Applying AI & Data Science at New York Life Insurance

Name: Applying AI & Data Science at New York Life Insurance
Uploaded: 2022-10-19

Posted Oct 19, 2022 | Views 1.3K

# TransformX 2022

# Fireside Chat

# Enterprise AI

SPEAKER

Glenn Hofmann

Chief Analytics Officer | Data Science & Artificial Intelligence Expertise | Large Teams Leadership @ New York Life Insurance Company

Glenn Hofmann is the Chief Analytics Officer at New York Life, and leader of the Center for Data Science and Artificial Intelligence (CDSAI). He joined New York Life in July 2016 and built the 50-person team which supports many areas of the company, such as Underwriting, Finance, Marketing, Agency Distribution, Service, Product and Compliance. Prior to joining New York Life, he built and led analytics teams in Property and Casualty insurance (at Verisk, TransUnion and Allstate) and held leadership positions at Claritas, ID Analytics, and HSBC. He has successfully developed enterprise strategies that transform corporate analytics cultures and capabilities from offline “insights finding” to robust operational predictive and prescriptive solutions that drive real-time business processes and top- and bottom-line results. Prior to his business career, Glenn served as Professor of Statistics at the University of Concepcion in Chile. He received his Ph.D. in Statistics from The Ohio State University in 1997 and his MBA from the Wharton Business School in 2009.

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SUMMARY

The New York Life Insurance Company is the third-largest life insurance company in the United States, manages over $700 billion in assets, and invests in one of the most forward-looking data science teams in the insurance industry.

Glenn Hofmann is Chief Analytics Officer at New York Life and has spent over six years positioning New York Life's data science team to impact the bottom line, productivity, and even recruiting. Hofmann joins Melisa Tokmak, General Manager of Scale Document AI, to talk about New York Life’s data science journey. Learn how Hofmann has deployed advanced machine learning solutions that allow the company to easily access and analyze the data at scale.

New York Life’s data science team evaluates the risk taken on when issuing a life policy. The group works closely with the underwriting department to identify opportunities for AI algorithms to be used to help manage that risk. Among other achievements, the data science team helped build the infrastructure for data science models to be developed and deployed at a massive scale. Also, the team has created a data hub, a consolidated library of data assets, refined to an analyzable format.

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