Professional Education Case Study - Catholic Financial Life

According to Deloitte, insurance is likely to be disrupted by blockchain technology. After hearing about the rapid rise of Bitcoin and other cryptocurrencies in late 2017 as well rumblings from peers in the insurance industry, Catholic Financial Life (CFL) recognized it needed to understand blockchain and determine how it might impact their relationships with customers and partners.
CFL then hired Euphrates to answer the the following questions:

  • What is blockchain and why should we care?
  • What are the developments and how might that affect our business environment and relationships down the line?
Euphrates hosted a 1 hour “Lunch and Learn” on blockchain and its insurance applications with 40 of CFL’s employees, followed by an in-depth Q&A.

Key Takeaways

  • The employees now understand what blockchain is, it’s first principles, and why it’s disruptive, enabling CFL to keep a pulse on the opportunities in their industry and competitive environment
  • As insurance startups, peers, and reinsurers begin to utilize blockchain technology, Catholic Financial has the ability to understand the developments as they relate to their core business in 2018 and beyond.
“Alec and Davis did a great job of presenting an overview of blockchain and its potential impact on the insurance industry. Many of our attendees had never heard of Blockchain so we really needed Euphrates to parcel out only what we needed to hear. Blockchain is such a complex technology and we appreciated that it was explained in language that we could understand.”