and productivity. in this regard, time and effort saved from less handling of cash and cheques can be directed to more productive tasks such as to increase sales, even by usage of whatsapp. second, increasing your digital accessibility to prospective clients. for a long as i am aware, the agency force has always dominated the insurance distribution 2 / 4 bis central bankers'speeches channel. in 2017, there was a total of over 56, 000 agents constituting a market share of approximately 63 %. irrespective of whether in general or life insurance, the agency force has traditionally been the physical point of contact and engagements with clients. but, with the internet and improved access amongst a growing number of the malaysian population, online insurance solutions will not only become more viable, but also easier to adopt. in this, the agency force cannot afford to stagnate. other industries with heavily digitalised services, like the air travel, hospitality and retail sectors, have elevated the digital literacy of the malaysian population and improved their appetite for efficient delivery and transparent pricing of services. in this sector, there remains significant untapped demand for general insurance products as a whole. the low penetration rate of 1. 4 % for general insurance, which is measured in terms of premiums as a share of the nation ’ s gross domestic product, is actually symptomatic of this. thus, agents who move quickly to improve their digital outreach will have a first mover ’ s advantage and are likely to gain a growing group of digitally literate malaysians. thirdly, conducting robust suitability assessment for customers. one thing worth emphasising repeatedly is this ; financial services offered must be suitable to the needs of the customers. while the bank ’ s guidelines on product transparency and disclosure attempts this by stipulating the ‘ rules of the game ’, we look to insurers and the agency force to ‘ play ’ according to these rules and seek out ways to achieve the outcome of ensuring consumers obtain financial services that are suitable to their needs. agents should develop their individual capacity to analyse customer requirements to identify their needs and develop risk profiles to match them with suitable products or combinations of products. for example in the case of motor insurance policies, agents should create awareness on optional add - on covers that are available and underwriting factors that will affect motor insurance premiums. appropriate profiling of a customer can be crucial in helping agents identify customised product recommendations efficiently. finally, perhaps i should bring your attention to

zeti akhtar aziz : growth and development of the world economy welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the official opening of the world bank group knowledge and research hub in malaysia, sasana kijang, kuala lumpur, 28 march 2016. * * * it is my great honour to welcome the distinguished senior leadership of the world bank group, dr axel van trotsenburg, vice president of development finance ; and dr kaushik basu, chief economist and senior vice president, to the master lecture on'shared prosperity'by dr kaushik basu. the lecture is held in conjunction with the official opening of the world bank group knowledge and research hub in sasana kijang later this afternoon. as we meet today, the global economy is confronted with an immensely challenging environment. a slower than anticipated growth in several major economies, the sharp decline in commodity and energy prices, the significant shifts in global liquidity, and the heightened geopolitical tensions are having far reaching and widespread implications. going forward, the challenge for both the advanced and emerging economies is to lift growth trajectories and search for sustainable growth factors that can rebuild economic fundamentals, address structural vulnerabilities and forge new sources of growth. key is the " sustainability " and strengthening of the growth and development of the world economy. an important aspect in this process is that economic growth and development, no matter how stellar, will begin to fade when inequality sets in and when income disparities widen. experience has also shown that financial crisis and economic recession entrenches the cycle of poverty. during a financial crisis, the poor lose their income by several times more compared with the average household. we saw this happen during the recent global financial crisis, and we also saw how many that were displaced suffered " hysteresis " thus deeply affecting their income prospects. we also risk facing a severe setback in our fight against poverty. in the more recent years, the international community has accorded greater attention to addressing this agenda and to achieving more balanced and inclusive growth. malaysia, while achieving growth and progress since the 1960s has always given attention for it to be a shared prosperity. given the role of the financial system in facilitating this, bank negara malaysia has always given priority to the financial inclusion agenda to not only bring the underserved segments of society into the financial mainstream but to promote a more effective participation