Insurtech Insights: New York Life brings its A(I) game.

More than 5,000 people from across the insurance industry gathered at New York City’s Jacob Javits Center on June 5 and 6 to connect and discuss innovation at the intersection of insurance and technology. The annual event, Insurtech Insights USA, featured over 400 speakers and panelists – including three from New York Life – and covered an array of topics. Not surprisingly, artificial intelligence (AI) dominated the agenda as it did the previous year. As part of this, data governance, privacy, talent, and the customer experience were all hot topics.

New York Life was well-represented by Alex Cook and Don Vu, both of whom were featured in one-on-one fireside chats, and Sean Madgett, who appeared as a panelist. Here’s what they talked about.

Enhancing Client and Agent/Advisor Experiences through Data, AI, and Human Touch

Head of Strategic Capabilities Alex Cook discussed the cultural shift underway at New York Life to being a more agile, tech-led company that delivers more seamless experiences for policy owners and agents. Speaking to the company’s many uses of data science, artificial intelligence (AI), and generative AI (GenAI), Cook emphasized the company’s focus on responsible and ethical AI use and on continuing to place humans at the center of decision-making and providing holistic advice and guidance. “AI augments what we do and enables people to do what they do best – lead with empathy and develop relationships that deliver lasting impacts,” he explained.

Navigating the AI Tidal Wave: Crafting a Synergistic AI & Data Strategy Amidst Exponential Change

Chief Data & Analytics Officer Don Vu highlighted agility across workforce, processes, and technology as key to unlocking the power in data. He recommended focusing on the business problem one is trying to solve and working backward from there. “GenAI has encouraged people to open their minds to what’s possible,” he noted. “The virtuous cycle of data feeding AI, which in turns feed the business, creates opportunities for systems-level disruption with new capabilities that have never before been available.”

Mind the Gap: Bridging the Insurtech/Carrier Divide

New York Life Ventures’ Sean Madgett flagged the importance of insurers bringing in outside partners, especially insurtechs, to help approach challenges in new ways. “There are a lot of fresh perspectives focused on insurance and trying to bring the industry forward,” he said. “There’s a notable gap between today’s customer experience and what consumers want and expect. There’s significant opportunity for insurtechs to help insurers close that gap by partnering together.”

Learn more about the innovative work underway at New York Life here.

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