(BRK.A), (BRK.B)
Berkshire Hathaway Specialty Insurance has recently implemented significant enhancements to its multinational capabilities, marking a strategic move to better meet the evolving needs of its global clientele.
Under the leadership of David Valzania, Head of Multinational at BHSI, the company has expanded its reach by bolstering its partner network, augmenting its internal team of multinational experts, introducing new multinational products, and integrating a cutting-edge technology platform to elevate service standards.
BHSI has grown its partner network extensively, enabling the provision of BHSI-level service in an impressive 178 countries. The internal team of multinational experts has also seen expansion, with dedicated professionals now operating in 13 cities worldwide. Notably, BHSI has diversified its multinational capabilities to now include surety bonds, further enriching its portfolio to address diverse client requirements.
A pivotal advancement in BHSI’s technological landscape is the adoption of WorldLink, a comprehensive digital solution designed for managing and servicing multinational program business. This innovative platform has significantly enhanced workflow efficiency by unlocking bandwidth and ensuring scalability throughout the organization. Remarkably, BHSI now conducts 95% of its multinational business transactions through WorldLink.
Collaborating with London-based insurtech ChainThat, BHSI leveraged the Beyond Multinational Programs platform to conceptualize and develop the WorldLink solution. The distributed ledger-centric nature of ChainThat’s platform contributes to consistency, compliance, and transparency in multinational transactions.
According to David Valzania, this collaboration empowers BHSI to seamlessly coordinate and collaborate across local underwriters, producing offices, and network partners, streamlining the execution of multinational programs.
In essence, these enhancements underscore BHSI’s commitment to delivering best-in-class multinational programs and services. The strategic expansion of its capabilities positions the company at the forefront of the industry, ready to cater to the dynamic and evolving needs of its global customer base and distribution partners.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.