The expertise of New York Life Ventures was on full display at last week’s Global Insurtech Leaders’ Summit. Not only did New York Life Ventures head Joel Albarella join a panel of venture capital and corporate venture capital colleagues to discuss “The U.S. Insurtech Investment Opportunities,” but Elizabeth Yenko, who leads the team’s Innovation Services group, also contributed her insights to a discussion on “The Importance of Cultural Change in Innovation.”
Joel noted that while New York Life Ventures is regularly learning from start-ups working to disrupt the insurance space, the team finds the most compelling investment and partnership opportunities in those start-ups with the potential to deliver enabling and adjacent technologies into New York Life’s existing value chain. In some instances, start-up founders building these types of technologies only come to understand their significant relevancy to the life insurance space when our team connects the dots for them.
Pictured above: Joel discusses the unique value proposition of corporate venture capital teams.
Joel also highlighted corporate venture capital teams as being uniquely positioned to serve as accelerants of growth for start-ups due to their ability to offer much more than just capital investments.
Elizabeth shared how the work of the Innovation Services team is rooted in the belief that all employees have the potential to approach their work differently. Best capitalizing on the start-ups being introduced into New York Life requires internal nurturing of a mindset and culture marked by an openness to experimenting and innovating.
Describing the work of the Innovation Services team as much more of a marathon than a sprint, Elizabeth explained that no one group can control innovation and that, instead, her team delivers value by leading initiatives that engage employees and enable them to exercise different muscles in new ways.
Together, Joel and Elizabeth powerfully spotlighted the various ways that New York Life Ventures is accelerating the pace of innovation at New York Life to ultimately benefit our policy owners, agents, and employees.
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