CXOTalk Generative AI and Business Transformation at New York Life
Jul 25, 2024
56:00
Join CxOTalk episode 845 to explore the transformative power of generative AI with Don Vu, Chief Data and Analytics Officer at New York Life. Discover how this 179-year-old company leverages generative AI to enhance client and agent experiences, tackle technical debt, and drive innovation. Don shares unique insights on the link between AI and business strategy, the importance of senior leadership support, and the challenges of operationalizing AI solutions.
In this episode, Don Vu discusses:
- Integrating of AI and data strategy at New York Life
- How a 179-year-old company embraces its history while innovating
- Managing technical debt and fostering collaboration between business and technology
- The role of senior leadership in driving AI initiatives
- Real-world AI deployments and their impact on business processes
- The future of AI in evaluating life insurance risk and enhancing customer experience
#AI #businesstransformation #genai #GenerativeAI #DataAnalytics #cxotalk
📢 Stay Connected:
🔷 *Read transcript on CXOTalk site:* https://www.cxotalk.com/episode/generative-ai-and-business-transformation-at-new-york-life
🔷 *Subscribe:* newsletter.cxotalk.com
🔷 *LinkedIn:* www.linkedin.com/company/cxotalk
🔷 *Twitter:* twitter.com/cxotalk
*Key Quotes:*
1. *On AI and Data Strategy Synergy:* "Under my purview is our entire AI and data strategy and its execution. Those two things in combination, I think it's really critically important in the realization of our organization that the data strategy and the AI strategy really do go hand in hand and need to be synergistic."
2. *On Embracing History While Innovating:* "We don't shy away from our history. I think oftentimes as folks want to evolve and they intentionally want to avoid becoming obsolete, as things move on, they shy away from their history. But we really have embraced it while also understanding that we don't want to be defined by it and we don't want any of the past to be an anchor and more so use it as a jumping off point to continue to evolve."
3. *On Managing Technical Debt:* "The reality on the ground is you don't have an organization and business that's run for almost two centuries and not have some level of technical debt. The key, candidly, has been a true partnership between business and technology. Any sort of navigation of technical debt, like the investments that you need to make, the simplification of the environment, all of those things require tight partnership and synergy and alignment on the path forward."
4. *On Change Management and Innovation:* "The last mile problem, this notion of operationalizing solutions, which also is inclusive of change management, business process reengineering, changing the way that we do things, given the unlock of these new capabilities, that really is the hardest part. What we found is partnering on that and working on those hard questions and those hard last mile issues from the beginning, which sets expectations of the road ahead, has been really, really critical."
5. *On the Role of Senior Leadership:* "It's really critical for a leader such as Craig, and I think he understands this so intuitively, to really set the tone, set the tone from the top, and he's really done that. And that's what something that I've been very grateful for and for which these programs could not have any success, and that executive and top line leadership to really set the case for change, why we need to do this."
#AI #BusinessTransformation #GenerativeAI #DataAnalytics #CxOTalk
Subscribe for more insightful episodes!
In this episode, Don Vu discusses:
- Integrating of AI and data strategy at New York Life
- How a 179-year-old company embraces its history while innovating
- Managing technical debt and fostering collaboration between business and technology
- The role of senior leadership in driving AI initiatives
- Real-world AI deployments and their impact on business processes
- The future of AI in evaluating life insurance risk and enhancing customer experience
#AI #businesstransformation #genai #GenerativeAI #DataAnalytics #cxotalk
📢 Stay Connected:
🔷 *Read transcript on CXOTalk site:* https://www.cxotalk.com/episode/generative-ai-and-business-transformation-at-new-york-life
🔷 *Subscribe:* newsletter.cxotalk.com
🔷 *LinkedIn:* www.linkedin.com/company/cxotalk
🔷 *Twitter:* twitter.com/cxotalk
*Key Quotes:*
1. *On AI and Data Strategy Synergy:* "Under my purview is our entire AI and data strategy and its execution. Those two things in combination, I think it's really critically important in the realization of our organization that the data strategy and the AI strategy really do go hand in hand and need to be synergistic."
2. *On Embracing History While Innovating:* "We don't shy away from our history. I think oftentimes as folks want to evolve and they intentionally want to avoid becoming obsolete, as things move on, they shy away from their history. But we really have embraced it while also understanding that we don't want to be defined by it and we don't want any of the past to be an anchor and more so use it as a jumping off point to continue to evolve."
3. *On Managing Technical Debt:* "The reality on the ground is you don't have an organization and business that's run for almost two centuries and not have some level of technical debt. The key, candidly, has been a true partnership between business and technology. Any sort of navigation of technical debt, like the investments that you need to make, the simplification of the environment, all of those things require tight partnership and synergy and alignment on the path forward."
4. *On Change Management and Innovation:* "The last mile problem, this notion of operationalizing solutions, which also is inclusive of change management, business process reengineering, changing the way that we do things, given the unlock of these new capabilities, that really is the hardest part. What we found is partnering on that and working on those hard questions and those hard last mile issues from the beginning, which sets expectations of the road ahead, has been really, really critical."
5. *On the Role of Senior Leadership:* "It's really critical for a leader such as Craig, and I think he understands this so intuitively, to really set the tone, set the tone from the top, and he's really done that. And that's what something that I've been very grateful for and for which these programs could not have any success, and that executive and top line leadership to really set the case for change, why we need to do this."
#AI #BusinessTransformation #GenerativeAI #DataAnalytics #CxOTalk
Subscribe for more insightful episodes!