New York Life | February 14, 2022
The loss of a loved one often leaves families grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow.
To provide support for both the emotional and logistical challenges that follow a loss, New York Life recently launched a concept partnership with Empathy. Empathy provides families with access to the information, guidance, and services they need after losing a loved one.
Combining technology and human connection, Empathy simplifies end-of-life bureaucracy, minimizes tedious tasks, and automates processes involved in the administration of an estate, so families can focus on mourning and being there for each other. Empathy also offers human support to provide users both emotional and practical assistance, creating a hybrid experience to help families navigate arrangements and grief.
"We strongly believe in the role that trusted human guidance, empowered by technology, plays in delivering long-term financial security and peace of mind."
Head of Business Development, New York Life Ventures.
As Empathy CEO Ron Gura explains, “There’s no doubt that logistics are made hard by grief and grief is made harder by logistics. Technology can ease the burden.”
Sean Madgett, Head of Business Development for New York Life Ventures, notes, “We strongly believe in the role that trusted human guidance, empowered by technology, plays in delivering long-term financial security and peace of mind. To us, providing peace of mind goes beyond insuring a family’s financial stability and includes helping to insure a family’s bond, values, and legacy. This FamTech thematic focus aims to leverage those tools that support the strengthening of a family’s fabric.”
For almost a decade, New York Life Ventures has connected New York Life business units with startups to accelerate the pace of innovation for the benefit of the company’s policy owners. The FamTech theme involves a range of startups, including Empathy as well as additional examples discussed below*:
In partnering with startups that combine the best of technology with the power of human connection, New York Life aims to strengthen a family’s fabric and to continue to put policy owners first, evolving the life insurance industry in the process.
Founded in 2012, New York Life Ventures is New York Life’s strategic Corporate Venture Capital unit focused on investing in promising venture startups and select funds, exploring new technologies, and impacting the pace of innovation and competitive advantage for New York Life. The unit is comprised of three highly interconnected functions: Venture Investments, Business Development, and Innovation Services and is headquartered in the Flatiron District in New York City.
*Empathy, Storyworth, The Helper Bees, and Pivot are not affiliated with New York Life. Empathy’s service is provided at no cost to eligible New York Life beneficiaries. New York Life policy owners are offered a discounted price for a Storyworth subscription. New York Life uses The Helper Bees for the provision of administrative services including billing and timekeeping. New York Life Ventures is an investor in Pivot.
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