliated with"},{"speaker":"Bill Madison","startTime":1768.85,"endTime":1772.84,"body":"the business. I love what we're"},{"speaker":"Bill Madison","startTime":1772.84,"endTime":1775.99,"body":"doing. I get asked a question"},{"speaker":"Bill Madison","startTime":1772.84,"endTime":1775.99,"body":"all the time, why are you still"},{"speaker":"Bill Madison","startTime":1775.99,"endTime":1781.48,"body":"here? It's because of that. It's"},{"speaker":"Bill Madison","startTime":1775.99,"endTime":1781.48,"body":"because of the influence that"},{"speaker":"Bill Madison","startTime":1781.48,"endTime":1786.04,"body":"we've had over this incredible"},{"speaker":"Bill Madison","startTime":1781.48,"endTime":1786.04,"body":"market over the years, and how"},{"speaker":"Bill Madison","startTime":1786.04,"endTime":1791.74,"body":"we have helped the industry"},{"speaker":"Bill Madison","startTime":1786.04,"endTime":1791.74,"body":"advance and continue to improve."},{"speaker":"Bill Madison","startTime":1793.72,"endTime":1799.18,"body":"It's extremely exciting for me,"},{"speaker":"Bill Madison","startTime":1793.72,"endTime":1799.18,"body":"and so that's, as a leader of"},{"speaker":"Bill Madison","startTime":1799.18,"endTime":1803.83,"body":"this business and having the"},{"speaker":"Bill Madison","startTime":1799.18,"endTime":1803.83,"body":"privilege of sitting in the seat"},{"speaker":"Bill Madison","startTime":1804.13,"endTime":1809.59,"body":"doing that, I feel as if I owe"},{"speaker":"Bill Madison","startTime":1804.13,"endTime":1809.59,"body":"it to all involved parties to do"},{"speaker":"Bill Madison","startTime":1809.59,"endTime":1810.85,"body":"what I just described."},{"speaker":"YS Chi","startTime":1811.47,"endTime":1816.96,"body":"Well, I could be on this"},{"speaker":"YS Chi","startTime":1811.47,"endTime":1816.96,"body":"with you for hours to get more"},{"speaker":"YS Chi","startTime":1816.99,"endTime":1822.45,"body":"wisdom squeezed out of you, but"},{"speaker":"YS Chi","startTime":1816.99,"endTime":1822.45,"body":"I have to say your obsession in"},{"speaker":"YS Chi","startTime":1822.45,"endTime":1828.54,"body":"terms of understanding customer."},{"speaker":"YS Chi","startTime":1822.45,"endTime":1828.54,"body":"Using data, always using data,"},{"speaker":"YS Chi","startTime":1828.81,"endTime":1832.38,"body":"and with, all these technology"},{"speaker":"YS Chi","startTime":1828.81,"endTime":1832.38,"body":"that you've been unafraid to"},{"speaker":"YS Chi","startTime":1832.38,"endTime":1839.19,"body":"apply. Then doing that all under"},{"speaker":"YS Chi","startTime":1832.38,"endTime":1839.19,"body":"the culture of this sharing one"},{"speaker":"YS Chi","startTime":1839.19,"endTime":1844.62,"body":"team, I think you've done"},{"speaker":"YS Chi","startTime":1839.19,"endTime":1844.62,"body":"greatly well to be a billion"},{"speaker":"YS Chi","startTime":1844.62,"endTime":1845.25,"body":"dollar Bill."},{"speaker":"Bill Madison","startTime":1846.06,"endTime":1849.78,"body":"Well, I've had a"},{"speaker":"Bill Madison","startTime":1846.06,"endTime":1849.78,"body":"great support network and"},{"speaker":"Bill Madison","startTime":1850.23,"endTime":1854.55,"body":"thanks. Thanks, all the thanks"},{"speaker":"Bill Madison","startTime":1850.23,"endTime":1854.55,"body":"goes to you guys for leaning in"},{"speaker":"Bill Madison","startTime":1854.55,"endTime":1857.01,"body":"and helping us get to where we"},{"speaker":"Bill Madison","startTime":1854.55,"endTime":1857.01,"body":"are today."},{"speaker":"YS Chi","startTime":1857.82,"endTime":1860.55,"body":"Well, thank you so much"},{"speaker":"YS Chi","startTime":1857.82,"endTime":1860.55,"body":"for joining us Bill, and giving"},{"speaker":"YS Chi","startTime":1860.55,"endTime":1864.48,"body":"us some of that insight. We look"},{"speaker":"YS Chi","startTime":1860.55,"endTime":1864.48,"body":"forward to you continuing to"},{"speaker":"YS Chi","startTime":1864.48,"endTime":1868.35,"body":"innovate and hearing about"},{"speaker":"YS Chi","startTime":1864.48,"endTime":1868.35,"body":"everything from more and"},{"speaker":"YS Chi","startTime":1868.35,"endTime":1874.44,"body":"sophisticated data, to educating"},{"speaker":"YS Chi","startTime":1868.35,"endTime":1874.44,"body":"and creating even better"},{"speaker":"YS Chi","startTime":1874.44,"endTime":1876.69,"body":"culture. Thank you so much"},{"speaker":"YS Chi","startTime":1874.44,"endTime":1876.69,"body":"today."},{"speaker":"Bill Madison","startTime":1877.17,"endTime":1878.1,"body":"Thank you, YS."},{"speaker":"YS Chi","startTime":1879.27,"endTime":1881.85,"body":"Thank you to our"},{"speaker":"YS Chi","startTime":1879.27,"endTime":1881.85,"body":"listeners for tuning in. Don't"},{"speaker":"YS Chi","startTime":1881.85,"endTime":1884.97,"body":"forget to hit subscribe on your"},{"speaker":"YS Chi","startTime":1881.85,"endTime":1884.97,"body":"podcast app to get new episodes"},{"speaker":"YS Chi","startTime":1884.97,"endTime":1889.08,"body":"as soon as they're released, and"},{"speaker":"YS Chi","startTime":1884.97,"endTime":1889.08,"body":"thank you for listening, please"},{"speaker":"YS Chi","startTime":1889.08,"endTime":1889.65,"body":"stay well."}]}