1 2 3 4 5 Innovation DNA Innovation as an ecosystem play Not every business has the resources to open a dedicated innovation The Collaborative facilitates joint development of DLT use cases hub or make big bets on insurtech investment. But all can translate the and creation of shared services between a community of insurance innovation attitude and mindset into their own strategies. Plus, there carriers, reinsurers, brokers, and agents. Based on proof of insurance are some problems that will be best solved through ecosystem-based and first notice of loss use cases in auto personal lines, the RiskStream innovation strategies, be it those venture-backed partnerships, academic Collaborative estimates its members could save between $19 million research engagements or relationships with other companies. and $68 million in the first year of use and between $99 million and $277 million in year three by implementing blockchain applications 57 in the US market. The Institutes RiskStream Collaborative, an initiative from more than 40 members of The Institutes—a non-profit knowledge partner for the risk and insurance industry—shows how this approach could benefit the Innovation, then, is evolving. Success in the future means constantly industry and its customers. The members of the consortium are working exploring what’s ahead, around and inside of the business. Insurance together to develop DLT use cases and solutions for the wider industry. leaders will seize opportunities through each of today’s innovation building blocks and form their own unique innovation DNA. Those that do will thrive in the next wave of industry transformation. 56 Technology Vision for Insurance 2020 | We, the Post-Digital People