Transcript: IFRS 17 is about bridging actuaries and accountants. This is something that everybody repeats but it’s only once you get into the details of how this process will work that you understand the challenges. Actuaries have always been working with certain systems and processes that are not really integrated with accounting. Accountants, likewise, have been using general ledgers, financial consolidation, are used to do disclosures of financial statements but they don’t have an actuarial view of the valuation of the liabilities. This bridge, therefore, is suffering from the problem that they are organized in silos, they don’t have a concept of looking at the data in the same way, there is no data integration, they are really two different worlds. IFRS 17 requires them to build this bridge. This process of moving from one end to the other one. And in the middle of this process, you have this well-known contractual Service margin calculation that requires expertise from both worlds. That is something that is not easy to do if just one of the two worlds prevail. Because you have new requirements for example, the contractual service margin (CSM) at first looks like a simple formula to calculate. So it could be something that is not considered so complex to calculate but underneath you have increasing data volumes compared to what they are used to because of the IFRS 17 Level of aggregation requirements for example that require a finer level of granularity, new charts of accounts… A number of things that require strong data management capabilities. That makes the CSM calculation not easy to manage. And at the same time, there is a second aspect: Do you want to get value out of IFRS 17 or do you want to be compliant (minimal effort)? Obviously, the first one makes sense but what kind of value can you extract? If, in the process of calculating the CSM you’re able to do analytics, like scenario analysis, like sensitivities on specific factors having the possibility to project forward the profitability profile in an easy way, in an environment where actuaries and accountants can share the same numbers: At the point, you begin to extract insight. You begin to extract value.