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INNOVATION
New York Life CIO talks AI, cloud, cybersecurity, and data.
New York Life | July 3, 2023
Chief Information Officer Bill Cassidy recently discussed New York Life’s ongoing innovation efforts to further create modern experiences for the company’s customers and agents with new enterprise tech publication Runtime. In “How New York Life is planning for life after the data center,” Cassidy highlighted several key focus areas, including the team’s emphasis on generative AI and modernizing cybersecurity capabilities in concert with moving compute and data into the cloud.
Concerning data management, he explained that insurance has always been a data-driven business. He noted, “We collect, consume, and store unbelievably large volumes of data." However, "data quality and insights from data are not something that you achieve by chasing data itself. You get the data and validate the insights by fixing other fundamental things," first and foremost making sure that business goals and technology goals are jointly developed.
"We are fundamentally challenging the multiyear strategy we have from a business perspective to see if there's a different way that we can look at solving those problems through generative AI." —Bill Cassidy, Chief Information Officer
—Bill Cassidy, Chief Information Officer
On the topic of AI, he said, "I think really what the step function change is going to be is on the insight generation, not on the data management side." He explained that New York Life has plunged into the generative AI era and how the company overall, with some internal restrictions in place, is encouraging employees to use generative AI tools to solve business problems and move more quickly.
Cassidy added, "We are fundamentally challenging the multiyear strategy we have from a business perspective to see if there's a different way that we can look at solving those problems through generative AI in the interest of leapfrogging and accelerating our modernization."
Read the full article here.
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