New technologies, new business models can transform and change existing insurance companies and create opportunities for new businesses to emerge. Thus far, these technologies I've been talking about they're kind of blue sky, they're blue ocean, they're really out there. They may be so far away that it might take us a couple of years to develop these or might take a decade, but things are happening faster than we ever could have imagined. The capabilities of cars are improving dramatically. The number of shared peer-to-peer systems are improving dramatically. Block chains, if you'd gone back ten years ago, you would have said, this is a toy or this is something that isn't that popular, isn't likely to be used, we're now paying a lot of attention to it. So, these technologies are coming into our lives faster than you might expect and they are disruptive. When we look at startups, there are more than 1,000 InsurTech startups. Some are basically just FinTech and insurance, they're on the consumer side and they're not that radically transformative. Some are looking at fundamental changes and impact to insurance industries that may be disruptive, may be very harmful to existing players who ignore these technologies. Some of the categories in which firms are competing if you look at InsurTech market spaces, how you would define all these startups, there are more than 100 firms looking at the automotive insurance market. Some just looking at making your car insurance more convenient. Some looking and saying, can we do innovative creative things with smart cars or with the feedback from cars? We're looking at employee benefits and the insurance related sides associated with that, some of it is RedTech or just reducing cost of compliance. Some is rethinking, how do we connect with and provide services to employees across the firm and integrate benefits into other aspects of the firm like accounting? Enterprise and commercial applications for InsurTech, another almost 100 firms in that space. Health and travel and the reason we put travel in with health in this context, as much as the travel is health related travel issues. You're traveling, you get sick or something happens and you have to cancel your flight because you're sick or something. They're often health related and so, many of these travel insurance kinds of schemes have something to do with health, but that's over 100 firms. In research, in education, or intelligence, business intelligence, a lot of companies trying to help insurance companies get smarter, or consumers to get smarter, or firms looking at this space to have better ability to analyze data, better able to understand risk and market. On the retail side, lots of firms. Now this is traditional FinTech and so, there's lots in the market space and retail marketplace and retail. Lot of transactions and how can we make insurance more convenient? If I were to say, is that a separate field from FinTech? No. It is InsurTech, but it's also very, very clearly FinTech, right in the center of the consumer side of FinTech. Peer-to-peer insurance, not that many companies, but potentially very damaging to insurance companies, so an interesting space to watch. Backend and reinsurance, really matters to insurance companies. Potentially, very high business, very much a concern to regulators, and trying to think about what's the risk these companies are taking, because these are the companies taking the risk that the insurance companies who are doing the reinsurance don't want to take. This is where you can find an AIG meltdown leading to a financial crisis and so, an area of concern. Then there's a number of other areas and new products. Lots of activity, lots of startups, and potentially interesting disruptions. That's your InsurTech world. Thank you for your time.
