How Data And AI Are Powering Change At 180 Year Old New York Life
Don Vu's extensive background in both start-ups and the insurance industry positions him as a valuable asset at New York Life. With his wealth of experience, he is well-equipped to lead initiatives that foster innovation within the company. His leadership skills and industry knowledge make him a standout figure in the data field. New York Life stands to benefit greatly from Don Vu's expertise and strategic vision.
New York Life is the largest mutual life insurance company in the United States and having been founded 180 years ago, it is one of the oldest, as well. The company has remarkable scale with over a trillion dollars in policies and approximately $58 billion in annual revenue. In recent years, New York Life has embraced technology and artificial intelligence to enhance its operations, a journey spearheaded by Don Vu, its Chief Data & Analytics Officer.
Don Vu's Background and Experience
Vu had prior experiences as a data and analytics leader at Northwestern Mutual and WeWork, but he got his first leadership roles associated with data working for the most data-centric American sport: Major League Baseball. Vu spent 13 years with MLB Advanced Media, managing consolidated data for all 30 baseball teams. His time at MLB taught him the value of centralized data and scalable platforms, lessons he’s carried into his role at New York Life.
Redefining Data Strategy at New York Life
At New York Life, Vu’s role involves steering both data and AI strategies, which he noted are inextricably linked. This alignment reflects a broader strategic shift initiated by New York Life CEO Craig DeSanto, who prioritized client and agent experience over a traditional product-centric focus. To support this transformation, Vu outlined four key pillars of the company's data strategy:
- Data Foundation: Building the right talent, processes and technology infrastructure.
- AI Intelligence and Analytical Insights: Developing robust capabilities to generate actionable insights.
- Cultural Integration: Fostering a data-driven culture through initiatives like hackathons and expos to share the "art of the possible."
- Customer and Advisor Experience: Enhancing client journeys by aligning offline and online touchpoints with business strategy.
The Role of Generative AI
Under Vu’s leadership, New York Life has leaned heavily into generative AI to unlock new opportunities. The company has partnered with industry leaders like OpenAI, Anthropic, and AWS to stay on the cutting edge of AI innovation. Key areas of focus include service and claims processing, where pilots and proofs of concept have already moved into production.
Building a Data-Driven Organization
To execute his vision, Vu has built a robust team of leaders:
- Chief Data Officer: Overseeing data engineering and governance.
- Chief Data Science Officer: Leading AI and machine learning initiatives.
- AI and Data Product Organization: Creating new disciplines to drive innovation.
- Head of Strategic Insights: Ensuring enterprise-wide alignment and a holistic perspective.
- Head of Operations: Ensuring seamless execution across teams.
Future Outlook
At New York Life, Vu sees a similarly transformative future. With the right strategy, tools, and culture, the company can continue to enhance client and agent experiences while staying true to its 180-year legacy. Vu’s leadership exemplifies the power of data to drive meaningful change, proving that even the most established organizations can innovate and thrive in a rapidly evolving digital landscape.