 Hi everyone, I'm excited to be here, to be here with all of you, thanks for making it here on time, and a big thank you to Kevin and the entire SoCAP crew for inviting me here to kickstart what is bound to be a productive four days. I'm head of impact at LeapFrog Investments, a profit-with-purpose investment group investing exclusively in businesses that provide insurance and critical financial tools to low-income and financially excluded people across Africa and Asia. I'm here today to talk about thinking big, about thinking big and achieving impact at scale. Now, SoCAP is a really exciting place. We are all here today because we've been inspired by this vision of a new economy where money and meaning go hand in hand. And the fundamental principles of business and sustainability can be used to solve some of the world's most pressing social and environmental problems. We are all here today because we think big and we are all striving to achieve meaningful impact at scale. We're also here today at a very critical time. The impact investing sector is getting increased attention from investors, from business schools, talent, from governments and international organizations the world over. And with increased attention becomes accountability. We're at a critical point where we need to start proving that money and meaning go hand in hand and providing evidence that impact can be achieved at scale. So I want to talk today about leapfrog and what we are achieving in our pursuit of impact at scale. I want to dive deep and provide some substantive evidence that we are achieving our big vision of scale. And all of this attention is warranted and we are truly on the cusp of something big. Now leapfrog was launched with the big vision in its first fund of reaching 25 million low income or financially excluded people with quality relevant and affordable insurance products with the ultimate vision to make a significant dent on global poverty. We are what we call a profit with purpose investment fund in that we fundamentally believe that money and meaning and profit and purpose must go hand in hand to achieve this impact at scale. Now on the purpose side, our core focus is on that individual low income consumer that has historically lived without access to critical financial tools and in a constant cycle of poverty. We invest in businesses that provide safety nets and springboards to these low income consumers so that they can think differently about risk, have a safety net and also invest in their future to lift themselves out of poverty. We also recognize that while there are individual consumers out there, there are many of them. In fact, there are approximately 1.5 to 3 billion working low income individuals that can and will pay for services they value. Now this is at once a historic social opportunity but at the same time it's a huge commercial opportunity for businesses to provide valuable quality relevant and affordable products to this low income segment. We invest in businesses that see the profit and the purpose behind this opportunity and that have a vision in their local economies to reach this low income segment and fundamentally achieve impact at scale. LeapFrog launched in 2008 and closed our first fund in 2010 and in just three years we've invested in seven companies across 14 markets in Africa and Asia. ExpressLife in Ghana, AllLife in South Africa, Apollo Insurance in Kenya, Tanzania and Uganda, Shriram and Mahindra in India, CrystalLife in Nigeria and Beema, a mobile micro insurance company revolutionizing access to affordable insurance across a number of markets in Africa and Asia. LeapFrog's combined portfolio of companies now reaches a total of 18 million people with quality financial tools such as insurance, savings and pensions. 66% or 11.9 million of those people are low income or financially excluded. And because we invest in profitable businesses these companies also support over 47,000 jobs, local jobs in local economies and in 2012 had an average revenue growth of 24.7%. So as head of impact at LeapFrog Investments I can say that we are definitely achieving scale but while these headlines are critical I wanted to take some time today to dive into the substance and get behind what we define as impact and how on the ground in these businesses profit and purpose really does go hand in hand. So at LeapFrog we assembled a team of insurance and investment specialists up front. We defined a specific vision of impact that was that focus on that low income individual consumer and focusing on that consumer expanding to achieve scale. We define impact specifically so that we can enable the businesses we invest in to drive to both profit and purpose performance. And so I want to talk specifically about how we do that. Impact for us is reaching millions of people across a number of different markets with a diverse set of financial tools. It's ensuring that these financial tools are quality and that are provided with the principles of consumer protection in a responsible way so that tools can ultimately be used by those low income consumers. It's investing in businesses that do this profitably on a product level but also on an aggregate level so that they can sustainably provide these services to low income populations for a long period of time. And it's investing in businesses that operate with good governance and policy that care about their employees and that care ultimately about that end consumer. Now at LeapFrog we developed a set of core KPIs that enabled our businesses to drive around these critical components of impact. And I don't want to bore you with insurance details because it can get quite tedious but just to provide an example when profit and purpose go hand in hand the operational metrics that businesses can use to drive both profit and purpose should also be the same. We don't apply a negative screen social metrics or metrics that are irrelevant to the business because fundamentally there's a business case for achieving social impact. If we think about the quality of a product in insurance that generally rests on the speed with which you pay claims. This is a critical business indicator for all insurance companies and it's critical to customer service. If we look at claims ratios it's a strong indicator of profitability but it's also a strong indicator of customer awareness and the ability to know when to claim. And renewal rates identically are a leading indicator and a strong indicator of the true value of that product to the low income consumer. Now we call this framework firm. It's an in-house system that we developed at LeapFrog and that we use to enable deal teams, companies and our investors get a good sense for impact across the portfolio on a quarterly basis. But while KPIs are important and critical actually they don't give us a sense of how this really transpires on the ground. So I wanted to dive deep into a few examples of our companies to give you a sense for how the profit and purpose go hand in hand. Take BIMA. BIMA is the newest addition to the LeapFrog portfolio and is a mobile micro insurance company that is revolutionizing access to insurance across Africa and Asia. BIMA operates as an intermediary between mobile network operators which are at a race to the bottom when it comes to markets where 95% of customers are prepaid. And they also connect with local insurance companies that are striving to reach these otherwise disconnected customers. So BIMA ties itself with the local MNO and provides a loyalty product whereby customers subscribe to the insurance product and earn insurance by using more money with the mobile network operator. The insurance premium is often paid by the operator because they're happy with the increased retention of the customers and the lower churn. So the customer gets access to free insurance which they can often top up by paying for additional cover and there's a cross sector partnership here between mobile network operators and insurance companies through a loyalty program. It's pretty cool stuff but actually from an impact standpoint the most interesting thing about the BIMA model is that customer service and client awareness of the quality of the products is critical to the business's success. Because if customers don't understand how to use insurance and what the value of that product is then they're not going to stick with the mobile network operator and there's no evidence that BIMA can provide that decreases churn. So let's take for example one of BIMA's customers that I met in Bangladesh just last week. Now Shamam had never had access to insurance before and frankly when I met him he still didn't fully understand the concept. Insurance and financial services in general are often misunderstood or at least of lower awareness among low income populations. But that's why BIMA's customer service representatives and a BIMA call center call customers on a regular basis to check in that they know what they've just purchased and what they've subscribed to and they know how to claim. Now Shamam now has access to insurance for the first time and can learn about insurance through the provision of a free service. And BIMA and the mobile network operator are getting increased revenues because he now understands and can stay and stick with the business. So profit and purpose do go hand in hand and BIMA after just 18 months has close to three and a half million subscriptions across seven countries in Africa and Asia. They're achieving impact at scale. Now LeapFrog invests in diverse businesses and another one that I wanted to touch on is Mahindra. Now Mahindra is a well known name and many of us here would consider Mahindra big business. But Mahindra achieved success through a core focus on rural Indians in tier three, four cities and the success is driven on providing a stream of products mostly focused on automobile tractors, vehicles, etc. To rural customers across the country. Now Mahindra insurance is part of Mahindra finance that has over 650 branches across the country. The clients they reach are owner drivers of three-wheelers in India. Whoever's ever been there will know they're everywhere. They're owners of small scale vehicles and owners of tractors, farmers that have purchased Mahindra's tailor made product that's more affordable and enables them to harvest their fields. Mahindra also grows with the customer and so also provides access to people to larger vehicles once they've grown their business and can afford them. So we invested with Mahindra because the distribution network that Mahindra already has and the reach and the experience with rural low income customers is unrivaled. We're helping them tailor a health insurance product which is the most demanded product globally among low income and frankly all of us. And we're not apologetic about the fact that Mahindra also serves better off individuals. In fact it's this scale and this expertise that enables them to push deep into the low income segments of rural India and innovate when it comes to products, tailoring products and reaching millions of low income or previously excluded people. Now I wanted to touch on a couple of key lessons that we've learned at LeapFrog of how to achieve impact at scale and how we have achieved impact at scale. The first one is focus. Let's focus our efforts and define exactly what it is we want to achieve when we talk about impact. Is it gender balance? Is it carbon reduction? Is it access to education? Access to health? We defined our impact as access to critical insurance and related products that provide safety nets and springboards. So I would just encourage us all to get specific about that and focus our efforts because it enables us as a group to assemble specialist teams to dive deep on impact and to really focus on that individual consumer while still achieving scale. The second key lesson is driving impact. And this has two components. The first is let's identify the business case for what we're trying to achieve. If there isn't a business case for achieving impact, then we're still in the world where money and meaning aren't yet going hand in hand. For businesses that we invest in, I can tell you that negative screens or social metrics that are unrelated to their activities are necessarily a second priority. So once we've identified the business case, let's identify core operational indicators that can be used by businesses to drive around profit-with-purpose performance. Because until we do, our visions of scale always come secondary to business performance. The third critical lesson is to leverage existing infrastructure. Now I just provided an example of Mahindra, which is quite compelling in their existing reach into rural India. But there are many other examples, and the pipes often have already been laid. Think microfinance institutions, faith-based religious organizations, retail networks, providers of seed and fertilizer to rural farmers, utility companies, their possibilities are endless. And so for us, tailoring and innovating on the product side is highly important to tailor to that low-income consumer, but let's leverage the existing distribution bases that already exist in these countries and push the boundaries to reach impact at scale. Now the final lesson is that this takes time. We're all very ambitious social entrepreneurs and we all want to achieve things quite quickly. But I can tell you that LeapFrog was not founded by Andy Cooper when he woke up one morning and decided he was going to launch a fund. LeapFrog was founded on decades of commercial experience in insurance, in tailoring products to that low-income consumer. And on experimenting with partnerships between commercial insurers and microfinance institutions in countries like India, the idea behind LeapFrog and the foundation behind LeapFrog evolved over time. And we need to allow ourselves the time to achieve impact at scale. We need to set benchmarks and milestones which we can know that we're on track to success. But let's give ourselves the time. Now finally, we are insurance and related financial services experts. We are not experts in health, education, sanitation, but you all are. We're at a critical time where we now have the talent. We increasingly have the resources, the capital to invest and we definitely have the social and environmental problems. So let's leverage these and work together as a community to push the boundaries and create a new economy where money and meaning do go hand in hand. We are all thinking big and we are already achieving impact at scale. Thank you.