Joel Albarella, head of New York Life Ventures, talks about New York Life’s corporate venture unit as a mechanism that manages and builds the connective tissue for innovation within the organization. Some key points:
- New York Life Ventures’ mission: accelerate the pace of innovation at New York Life, started in 2012.
- Finding technologies in which to potentially invest and coupling that with the opportunity for strategic value creation within the business.
- Two new recent additions:
- R&D Lab – actually developing new technologies for use across the business.
- Innovation Services function promotes innovation mindset from the bottom up, helping empower leadership to promote innovation across the organization.
- Getting eyes and ears outside the walls of New York Life was key.
- Leveraged customer engagement models that are non-financial services and non-life insurance oriented.
- We take a bottom up approach, but also with support, overarching messaging and resources from the top of the organization.
The ultimate goal is to bring the right technology to the right individuals within the organization and support them with resources to get to insight as quickly as possible.