 First of all, on behalf of the participants of the IAIS conference, it's a pleasure and honour to speak to you. Thank you very much. We've heard you talk a lot about inclusive finance over the years. Now we're talking about inclusive insurance. What is inclusive insurance? Well, it will be like inclusive finance, but more focused on the insurance side, and that is giving the possibility to every man and woman to be able to protect themselves against unforeseen risks, against external shocks, speed, health, drought, no rain, so that they can actually carry on with their lives. I was one time in a visit in Africa, and I was taken to a family, and because of the illnesses of their kids, they had to pay very high medical bills, and that meant that they had to basically sell a livestock by which they had milk, and that was their assets. They could sell and actually buy more food. So that meant for this family that they went from two meals a day to one meal a day. So my question would be that family would actually have some health insurance. You know, they could actually at least protect themselves about all those risks that they cannot deal with them now. It's also about stability of their life, their day-to-day life. It is about stability of their lives and actually sort of smoothening consumption, because that's basically what happens all the time. So when families work so hard, so hard to make ends meet, to build their assets, you know, as in two goats, three goats, four goats, or one cow, or two cows. Which is a huge change for these families. They work extremely hard, and then try to get the children to get an education and do everything right, but then something unexpected happens and then it all flies away. And I think it's very important that we think about these issues. Like, for example, the World Health Organization has stated that every year 100 million people fall back into poverty because of lack of health insurance, because something happens and they really have to sell everything they have to pay those bills. So having insurance can be a life change for people, you know, for the good or for the worse. Absolutely. And it would be also a way to protect their own family but also their assets in which they work so hard to actually get to and which means basically their income, the future income. These are mostly low-income or very low-income people. Insurance companies are for profit. So what's in it for them? I mean, can they make money out of these people? What's in it for them? Well, today we know financially excluded, there are 2.5 billion adults around the world. That's half the adult population. That's an incredible amount of people. That's an incredible amount of people. That's to even the most basic financial services. And I would say that insurance is a little bit more developed than having a transactional account or a payments account. So that would mean more than 2.5 billion adults that do not have insurance. So the market is huge. I would say in the short term, yes, you could say it's not the most enticing market, but in the long term it is because it will grow. And also with innovations and technology, we can actually reduce the cost by actually making these products even more profitable. And we've actually seen that even in payments. I mean, we're not relying anymore from brick-and-mortar type of banks. We're actually having mobile phones doing the payments for us. We've actually reduced the cost and actually given some room for profit making in the lower segment of populations. So eventually also for profit insurance companies there is an opportunity there among these 2.5 billion people. There is a huge opportunity there. Absolutely in the long term, there is a huge opportunity there. One day I was in Tanzania and I was talking to women and they were trying to get some health insurance. And so basically she got the health insurance and after a year she wasn't sick. So she didn't go to the doctor. So she didn't use, of course, any doctor's appointment. So she said, well, I want my money back. I want my premiums back because I didn't use my insurance, my doctors. So I said, well, that's not really how it works. So the issue for the insurer was, okay, how do I do to actually get her still be loyal to the insurance in the long term? Because that's the only way it works. And still for her to sort of, you know, say, well, if I use, if I go to the doctor, maybe, you know, I'm not going to get my insurance money back. And then so these mentality issues, I think that's a whole education that needs to be extremely important. It's a very important issue because even if the need is enormous, sometimes the demand for the product is very low because of lack of education. You also gave once a very nice example from Rio de Janeiro, a visit there. I mean, you met people who wanted insurance and it was hard. What was the problem? Well, I think I think that example sort of outlines how important it is to understand customers and their way of living. So the CEO of an insurance company in Rio de Janeiro was explaining to me, you know, there's most of the low income housing is done in favelas, which are basically on the side of the mountains or the morros, like they say it in Rio de Janeiro. And you have very big rains and because there's not, the construction has not been very well done, you have a lot of mudslides in which houses go down with the mudslides. So he wanted to come up with insurance product that would actually ensure people their homes. So the need was enormous, people were actually sort of stating this, but the problem is that the demand was not, they wouldn't buy it. And why? Because he realized that, you know, even though the grandfather probably held the property rights on that piece of land, many families had built different rooms on that piece. And on, and on, and on. And as you know, they're always building up. So he had to come up with an insurance product that would actually cater to this need, that actually the property was maybe on one person, but the premium would be shared by many families. And so he did that and the product just took off. Can you talk a little bit also, you're talking a lot about private families. What about small entrepreneurs? I mean, they need financing, right? And they need very often insurance. Can you talk a little bit about that? Is that the same problem as with private families? It is very much the same problem. And it's even a harder problem because sometimes small and medium-sized enterprises, you know, they're informal, most of them are. And they don't even have access to the most basic financial products, so let alone insurance. So that is definitely a vague issue. And what we've seen, actually, in most of these small and medium-sized enterprises, when they're insured, they actually get better access to credit. Why? Because they're seen as less riskier. So I think the need and the combination between insurance products and credit products is something that we should look even further. It's extremely important for the development of a country. I mean, they can employ people, they make money, they make a profit, so it's terrific. For employment, for development, reducing inequality, SMEs are extremely important and, you know, insurance could play a very, very important role. You've been involved in this issue for a number of years now. What has been achieved? Is it a successful journey? Well, I would say I would hope to say that it is. And I think it is. Actually, when I started talking about these issues in 2005, everybody was speaking about only micro-credit. And nowadays, people do understand not only credit that people need, you know, there's a host of financial products that people need, you know, insurance being a very important one. So that's one thing. And the other issue that, you know, people have become to realize, it is not only the micro, but also the small and medium-sized enterprises that also need a host of products to, you know, develop, to invest, so that they can actually employ more people. So I think the understanding is there. I think now 50 countries have learned the national strategies for financial inclusion, which I'm extremely proud of. 56 countries, yeah. I've actually stated there, you know, policies for financial education, which is a very important part. I think Peru is a good example, right? Peru is a great example for consumer protection and for financial education. And what I think is very exciting is that nowadays, countries are learning from each other. I think Peru, for example, is a very good example of how financial education can actually help demand and help the stability of the whole sector. You see actual results. We see actually, there's actually Tanzania. I visited Tanzania when they had 20% of the population included, financially included, and they stated a sort of national strategy for financial inclusion and they went from less than 20% to 57% in four years. Four years. Surpassing their own target of 50% in 2016. So it's very exciting. And I think that would also... We've had a fantastic innovation that nowadays I can send money to you with a mobile phone, which makes it really very accessible and very affordable for people to do and to have. Without the middle man and have, you know... Without the middle man, Without the brick and mortar bank of actually having to be there with, for example, this very little population in a rural area, nowadays you can do it with a mobile phone and that opens a huge amount of opportunities to actually give that person through their mobile phone different types of products. It empowers people. And that will empower people. And that will include it in the economic system and I think that's very exciting. Having all that new technology also opens a window of opportunities also for insurance. What can insurance supervisors do? I mean, a lot of these people are watching this videotape. What can they do in this field? Well, data. Facilitate data to actually examine risks better, to understand the market and the client's better is extremely important. I think trying to talk to the private sector and entice to sort of go down market is also very, very helpful. And third, be open to innovation. Because I think, you know, a lot of them are. And I think that the organizations that we now all gather together has been very open to innovation. And they've been themselves as a standard-setting body. They've actually been partnering with implementation partners to see, you know, how different innovations take practice in given countries. So I think that be open to innovations like mobile money is one innovation and a lot of central banks have been very open. And I think that in terms of designing new products for people like this Rio de Janeiro example, or even having new types of distribution like with mobile money, we have to be open for innovations because otherwise we're not going to make it to those 2.5 billion plus adults. What would be your central message for the people in this conference? I mean, if you have just one message you could convey? I think the standard-setting bodies have done an incredible amount of work on the financial inclusion area. And I've seen the growth of interest in this area. I mean, they have changed their core principles. They have actually written guidelines. And so that's very, very positive. I think it'd be fantastic if they continue to do so. I think it'd be great if they could, you know, partner with implementation people so that they can actually see how we can improve the guidelines even further to actually even make it, you know, on the practical perspective, you know, more helpful. And like I said, data, education, being innovative and trying to help people to learn from each other. So that has been achieved a long way to go? I think that we have a long way to go, but we've actually done a lot already and I think that we should continue on this path. Thank you very much. Appreciate it. Thank you.