New York Life | July 09, 2022
With New York Life Ventures marking 10 years as New York Life’s corporate venture capital business, Joel Albarella, the group’s founder and head, recently shared his perspectives with Private Wealth in a Q&A titled “How Insurtech Has Altered The Life Insurance Industry.”
Having executed over 65 venture capital investments and worked with over 235 startups to facilitate “proof of concept” tests with teams across New York Life, Albarella highlighted the evolution of InsurTech and the human element continuing to play a central part in life insurance.
“Within InsurTech today, there are many technologies with relevancy to insurers that aren’t focused on the business of insurance specifically speaking, but more on the operational aspects of running large and long-standing organizations regardless of industry vertical,” explains Albarella.
“Of course, we also very much recognize the importance of the advisor, the policy owner, the beneficiaries, and the families involved and strive to do our part in setting a new standard for what the customer experience could and should be: more seamless, customer-centric, and digitally enabled.”
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