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THE KEY TO APPROACHING MULTINATIONAL RISKS
by David Valzania, Senior Vice President, Head of Multinational, BHSI 24 Jan
2022
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THE KEY TO APPROACHING MULTINATIONAL RISKS | INSURANCE BUSINESS ASIA
The past 20 months have amplified what we always knew to be true: Global risks
are increasingly complex and interconnected. As multinational organizations
navigate their world of property and liability exposures, whether they do
business in two countries or 200, a well-coordinated and consistent risk
management approach is vital. The fact is, only a handful of insurers have the
expertise, global resources, and financial strength to meet the needs of
multinationals virtually anywhere they do business. BHSI is proud to be among
them.
When assessing a multinational insurance partner, we believe looking at the four
“Cs” is critical:
COLLABORATION
Delivering seamless and consistent multinational insurance solutions takes a
great deal of collaboration and a strong, global network of like-minded
providers. A multinational might operate in a relatively small number of
jurisdictions today, but its near- and long-term growth plans may take them into
many markets. Having a trusted network everywhere that multinational customer
operates now – and may in the future - is half the challenge: That network must
also be closely aligned with a collaborative approach and common service
standards that translate to consistently strong solutions and service for
customers worldwide.
COMMUNICATION
Excellent communication is a hallmark of an effective multinational insurer.
This starts with an earnest desire to understand the customer, its business
needs, and its risks. It takes time and teamwork to understand the complexities
in multinational exposures. Asking the right questions and providing prompt,
clear feedback are critical in managing multinational risks. This is important
during the underwriting process and becomes even more important when claims
arise. Internal communication and well-established expectations among all
partners involved in a multinational program is also critical, so everyone is on
the same page in serving the customer.
CONTRACT CERTAINTY
Most multinational insurance programs involve master policies, typically issued
in the customer’s home country, supplemented by locally issued policies to meet
regulatory requirements and business needs in various countries around the
globe. No matter how a program is structured, what matters most is the certainty
of the terms and conditions in all of these policies – and the expertise and
ability to execute these contracts in accordance with various rules,
regulations, and requirements worldwide. Be sure your multinational team has the
knowledge, reach and resources to deliver contract certainty at policy
inception.
CLAIMS PLANS
While there is never a good time for a customer to be confused about how an
insurer will handle a claim, there is definitely a bad time: when that claim
occurs. For that reason, an effective multinational insurer will take the time
to work out a global claims process and understand the customer’s individual
claims handling needs and preferences early on, at the time of onboarding. And
if the insurer does not automatically offer claim contacts for every country
with local policies, request that information.
Berkshire Hathaway Specialty Insurance has a global network of owned offices and
carefully selected network partners that works collaboratively to provide local
coverage for customers in 170 countries. Everywhere, throughout our global
network, customers see in action our customer-first values, our commitment
to delivering excellent service, and the CLAIMS IS OUR PRODUCT philosophy that
is central to BHSI’s interaction with customers from day one -- when our
customers, brokers, underwriters and claims teammates establish a clear, shared
understanding of what to expect from both policy wording and claim response.
BHSI’s approach to multinational insurance also bears the hallmark of our focus
on simplicity over complexity. As customers must navigate increasingly complex,
interconnected risks, we are collaborating closely and constantly communicating
to ensure contract certainty and help simplify the complex job of managing
cross- border risks.
For more information, please visit: www.bhspecialty.com/bhsi-multinational.
Berkshire Hathaway Specialty Insurance (www.bhspecialty.com) provides commercial
property, casualty, healthcare professional liability, executive and
professional lines, transactional liability, surety, marine, travel, programs,
accident and health, medical stop loss, homeowners, and multinational
insurance. The actual and final terms of coverage for all product lines may
vary. It underwrites on the paper of Berkshire Hathaway's National Indemnity
group of insurance companies, which hold financial strength ratings of A++ from
AM Best and AA+ from Standard & Poor's. Based in Boston, Berkshire Hathaway
Specialty Insurance has offices in Atlanta, Boston, Chicago, Houston,
Indianapolis, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle,
Stevens Point, Adelaide, Auckland, Brisbane, Cologne, Dubai, Dublin, Frankfurt,
Hong Kong, Kuala Lumpur, London, Macau, Madrid, Manchester, Melbourne, Munich,
Paris, Perth, Singapore, Sydney and Toronto. For more information,
contact info@bhspecialty.com.
The information contained herein is for general informational purposes only and
does not constitute an offer to sell or a solicitation of an offer to buy any
product or service. Any description set forth herein does not include all policy
terms, conditions and exclusions. Please refer to the actual policy for complete
details of coverage and exclusions.
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