Insurance Business ReviewOCTOBER 20258Heather Caudell Pegram is the Global Director of Insurance Risk Management at Hanesbrands Inc. (NYSE: HBI) She earned a Bachelor of Business Administration from Western Carolina University and holds an Associate in Risk Management (ARM) designation. She is a former Certified Professional Healthcare Risk Manager (CPHRM). She joined Hanesbrands in 2020 and provides leadership over HBI's multinational insurance and risk program. Prior to HBI, Heather was Director of Corporate Insurance Operations at Novant Health, Director of Risk Management at S&N Communications and Senior Analyst/Claims Manager at Volvo Trucks North America. She has held positions in brokerage as well as claims/litigation management and has served as an industry mentor, panelist and board member. When not tackling the risk adventure of the day, Heather is a middling equestrian, an avid reader and frequenter of North Carolina's beautiful coastline. EMPOWERING BROKER RELATIONSHIPS: A CLIENT'S PERSPECTIVE By Heather C. Pegram, Director, Global Insurance Risk Management, Hanesbrands Inc.As the leader of the global insurance risk management function at Hanesbrands Inc., I have the privilege of working with two talented broker teams across various aspects of our program. We have curated these dynamic teams to represent the best in the business to support the needs of HBI. We've done this through Trust, Teamwork and Transparency ­ the Three T Pillars of a successful broker-client partnership. TrustEmpowering your broker relationship begins with choosing and developing the right brokerage team. Partnering with a broker to strategize potential financial outcomes for your company requires a trusted advocate. How can you accomplish this? Thoroughly research and vet your broker partners, invest time in building the relationship and course-correct when needed. At HBI, we interview each broker participant on every facet of our program. Along with this, the broker must be a professional who is respected within the broader community of underwriters, claims professionals and other partners to your program. When an inevitable challenging loss occurs, the investment in a trusted partner who is well-networked will save time and money. Teamwork What are your company's goals? How have they changed over the last six to 12 months? How can you best inform and subsequently empower your broker to support these goals? Regular check-ins ensure that both broker and client teams stay aligned as the program evolution. This is not simply time to go through a rote checklist of to-dos for your broker but to hold yourself and your team accountable for the deliverables and the partnership. Everyone should be contributing to the program's success equally. The teamwork aspect also involves being an ideal client. What does this mean? It means maintaining high standards while remaining collaborative and fair. Be willing to listen to alternative perspectives. And when clients celebrate the broker's wins, it goes a long way in strengthening the partnership, whether it's achieving targeted results for an insurance placement, implementing a new solution or stepping up to address an emerging risk or project. In our current multinational program, we have an incredible broker partner coordinating the process. This team member embodies everything that a good partner should: thorough, prompt, extremely knowledgeable and simply a great human being to work with. These exemplary relationships foster collaboration that enables HBI to receive the highest priority when there is an urgent issue or need--while also making work more enjoyable. By fostering an empowered broker-client relationship, you will create a successful risk mitigation strategy for your organizationIN MY OPINION
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