. in this regard, the insurance industry can leverage on the work of the us based international association of insurance fraud agencies inc., which plays an important role in tracking down the insurance fraudsters. in order to mitigate insurance fraud in the industry, an effective claims information system is critical to enable early detection of fraud. the infrastructure of such a system must support the free exchange of information in a timely manner with access provided on an enterprisewide scale for business intelligence function to facilitate the management and analysis of raw data and the reporting of trends according to specific parameters. the reports would assist insurers and loss adjusters in detecting and preventing insurance fraud and effectively minimize leakages. thirdly, the challenge is in ensuring the health of the entire claims management value chain. the complex nature of claims requires multiple parties with different skill sets and expertise as well as efficiency in service delivery in order for the claimant to receive fair compensation expediently. misconceptions, suspicions and unnecessary disputes must be minimized for the benefit of all parties. this can be achieved by greater collaboration between parties in the claims management chain, beginning with the loss adjuster in the field to the insurer processing the claims. an online electronic platform that supports the integration and alignment of all the different claim processes should include mobile work units that allow loss adjusters to capture and transmit information directly in the field. this platform can be an avenue for the free exchange of information in a timely manner, thereby increasing transparency to an otherwise convoluted process. such sharing of information is to the mutual benefit of all who are involved in ensuring a high level of integrity throughout the insurance industry. in addition, insurers and loss adjusters should also focus on attracting and retaining experienced talent that can be the first line of protection against fraudulent behavior. loss adjusters play a significant role as independent intermediaries in facilitating a fair and reasonable compensation for the insured. due to their investigative capacity, loss adjusters are also in the best position to assist insurers in detecting and preventing fraud, thus contributing significantly to the efficacy of the claims process as a whole. in conclusion, allow me to reiterate the importance of the effective participation of all stakeholders involved in each stage of claims management to ensure high claims service standards and fair treatment of customers. both insurers and loss adjusters must play their respective roles in value - adding to the claims management process for the effective functioning and positive image of the insurance industry in the long

international finance division within the directorate general for economics, statistics and research of the bank of italy. mr pagano has cooperated and co - authored several articles with distinguished institutions, such as : bocconi university and university of california, berkeley. as i emphasised earlier, mr pagano will discuss on the role of productivity on economic growth, in particular, the recent debate triggered by the hypothesis that advanced economies are doomed to experience a long period, why not decades, of slowdown of economic growth and deceleration of welfare improvement. 1 / 3 bis central bankers'speeches i would rather not anticipate the findings in the presentation, but i must say that i feel encouraged by the finding that this hypothesis is likely not to be true. productivity and its role on economic growth has always been a central theme at the focus of the attention at the bank of albania. our studies suggest that, beyond the cyclical fall in the aggregate demand, the economic slowdown in albania, after the crisis, has had a strong structural element. in other words, the reduction by half of the economic growth pace before and after the crisis, shows both the slowdown in the expansion of demand for goods and services, and the slowdown in the capacity of the economy to provide these products. in particular, our studies have found that the degree of expansion of productivity in the albanian economy – broadly defined as the capacity of an economy to utilise labour and physical capital to generate output – is reduced in this period from 2 % to 1 %. for this reason, the growth of productivity has been and should remain a guideline in the agenda of structural reforms in albania. in this context, the conclusion in today ’ s presentation that the currently slow growth in productivity, globally, does not necessary represent a new “ normal ” of the economy, is a further encouragement for the success of reforms in albania. let me now explain this argument in greater detail. first, the albanian economy has been going through a restructuring process of its growth model. among others, this process envisages a higher reliance of growth on export oriented sectors – such as industry and tourism – and a further orientation of financial resources towards the expansion of investments. the shift in financial, human and management resources between sectors of the economy needs time and is followed by a temporary slowdown of productivity. nevertheless, rebalancing the sources of growth – from construction and trade towards industry and export - related services – has already started. this shift is