New York Life embraces data and AI for innovation

New York Life, the largest mutual life insurance company in the U.S., is embracing technology to stay competitive. Founded 180 years ago, the company has over a trillion dollars in policies and generates about $58 billion each year. Don Vu, the Chief Data & Analytics Officer, is leading this transformation. Vu has a strong background in data management, having worked in both startups and the insurance industry. He started his career in Major League Baseball, where he handled data for all 30 teams. His experience there taught him the importance of centralized data and scalable technology, which he applies to New York Life. At New York Life, Vu is steering the company's data and AI strategies. He works closely with CEO Craig DeSanto, who focuses on enhancing experiences for clients and agents. Vu identified four key areas for the company's data strategy: establishing a strong data foundation, building AI insights, creating a data-driven culture, and improving customer and advisor experiences. Generative AI plays a vital role in New York Life's strategy. The company collaborates with leaders in AI innovation, including OpenAI and AWS. Vu emphasized that while some projects have succeeded, others have not, but the company is continuously learning from both outcomes. To effectively implement these strategies, Vu has assembled a strong team of leaders in various roles. This includes overseeing data governance, leading AI initiatives, and ensuring smooth operations across the organization. This team helps bridge experience with fresh ideas, essential for innovation. Looking ahead, Vu believes there is much more potential for growth with data and AI. He aims to enhance experiences for both clients and agents while honoring New York Life's long-standing legacy. His leadership demonstrates how established companies can successfully evolve in a fast-changing digital world.