Life Accelerated
May 25, 2022
Why Data Is the North Star at New York Life
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Consumer expectations have shifted, and digital experiences are a prerequisite.
The life insurance industry has been slow to innovate. Head of Strategic Capabilities Alex Cook discusses how New York Life has bucked the trend and led the industry in digital transformation, including agile development and artificial intelligence. Cook explains how investing in and partnering with technology startups have helped them meet modern customers’ demands.
Learn how data science has played a pivotal role in helping New York Life customers prosper.
More episodes from Life Accelerated
Nov 8, 2023
Innovating Insurance to Empower Families with Fred Tavan, SVP and Chief Pricing Officer of Legal & General America
Legal & General America is one of the nation's strongest life insurers, ranked number two for term life insurance providers in the US. Their sole focus is to safeguard families' financial well-being — and it has been for more than 70 years.
Fred Tavan, SVP and Chief Pricing Officer at Legal & General America joined the Life Accelerated podcast to share the importance of constantly reinventing yourself to stay ahead in a rapidly changing world, Legal & General America’s mission to offer good value life insurance coverage to as many US families as possible, the importance of embracing innovation and an omnichannel approach, and more.
Tune in to hear Fred and Legal & General America’s secrets on how they are taking over the life insurance industry.
Key Takeaways:
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Continually reinvent yourself, embrace change, and seek personal and professional growth opportunities.
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Embrace innovation and disruption to stay ahead of industry trends and leverage new technologies.
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Be adaptable and responsive to market demands to reach and serve customers effectively.
Timestamps:
[00:00] Introduction to the episode
[00:47] Where Fred began in his career and his experiences along the way
[04:28] Who Legal & General America is, and what they’re aiming to do
[05:55] What Fred’s job is, and what it consists of
[08:32] Legal & General America’s omnichannel strategy
[12:05] What Fred sees as the opportunities for disruption and what is the role of innovation in LGA strategy
[14:27] How Fred would summarize the competitive environment for term life
[17:20] How important digital transformation is for reshaping the term life market
[18:20] How LGA has been succeeding in the past couple of years
[19:33] What success looks like for LGA within the next few years
[22:34] If Fred thinks term life as having more of an emphasis on the health and longevity of the policyholder rather than just their mortality
[23:48] Where we can expect LGA to rank in the term life market in the next five years
[24:33] Closing
Resources:
Connect with Fred on LinkedIn: https://www.linkedin.com/in/fred-tavan-022b2b9b/
Learn more about Legal & General America: https://www.lgamerica.com/
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Oct 11, 2023
Revolutionizing the Life Insurance Sales Experience with Hector Martinez, Head of Life Insurance at Equitable
Equitable is a financial service company with a legacy of helping people look forward with courage, strength, and wisdom. This company has established itself as a leading provider of financial advice, protection, and retirement strategies, with 2.8 million clients nationwide.
Hector Martinez, Head of Life Insurance at Equitable, joined the Life Accelerated podcast to share why the life insurance industry needs to adapt and improve its processes to meet the changing expectations of consumers. Hector also discusses how technology, such as AI, can play a crucial role in streamlining underwriting and freeing up underwriters' time to focus on assessing risks, how the role of financial advisors remains important in the purchase and ownership of life insurance, and more.
Listen in to hear how Hector and Equitable are utilizing technology to disrupt the Life Insurance market.
Key Takeaways:
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Use tech guidance, navigation of choices, and understanding of how the product fits into the client's financial plan, and technology is a tool to enhance this.
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AI and advanced underwriting technologies can provide a higher level of self-service and streamline the insurance buying process.
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Despite technological advancements, the role of advisors and financial professionals remains significant in the life insurance industry.
Timestamps:
[00:00] Introduction to the episode
[01:45] Who Equitable is
[02:56] Hector’s professional background and how he got to Equitable
[05:27] How Hector sees technology as a tool in achieving his objectives
[10:06] The various ways Equitable distributes life insurance products
[12:45] Digital transformation can enhance the sales processes
[14:52] The importance of getting life insurance when young
[16:00] Advantages and challenges Hector has been seeing for Equitable
[17:25] How Hector thinks of digital transformation as a competitive imperative
[19:47] Why life insurance companies should empower their advisors to become their very best
[21:38] Hector's view on some of the most important technologies that are shaping the insurance value chain
[23:44] How AI can play a part in life insurance
[25:14] Where digital transformation is taking Equitable
[27:19] Closing
Resources:
Connect with Hector on LinkedIn: https://www.linkedin.com/in/hemartinez/
Learn more about Equitable: https://equitable.com/
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Sep 13, 2023
The Evolution of Principal Financial Group's Digital Transformation Strategy with Ryan Downing, VP and CIO of Enterprise Business Solutions
Principal Financial Group is an American global financial investment management and insurance company who helps people create the kinds of lives they dream about, empowered by financial security and stability. But how do they approach their mission through a digital perspective?
Ryan Downing, Vice President and Chief Information Officer of Enterprise Business Solutions at Principal Financial Group, discusses how technology, automation, and AI can enhance the customer experience, Principal Financial Group’s efforts towards evolving their focus from contracts to customers, the connection between employee experience and customer experience, and more.
Hear how Principal Financial Group is embarking on a digital transformation journey through keeping their customers in the center of it all.
Key Takeaways
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Digital transformation is about shifting the focus from contracts to customers, putting them at the center of business processes.
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Automation and AI can enhance the customer experience, but it's crucial to maintain a balance with the human element.
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A strong employee experience is essential for delivering a positive customer experience. Both are interconnected and drive business success.
Timestamps
[00:00 - 03:45] Introduction to Ryan Downing and Principal Financial Group
[03:45 - 06:39] How Ryan Downing’s Role and Principal Financial Group has evolved over the years
[06:39 - 07:42] Ryan’s perspective on digital transformation
[07:42 - 09:11] How Principal Financial Group has shifted their focus from contract to customer
[09:11 - 12:10] How the employee and customer experience are related
[12:10 - 13:11] How Principal Financial Group creates a customer-centric culture
[13:11 - 15:30] What Ryan thinks the phrase “digital first” means
[15:30 - 19:22] Ryan’s views on the role of AI in a digitally transformed customer experience
[19:22 - 21:28] Principal Financial Group’s most important and recent digital initiatives
[21:28 - 23:28] Ryan’s four indispensable digital transformation initiatives that he’s driving
[23:28 - 27:33] How Ryan sees the role of the human element in a high functioning IT organization as he approaches his job as its leader
[27:33 - 28:39] Closing
Resources
Connect with Ryan on LinkedIn: https://www.linkedin.com/in/cxcio/
Learn more about Principal Financial Group: https://www.principal.com/
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