Janet Coffey is the Enterprise Risk Global Manager of Michaels Stores, one of the largest arts and craft retailers in the United States. With over two decades of risk management experience, Janet is a graduate of Dallas Baptist University and has served as a director of risk management and a risk management consultant. In this episode of the In The Know podcast, Chris Hampshire and Janet explore the world of risk management, Janet’s experiences within the retail sector, and her thoughts regarding the future of the industry and talent development.

 

Key Takeaways

 

• Janet’s unexpected entrance into the world of risk management.

• The appealing and evolving nature of risk management and claims.

• Key changes in the evolution of the insurance industry over the last two decades.

• Janet’s experience as a female leader in the insurance industry.

• The encouraging and needed evolution of the industry.

• Successful strategies for attracting new talent into the industry.

• The value and impact of AI in the future of safety, culture, and the bottom line.

• The importance of getting involved in professional networking opportunities.

• The evolving role of risk management over the course of Janet’s career.

• Changing exposures in the retail space in a post-pandemic world.

• Utilizing information and technology data to make strategic business moves.

• Janet’s advice for anyone considering the risk management track.

• A look to the five-year future of the insurance industry.

• Janet’s advice and insights from the early years of her career.

 

Quotes

 

• “I do believe that the insurance industry is evolving and growing, more on the domestic side than the international side.”

• “I’ve seen growth in the insurance industry in my lifetime, and I’m continuing to see it grow.”

• “When the industry started marketing at the college level, we saw a different level of talent come in.”

• “I’m excited for the new college graduate to come in and be mentored, especially on the customer service side and the growth side.”

• “I think we’re going to be talking about AI for a long time, and the value it’s bringing to organizations.”

• “I would tell people to touch as many things as you can because I think there is a miss in the industry of too much specialization.”