 Thank you, Jorge. Thanks very much. It's a great pleasure to be here. We had some technical issues this morning, so you're seeing a backup version of my slides, unfortunately without the beautiful animations. But anyway, we're going to make a slide available for downloading later because there's quite a few I may not get through all of them. So first of all, I want to say that a futurist does not predict the future. Okay. There are some people who have predicted the future, like Einstein or Isaac Asimov or even Ray Kurzweil. My skill is not prediction, it's observation. It's something that you can do also. I work on five-year timeframes. You know, when I was in the music business, first as a musician and producer, and then I tried to work with the record companies to understand digital music. And you know what happened with the music business, the four major music companies, Warner, Sony, Bertelsmann, they said that they don't want music to be moving to the cloud onto the internet because it would completely destroy the pricing model. And of course, copyright law. So what happened? The record labels went to court against 257,000 people and suit people. The lawyers got all the money and their record industry shrunk by 71%. So loss of 71% revenues from 22 billion to currently about 11 billion. That's not all the fault of the record labels, but the reality is today, if you buy a CD today or DVD for Christmas and you give it to your kids, they will call a therapist. I mean, I don't know if you buy, you still buy a CD, some of you, that's okay. I sometimes still buy them, right? But the fact is that music is in the cloud. If you listen to music, you push a button. Spotify, Simfy, YouTube. CDs are basically in 10 years, nobody will know what a CD is except for the garbage in the closet. So it's very important to understand where things are going. And I call this the hard futures. And basically, my work is really best described as this, listening. And I would recommend that if you do the same thing, you listen to the future. In China, they say, if you want to know the future, ask your children because we're so busy in what we're doing now that sometimes very hard to look from the outside. In fact, you could say that the success of the past is the biggest problem for the future. Because when you're extremely successful, you say, well, you know, I can't really imagine this would change. But just take a few looks around you. The car company is today. And, you know, I live in Switzerland, but I am from Germany. So I feel solidarity with the German car companies. But, you know, six years ago, we had a seminar for the CEOs of a big German car company. We're talking about self driving cars, autonomous cars, electric cars, car sharing. And everybody in the room like this was laughing. Nobody could imagine that somebody would not buy their own car, would buy a car with a battery and no sound. Today, the number one initiative in the industry, autonomous cars, electric cars. Five years. And I can guarantee you, if BMW will sell electric and self driving and shared cars, the business is completely different. Completely different. It's about mobility. Tesla does not sell cars. It sells mobility. There's a very big difference. The Tesla car is software on wheels. You get in the car in the morning. It's a new car because there was a software update. Your business will be the same. Think about that for a second. Selling cars, selling music, not selling music. So you already know this mobile devices, you know, these things here, they are already our external brain. The things we can't remember, we put in here. Phone numbers, content, media, banking, all goes to here. And in the very near future, we don't type anymore. I don't know, you have noticed, but there's so many innovations, just the last three months, where we just speak, voice recognition. And imagine what this will do for an 85 year old woman, for example, or a man. No more typing, no more apps, no more downloading. Just say, hey, play House of Cards. And replace it. Buy me an airplane ticket. That's two years away. So let's not think about the future as being too far away. Everything is getting connected, including the environment. I live in Switzerland, so I use a cow. They are actually connecting the cows in Switzerland to find out how many kilometers they have walked. Where are they? What kind of mating behavior they have? Everything. The poor cow has no privacy. It's terrible. But this is the most important curve of the day. Exponential. We're moving into an exponential future. You know Moore's law, Metcalfe's law, Moore's law is kind of ending for chips a little bit because we've reached a physical limit. But this curve now, we're counting like this, very important to remember. When you're in the beginning of the curve, it's nothing because when you're doubled zero upon zero one, you still have nothing. But at four, we're at four today, the next step, 18 month is eight, 16, 32. In just seven years, we're going to be at 128. That means in seven years, we're going to see things that are literally science fiction. Artificial intelligence. Computers determining social security. Computers looking at 100 trillion data sets of social security from the last five years and figuring out new rules how to go forward, how to distribute funds. We're looking at systems that are basically mind boggling realities, automatic voice translation. That's already working today. This is an app called Microsoft translator. In fact, I was going to show you one, but I'll skip it now because I want to spend more time on the other things. It's mind boggling. The other day, I was in Japan, I was talking to the sushi chef for half an hour in Japanese. I spoke in German, not Swiss German. That is too complicated. But I spoke in German. He spoke back to me in Japanese through the mobile. It's an app called Say Hi because two dollars works perfectly in 35, even in Swahili. If you care to speak Swahili. It's a mind boggling. This is like Star Trek. Robots are now being used in pizza places to serve people. Of course, in your business, people are getting older all the time. In Western countries, we're gaining eight and a half hours of lifespan every day. Every year, we get to live a third of a year longer. It's kind of too late for most of us to really participate in this. But if you have kids, their kids will in average live to be 100 years old. 100 in average because of medical advances. Imagine what this will do to the insurance business and to retirement. I mean, we're going to retire with 60 and then live 50 years. Who will pay for that? Impossible. And of course, jobs will be also rare, which is because of automation, computers. So our whole social system will be up for a view. But having said that this is not a bad future, I just want to make clear this is not a dystopian scenario. In fact, it's all very positive if we find a way to orchestrate it. For example, we're looking at a complete convergence of biology and technology. I live in Switzerland, lots of pharma companies. So the pharma companies are not aware of this fact. Today, we're taking pills or medication for diabetes, you know, for blood pressure. In 10 years, we're going to use technology not to have the problem beyond the pill. Imagine that for a second. We're talking about $17 trillion worth of money here, right? Every year that we buy pills for. Imagine we can use technology not to have the problem and it will cost maybe a trillion dollars. Same than the music business. You know, if you used to be in the music business, you sell a CD for 20 euros. How much does Spotify cost in Belgium? I think 8 euros, 10 euros, 18 million songs. So things will get cheaper, more of a commodity. This is the first company called Human Longevity Inc. in California. Their goal is to end dying, right? Have a good laugh at this one, right? There's a series. They're funded with $500 million from Genentech is to make sure that we all get to live as long as we like, maybe 120, maybe 150, and even forever, right? I think that is of course not a good idea. I don't know. Who would voluntarily want to die? It's a difficult question. I leave that for you to decide when you're drinking tonight. I definitely need some good lubricant for this. So basically what happens here, I want to ask this question, are mutual better suited for such a world where we have more health and more longevity? You know, the health insurance costs and health expenses are rising everywhere globally. But it's quite clear, maybe in five years or so, health costs will decline. For example, now there's over a dozen devices that allow remote diagnosis. So you have a box of what is called Scanadu. It's actually a Belgium guy who lives in California. And you can buy this box and you can prick your finger, you cough into it, you measure, right? And it gives you a remote diagnosis better than 10 doctors. But that's what he says. It's going on to the market in China now. This box has a potential to do away with 90% of visits to a doctor or hospital. So if you're 80 years old, you use the box, you connect the diagnosis, you send that to the doctor or you send it to the cloud. The cloud says, you're fine. It's just, you know, you have to use this following medication that sends it off to you with a drone. Is that good or bad? I think it could be great for costs, but maybe a little bit lonely. I don't know. Maybe fun to go to the doctor. But, you know, this is a fact. Everything is moving to the cloud. So think about this for a second. Music in the cloud. Movies. Does anybody still watch what's on? You know, some people do. Just click through the, right? But, you know, we have hundreds of options now to watch on demand. Music, movies, books, television, money is moving into the cloud. This is the nightmare for banking. Bitcoin, the blockchain, digital money. You know what happens when digital money actually gets here? Transactions will be 98% cheaper. Talk about pain. I mean, I pay credit Swiss $20 to send $100 to myself in America. That's their fee. You know, this is one string of numbers with another string of numbers. In the future, it'll be free. Well, it already is. I already bypassed credit Swiss using an app. So everything moving in the cloud, what will this mean for your industry? This is a very, very big question. Again, going back to music business makes a great example, right? You see the red line here? The red line is traditional recorded music, CDs, and downloads. Going towards zero. I mean, this is a total assumption. I think it'll be zero here, basically. You see the blue line? That's called streaming. You hit a button in a place. That's what your kids do. When you go in the car with your kids, they don't ask for the radio station anymore, right? They want Bluetooth. Bluetooth into the radio. So what happens here? This is the most important learning, right? Traditional gatekeepers get fried in all cases. You have to think about this for a second. These red guys are Sony, Bertelsmann, Warner, and of course, copyright societies like Boomer, Stem, Gamma, all these. The blue guys are the internet companies. YouTube, Baidu, Facebook, Spotify. In the future, we have a great music business growing, but it won't be the old guys. That's basically displaced, diminished, disintermediated toast done. Now, this is actually easy to do with music. In your case, you're lucky. It's not so easy. Insurance is a lot more complicated than music. But you have to think about this for a second. Disintermediation by technology is obviously happening across the board. It just takes longer. It goes in waves. So just the fact that it hasn't happened yet, or that it's very complicated, it's based on relationships, it's based on regulation. There's a lot of protection. That's good. You're lucky. But these are the waves. The waves of disruption. You're currently wave five and six. You're just a little bit beyond the wave of retail and cities and commerce. So we can learn from this and say, well, if it looks like this, we still have a runway. I think this is a huge opportunity because it's not too late. If you're in the printing business, publishing is too late. People aren't going to buy more paper in the future. People aren't going to buy more CDs. People aren't going to buy more luxury cars. The projection for cars looks like this, for individual cars and for public and shared cars like this. You may not like this idea, but it's like oil. If you're in the oil business, you know where it's going. It's not going to get any better. The future is not oil. It's renewable energy. This means for Shell and their colleagues, $32 trillion worth of sunk assets. They have to eat. That's basically, sometimes I call this digital Darwinism, because basically digital technology makes it possible to go direct, to compare, to understand, to get information, and the monopolies of knowledge or distribution are melting. There is new ones, of course, which is also a big issue, but the commission is looking at that. I have a hope here. But basically, this graph shows my friend Rachel Boatsman, who is ripe for disruption. Look at those four points. Complex experiences, that's you. Broken trust, I'll leave that for you to decide. Redundant intermediaries, yes. Limited access, yes. The ripe for disruption criteria is fulfilled here. What we need to do is basically say, okay, in this world, where computer performance is very soon going to surpass human performance, that's seven years away. Right now, the most advanced computer has a capacity of a cricket. It's hard to believe, but our brain is extremely powerful. In seven years, the first computer will match the capacity of the human brain, not emotionally or thinking, but computing. Now that means, for example, you can feed the computer 100 billion facts about insurance. The computer will not be programmed to do something. It will learn what the deal is. We'll come back and say, if you do this, then we can have X, or we could do the following. It can model the whole thing based on your rules. Now, I'm not a technologist. I come from humanities. I studied music and theology and philosophy. That's a scary thought. But just three months ago, Google's computer, DeepMind, won a game of Go, the Chinese game Go, against the world champion. The game Go was an extremely complicated game. Three trillion possible moves. It's a strategy game, not chess. It's not mathematical. And computer won four to one against the human player, because the computer made moves, so said the Korean guy that played against them. The computer made moves that a human would never do. That's why he won. The computer learned how to play Go. It wasn't programmed. It learned by watching, simulating. So you have about five years until the computer can take your business and give you analysis and take the human knowledge and replace it with computer knowledge, and then we have to decide who do you believe. And what is the human component of this business? This box right here, the D-Wave quantum computer is a million times as powerful as the most powerful computer that we're using commercially today. This computer takes the power of the city of Zurich and costs $300 million, so it's not very practical. But supercomputing is right around the corner. If you don't know what the blockchain is, I'm sure you're familiar with that, is the underlying peer-to-peer protocol of transaction. It's a new book that came out from my friend Don Tabscott called The Blockchain Revolution. You have to read this book, because that's impacting financial insurance transaction business pretty much across. And in the bottom line, I'll leave you to read this later when you get the PDF, but basically the idea of the blockchain is to focus on matching supply and demand and risk calculation research. It's a giant brain concept. So MIT Sloan said that businesses that adapt to a digital world are 26 percent more profitable. I think that's wrong. It's probably more like 260 percent. I mean, is there any business that it does not adapt to digital? As an anti-example, the Hilton hotel chain versus Airbnb. Airbnb is doubling the number of rooms every week in Europe. I mean, no matter what you think of Airbnb, I'm sure you had the debate about what they should or should not do. It's not always good to just have disruption. You also have to have some construction. I mean, they started digitally. Airbnb doesn't own any hotels, doesn't own any property, doesn't pay any taxes. Not really. That's also not so good. They should be paying some taxes. But this was animated. You can't see that now. But basically what's happening in this transition, now digital transformation, is that it's quite clear for your industry, digitization is what I call hell then, hell and heaven. If you digitize your business, you can be quicker. You can have better CRM. You can have better databases. You can be smarter. That's good. You can be more efficient, have less people. That's a fact. But on the other hand, now there's new competitors. There will be what there already is, but you may not be aware of this, Airbnb for insurance. I looked this up last night. There's 840 companies funded with over a million dollars each who are in the technology insurance space in sewer tech, like FinTech, same thing. Some of them are actually using the idea of mutual insurance in their business model, like Lemonade. I don't know if you've seen Lemonade, but should take a look. Because the idea of mutual insurance is actually very close to the idea of the internet itself, peer-to-peer collective thinking. Don't be surprised when you see this curve basically heading in this direction. The concept of saying connectivity, data, intelligence, ultimately a sort of new relationship of man and machine. That means some things that we used to do, routine, calculation, numbers, will be done by machines, by software. That's as inevitable as the music moves from the city to the cloud. We have to get used to that idea because really our job is not to be better machines, believe it or not. No matter what you learn in business school, it's not our mission to be a better machine. Today, you can be a better machine at work, more proficient, because computers are not so good yet. They're pretty good, but not good enough. In five years, every person will be beat by a computer in every job, everywhere, because computers can't do that. And guess what? Every company, every shareholder wants to get rid of as many people as possible, because it increases the profits. So our work really is to be more human, not less. And as far as I understand mutual insurances, it's very much about humanity, collectiveness. It's something to think about. When we look at this crazy world right now, I mean, if you're looking at this chart, these are all the things that are happening right now, analytics, artificial intelligence, connected healthcare, genetic engineering. It sounds like Blade Runner, right? It sounds like science fiction. I mean, any sane person looking at this would say, my head is going to explode if I study all this stuff. But in the insurance business, you have to be future focused, right? Because these are very large structural changes. You have to understand all these trends. Despite these trends, I think there's a certainty people will always need insurance of different kinds, yes. But there's a big difference. People will not always need printed paper. People will not always need radio. People will not always need big cars, private cars. In fact, in 10 years in most cities, you need a special permit to drive your car, to self-drive the car. In less than 10 years, we'll have airplanes that fly themselves. Well, they already do. I don't know what the pilots are doing. They're probably surfing the internet on their iPads. So it's very important, as Marshall McLuhan said, it is the framework that changes with technology, not the picture. Very important. When you're looking at your business, it's not using social media. It's not using big data. It's not using apps. Those are all nice things you have to do. It is the whole context that changes the business model, the logic. I think that's a giant opportunity. In this framework, going back to 1964, Paul Barron, who talked about how the framework of business is changing because of technology, going from the left, that's here, centralized business, nice fancy car. Decentralized the connected car, and here the future, the self-driving car. That's where everything is going. If you're going to think about the future, you would probably not think about centralized businesses. You think about distributed businesses. There are some centralized businesses, but it's very expensive. Here, 95% cost-saving, peer-to-peer activities. What does it mean for your sector? Well, there's a huge amount of stuff there, but basically, here's a couple of quotes. The reinvention of insurance hasn't happened yet, so this guy says. This guy, who founded a company called Lemnay, said, if you tried to create a system to bring out the worst in humans, it would look a lot like the insurance system. That's pretty serious. Well, he's talking about commercial insurance, not mutual, but still. He says, to a very high degree, insurance today can't reach the millennials, can't reach the kids. It does not connect to the kids. Insurance is desperately slow in following user demand. This inventor says that it's basically about sensor networks and data generation, and you've seen the money that goes into this. Basically, investment is to reinvent insurance as it's exploding. So if you run insurance companies today, especially in mutuals, it would be great to team up with some of those startups to import innovation, to connect to others. I mean, that's what all the big companies are doing, saying, well, there's like 50 companies trying to kill us, so we'll make a deal to import what they're trying to do. Insure tech. I'm sure you heard about this before. This is an exploding market. There was an event in Barcelona just recently, just on insurance technology. Here are some trends that are changing your business rapidly, of course digitization, that's an old hat. Disintermediation, companies getting in the middle where you used to be. Uber, Airbnb, that's great examples for this intermediation. Everything is going mobile. 80% of the entire internet will be mobile in roughly four years. Means if you're not mobile, you don't exist. I went to some of your websites in preparation. I looked at whether it was mobile optimized. They have to say quite a few could not be read on the mobile. I mean, this is like saying, you want to be in the restaurant business, you don't serve food. Intelligization, everything is becoming intelligent, automation, virtualization, the cloud, prediction. You can use modern technology to predict claims, demands, and all that stuff. So accurately, it's mind-boggling. I've seen demos from IBM, Watson, it's just, you would not believe it can be done. And of course, virtual reality, augmented reality. So you've seen all these trends, cloud computing, cognitive computing, internet of things, and you have to understand what they are. And like I said before, technology will not heal the business. In fact, it will disrupt the business. You have to build new business models based on that technology. Things that are only possible because of that technology. When I worked with the print publishers, they came to me and said, we have to figure out how we can be successful publishing magazines on newspapers, despite of the internet. What are you talking about? You're going to have a business because of the internet. That's the whole point, not despite. That's like saying, I'm going to be alive despite the fact that I breathe oxygen. I mean, the fact of life is that it's there, right? This is the Osani tribe in Africa. They play a game. I call this the game of mutuality. You look it up on the internet what it is, but essentially it's a game that only works when you stick your feet together and create a story together. So I have a question. How would these trends impact solidarity, sustainability? And I would say that the worst case, it could destroy this model, because it would be completely based on actual algorithms and numbers, which I think would be wrong because no matter how good the numbers in the data is, it does not give us a conclusive answer to lots of questions. I'll show you some slides on this. So we have to think about how that improves or changes what we can do. You heard about smart cities. Now the next thing I would say is smart insurance. Well, these days is kind of a trend. You know, you take any business and you put smart in front of it, right? Smart farming, smart cities, smart futurists, smart, yeah. But I tell you what, it's not enough to be smart. Smart is difficult, but pretty much everybody can achieve it. You know, you practice a little bit. It's also about having a human business, something that fits people. I think this is really important to remember when you see all those lists of things that are happening is to also think of the next step. I was going to show you a video, but we can't make this work. But computing is now basically changing. Computing is becoming cognitive, right? Cognitive means thinking. This is a very big shift for your business, right? Right now, you're still in the area of program computing. Computers do what you tell them to do, and that's how we use them. But just right now, in the last couple of months, there have been several inventions in deep learning and cognitive computing and voice control that will make computers into thinking machines. Well, you tell the computer, figure out exactly how this works and what the rules could be. And the computer looks at lots and lots of data and comes back 14 seconds later. That gives you an interesting advice. You know, the other day, I was at a lab of a big computer company that's doing artificial intelligence. And I asked the computer, I said, what is the future of Europe? And she, you know, it's always she for some reason, she gave me a 10-minute speech about the future of Europe. That was really good. It was really good. It was real voice, like a real person, really intelligent, better than I could have done it. That would lead a little bit too far. But she talked about economics and terrorism, everything. Because it's not hard to learn all that data when you're a computer. You just go out and you collect, you know, 200 billion facts. We can't do that. But then, this is the funny part, right? Then I went to the computer, I said, look, very interesting, you know, nice job. And I said, what do you think about the United States of Europe? Which of course, as you know, is a concept, far-fetched concept. You know what she said? Command not understood. Because it doesn't exist. It's a concept, right? She could not give me an answer to something that doesn't exist. I think she could have found stuff on the Internet about the United States of Europe, you know, it just took too long. So this is the big difference in computing, right? That we're looking at this artificially intelligent behavior. You have to know what artificial intelligence is. That's going to impact the future. It's basically just the idea of computers acting like intelligent people. It can be good, can be bad, but IBM calls this the area of the cognitive computer, the cognitive area. That's what we're getting right now. Machines that can think, right? This is a short clip from Tesla. Some collage of things, you know, smart machines, cognitive computing. If you're interested, take a look and just Google a little bit. But, you know, you've heard about this before years ago. Data is the new oil. I mean, let's think about this for a second today. That was 15 years ago. Today, this year is the first year where the data economy will make more money than the oil economy. To be exact, 7.4 trillion dollars. It will be made shoveling data around. Google, Facebook, Baidu, Tencent, Twitter, YouTube, Amazon, Cisco, you name it, right? They make more money than the oil companies. In fact, the oil companies will go to zero before it's too long. Well, 15 years, I still have to go for a little bit, right? But the data economy is absolutely explosive. Data is the new oil, 93% of insurance CEOs see data mining and analysis as more important for the business than anything else. Well, that's just lip service, right? We know that's just lip service, but we have to think about this because really what it means is that data is the oil, but trust is the currency. I mean, your customers don't buy things from you because you have great data. That's like saying, I have great technology, trust me. I was like, who cares? Trust is not based on algorithms, right? We don't buy stuff because of algorithms. But still, if you don't have algorithms and data, you will never get to the point to where you can prove your trust. This is the kind of human-machine relationship that is very important for us to maintain. Mark Anderson said this years ago about technology, he said, software is eating the world. Everything becomes software. The Tesla now, for example, is software. The BMW with hardware has now also more software, and of course. The millennials, you know, that are 75% of the workforce, they understand this. Millennials, by the way, are kids between 22 and 32. They are the future CEOs, you future bosses, some of you yourself, and they're really different people. And if you're looking at what's happening here, it's really interesting to see that 72% of those millennials would bank with companies that are non-traditional, 72%. So think about this for a second. This is our future, the end of good enough. That happens across all industries. The end of good enough, you have to be better than good enough. So far, it was fine if you were good enough, there was nothing else to do. If you want to watch television 10 years ago, you have to go to the state television, the public television, or cable, that's it. Today, you have 500,000 things on the choices. In insurance, the end of good enough, that's a very big opportunity. Try to be better. Think about the future, what that means. These graphs show clearly what the number one threat is for you, that is not the other insurance companies or the regulators. It is the tech companies who are coming to the back door to reinvent every sector of our lives. Some good, some bad. And guess what? Most of them are completely unregulated. Just now, we're talking about regulating Google with data. It took only about 10 years, Google has more power than Shell and ExxonMobil combined. Yet they do whatever they like. That's something to think about. The future really is about giving control back to the user. So 70% of insurance CEOs, this is I think general insurance, they see the spread of technology as the main threat. That is a serious mistake. This is the main opportunity. The opportunity is to unleash the customer, is to make them trust you, to make them do different things. I think there will be many Tesla moments in insurance. You know what the Tesla moment is? When the car companies, the other guys, recognize that Tesla wasn't full of shit. Think about that for a second. Five years ago, I said, oh, God, these idiots from California just... Today, Tesla sells twice as many cars as Mercedes and BMW luxury cars in almost all countries. Five years. So basically, we're looking at a tilted playing field, right? Technology is tilting the playing field, making it unfair. The startups won't obey to regulation. They won't pay attention to what you're thinking. They will do what can be done with technology, and then they'll care. YouTube was the best example, right? YouTube was basically started illegal. It's not legal to upload all that stuff to the internet. But in a short time, they had 100 million users. Now they have 1.5 billion users. And still what they're doing is not entirely legal. You know, it's the DMCA, you're at the Copyright Act. That's, I mean, but they hear their effect of life now. How would you live without YouTubers? It's, well, we could, but... That's sometimes called the uberfication. I'll skip this. You can download this later. But here's an important question. So are insurance models based on tracking of actual behavior? Like tracking actual driving or eating behavior? Or again, are they deconstructing the collective principle? The free will? The answer is probably yes, right? I mean, if you buy car insurance based on your behavior, because the car is tracked, then you just pay what you actually do. Now that is one stupid idea, right? We'll think about that for a second. What would that lead to? That would lead to all of us driving completely calm and mellow. Would force us to comply, right? Right now, you drive like an idiot. I drive like a saint. It comes out in the end. That's collective. That's a very big question if technology can do this. We'll have to wrap up very soon. It'll take a little bit longer, because we can't get the slides to play like they were intended to. So I'll wrap it up pretty quickly. So basically what happens with this great power comes great responsibility, the Internet of Things. We're inventing a new way to live. That's your responsibility to figure out new business models, to think about what that means for surveillance, and to think for abundance. Yes, yes, I'm coming to the end. You should take a look at this company called Drove, TRLV. They're building on demand assurance for what you actually want to ensure. So you take photos of your stuff, and you ensure one thing at a time, uploading with an app. Of course, that's a very American idea, but still lemonade, take a look at. Of course, we can't play that. This is really the world's first peer-to-peer insurance. Very powerful model, lemonade, peer-to-peer, self-serve technology. So I think this is also a fact of life. Technology will make it easier to put claimants first. And think of that concept, putting claimants first. This is the key behind what Amazon did, customer delight. This is why Amazon is just a successful company, because they will go for customer delight at all cost. At all cost. That's the key to the future. So I'll get to the end here. You will be able to download the slides afterwards. As you can see, I was wildly ambitious with my timing. Just to wrap it up. The future is really this, right? Connectivity, technology, data, intelligence, and collectiveness. Because I really think that in the end, if we use technology to enforce the idea of collective insurance, we can have a good future scenario. We have to figure out what exactly that would mean, what kind of revenue models. And I sometimes call this being on team human. It's a big term in America that describes how we use technology, but we don't become technology. Thanks very much for listening.