How the Strategic Businesses support New York Life’s success, growth and innovation

BestWire recently spoke with New York Life EVP and Head of the Strategic Businesses Alain Karaoglan about AI, New York Life’s diversified business model and the role the Strategic Businesses play in supporting the company’s growth, financial strength, and ability to deliver value to policy owners.

Karaoglan discussed how New York Life’s Foundational Business is complemented by a diverse portfolio of seven Strategic Businesses spanning investment management, group benefits, institutional life insurance and annuities, direct-to-consumer insurance, affinity solutions, and insurance in Mexico. Together, the Strategic Businesses generate approximately half of New York Life’s earnings while extending the New York Life brand into additional retail and institutional markets, diversifying risk, and generating excess capital that supports the company’s financial strength and policy owner dividends.

The interview also highlights another important role of the Strategic Businesses: accelerating innovation, sharing learnings and capabilities across New York Life. Karaoglan discussed the company’s approach to AI, including providing enterprise ChatGPT to all employees and agents. “This way you get 12,500 innovators and experimenters learning about it,” he said.

Karaoglan also emphasized the importance of identifying areas where AI can meaningfully benefit the business and then developing capabilities that can be adapted and reused across New York Life. The article highlights Group Benefit Solutions as one example of how the company is looking beyond individual productivity gains to reimagine broader processes and improve how we serve customers.

You can download a pdf of the story here.