9Insurance Business ReviewOCTOBER 2025We endured a challenging cyber incident a few years ago. In situations like these, achieving the right outcome within a compressed timeframe is critical, with a lot at stake. Our executive leadership team remained focused on a thorough and rapid recovery. Our broker team accepted the challenge and partnered with us through all aspects of the incredibly complex claim, as well as the subsequent post-loss renewals. Despite the many twists and turns along the way, the relationship built with our cyber broker has grown and enabled us to arrive at a very positive point in the journey of our cyber risk program. Personalities and work styles matter within a team. I've worked with C-suite leaders who emphasized the social aspect of the broker-company relationship, valuing it as highly as performance. . I have also worked with leaders who prioritize efficiency and speed in achieving the ideal outcome.Understanding your C-suite culture and your company's priorities as they exist today-- not 5 years ago or even 5 months ago will help you select, build up and retain the best broker talent to help your risk team meet and often exceed your goals. Transparency Being transparent and fostering open communication is key to an empowered broker-client relationship. Part of this means holding your team and the broker accountable to the same standards and level of excellence. Challenge your broker to bring new and innovative solutions to the table and engage in healthy debate for growth. Continually ask why and welcome the same question in return from the broker. When necessary, be prepared to make tough calls. Recently, we made the difficult decision to move a line of business from one broker partner to another. A shift like this is never easy and takes careful consideration. The current team wasn't hitting the mark after attempts to rehabilitate and we had to deliver the hard news that we were making a change. Our approach brought clarity, which in the end made us and our partner feel good about the outcome. By employing the Three T Pillars, the overall partnership has grown and strengthened. By fostering an empowered broker-client relationship, you will create a successful risk mitigation strategy for your organization. Heather C. Pegram
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