At a recent IBM-hosted event at Bloomberg headquarters in New York City, New York Life Head of Strategic Capabilities Alex Cook discussed the company’s modernization efforts. The event, titled “Intelligent Automation: Transformation in a Time of Uncertainty,” highlighted the many ways that organizations are successfully leveraging the power of artificial intelligence (AI).

On a panel alongside ADP’s Chief Data Officer and New York Genome Center’s Chief Information Officer, Cook explained New York Life’s focus on innovating to best support individuals in receiving holistic advice and guidance from the company’s agents and advisors so that they can protect their loved ones and prosper.

“As a mutual life insurer without any public shareholders, it is very important that we’re doing things effectively while also being sure that we’re managing risk well.”

—Alex Cook, New York Life Head of Strategic Capabilities

Cook noted that in implementing AI across the organization, New York Life has maintained a strong focus on the importance of people. Individuals often want to talk to a person when they have complex insurance and wealth management needs. In response, the company continues to lean into a human-centric approach, using automation and data to enable a seamless end-to-end process. This starts with digital fact finding and aggregation and using models to deliver holistic solutions.

Improving the life insurance purchase experience

New York Life’s use of digital health data, AI’s ability to gather information from both structured and unstructured data and convert it into a useable form, and predictive models have turned what was once a multiweek underwriting process into one that delivers underwriting decisions in days, if not hours. As Cook explained, “As a mutual life insurer without any public shareholders, it is very important that we’re doing things effectively while also being sure that we’re managing risk well.”

Concerning New York Life’s increasing use of generative AI, Cook explained the significant opportunity to continue to enhance many of the models and capabilities currently in place and to ramp up active use cases across underwriting, service, hiring, and beyond to ensure that New York Life remains a modern, thriving business. He said, “The pace of change is rapid and it’s exciting. We’re on an exponential curve with many of these developments and we’re all actively thinking about what this means over the next several years. Our immediate focus is on how we bring these capabilities in to enhance what we do. Looking ahead, there will be more and more implications. It will be fascinating as we get even more capabilities embedded.”

View the full panel discussion here.

 

MEDIA CONTACT
Kevin Maher
New York Life Insurance Company
(212) 576-6955
Kevin_B_Maher@newyorklife.com

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