New York Life | December 2, 2022
New York Life Ventures (NYL Ventures), the corporate venture capital arm of New York Life, recently surpassed $1 billion in assets under management and 250 proof-of-concept (PoC) tests as the team marks 10 years of partnering with startups and accelerating the pace of innovation at New York Life.
The team’s ability to deliver top investment performance while facilitating an average of one PoC test every 2.5 weeks over the last 10 years is deeply rooted in the group’s integrated business model and a trusted network of partners nurtured over the last decade.
Operating well-ahead of the coining of “InsurTech,” NYL Ventures has a longstanding track record of connecting a wide variety of tech startups to New York Life. The team’s strategic partnerships go beyond those focused on the business of insurance specifically to include visionary entrepreneurs building financial services-related technologies, as well as industry-agnostic capabilities across data and analytics, cloud architecture, and cybersecurity.
In addition to connecting New York Life with the agility of the startup community, the NYL Ventures team also drives innovation and growth mindsets across New York Life. This includes supporting internal strategic initiatives using human-centered design principles and techniques.
As Joel Albarella, founder and head of NYL Ventures explains, “Innovation is a journey, not a destination, and our opportunity for innovation continues to go parabolic. We would not be in the position we’re in today and making the impacts we’ve delivered without the strong support of New York Life and the long-term orientation enabled by the company’s mutuality. The future is bright and NYL Ventures will continue to invest and test with the startup community to support New York Life’s ongoing innovation journey.”
Learn more about NYL Ventures’ first decade here.
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