Revisions to our outsourcing and risk management in technology policies in recent years encourage various forms of digital partnerships to be explored, with a focus on understanding the nature of risks, having in place effective controls and being facilitative of the innovation. We continue to review the relevance and applicability of these policies to ensure they remain fit for purpose. For the industry, it is important for traditional players to continuously explore partnerships with various institutions such as startups, corporates and behavioural research centres, to create innovative products that incentivise prevention, healthier living and greater quality of life. At the same time, traditional intermediaries will also have to consider how the evolving nature of partnerships would affect their business practices and pivot accordingly to remain competitive. Closing So, let me now conclude. Much like how boundary spanning individuals became a focal point for innovation shaping the post-WWII era, the insurance and takaful industry is well positioned and empowered to lead today's innovation forward. In fact, the impact of boundary spanning individuals expands beyond just innovation benefits. An entry in the Stanford Science Social Innovation Review last year highlighted how boundary spanning individuals are also powerful change makers in engendering trust and promoting equity, particularly among underserved communities, given the expertise and understanding of the communities they serve. In the same way, I believe that all here today will carry the role of innovators not just with commercial interest in mind but also in pursuit to benefit the communities we serve.

As such, an important priority is the development of a centralised data exchange platform by the industry in collaboration with key stakeholders in the medical ecosystem. Such a platform will not only facilitate the standardisation of medical claims data, but enable the industry to transmit and analyse data in a more systematic, efficient way over the longer term. On a broader scale, we are committed to developing the building blocks necessary for an open data ecosystem in the next five years. The first step we are currently taking together with the industry is to identify high-impact use cases. Given the diversity of innovators in the room today, I welcome interest by the fintech and insurtech sector to approach us directly or via your industry associations to propose impactful use cases that will act as a springboard for the development of common data sharing standards. Redrawing the frontiers for greater efficiency The second critical area is on how innovation has the potential of redrawing the efficiency frontier. Sean Gerety, a user experience or UX expert, shared this insight on innovation: "The technology you use impresses no one. The experience you create with it is everything". The protection journey moving forward goes beyond just 'quote to claim'. It must anticipate and fulfil multiple needs of consumers in a more efficient way. While we do see efforts made by existing players to transform manual claims processes with technology, there is room for improvement in Malaysia. The process of buying and claiming insurance remains cumbersome for many.