Yesterday Berkshire Hathaway Specialty Insurance (BHSI) announced an expansion of its multinational capabilities including the adoption of a permissioned blockchain solution developed by ChainThat. BHSI can deliver insurance services to 178 countries.
BHSI adopted WorldLink to improve the efficiencies of the workflow for its multinational business. Worldlink is now used for 95% of its global insurance and is based on the insurtech ChainThat’s Beyond Multinational Programs platform. ChainThat estimates a potential 30% reduction in costs through efficiencies from its SaaS offering.
During the enterprise blockchain boom of 2018, insurance appeared to be one of the most promising business sectors. One of the key benefits of distributed ledger for corporates is enabling a single source of truth without yielding control. Sharing data in a permissioned manner reduces the time wasted in reconciliation. Insurance combines several parties (insured, broker, underwriter, reinsurer) and lots of changes (coverage, claims) making it essential to share data efficiently. The situation gets even messier for multinational business.
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