The Top-Level Priority For Insurance CIOs In 2024

With Bill Cassidy from New York Life

Bill Cassidy from New York Life shares his expertise and insights on the top-level priority for insurance CIOs in 2024. Learn tips and tricks on addressing both old and new challenges in increasingly unpredictable times.

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Leaving Legacy Systems Behind

Bill Cassidy is the Chief Information Officer or CIO for New York Life. He started his career at Goldman Sachs and held a variety of positions throughout the insurance industry.

During the interview with Rob Galbraith, they discussed the importance of the role of the CIO where Bill promptly highlighted that the main approach to information technology at New York Life is “Engaging deeply with our business partners to facilitate innovation in the way in which we build our systems in the face of our customers.”

He also mentioned “It’s a really exciting time these days to be a technologist. There’s just an explosion of innovation that is happening around us. Being a technologist in New York Life is even more special because we are attempting and very successfully embracing technology to modernize the company. We’re doing this in a very healthy way with our business partners and with the support of our management team down to drive transformation on the company.

Pillars of the Role of a Chief Information Officer

Bill establishes three main cores of his role at New York Life. Those are:

To protect data
To have a data driven organization
To keep safe handles around data centers

He empathizes that technology is critical and he goes over 3 areas of the strategy that New York Life uses to keep on-going innovation along with a healthy organization:

Cloud Computing
Cybersecurity
Data Management

He summarizes this as “Having a healthy digital core” and in his opinion, this is applicable to any organization that wants to keep innovation going. He goes on to explain why it’s so important to view technology organizations inside the company as enablers for the business strategy and how New York Life tries to thread the needle to establish a strong foundation and a slick customer experience.

The Chief Information Officer: The Role of an Innovator

All in All, Bill Cassidy continuously highlights the positive role that technology can have in a company to enable necessary changes. He goes on to highlight how innovation is carried out safely how generative AI models have disrupted the industry and how New York Life tackled that issue by creating their own predictive models.

Tune in the full episode for a very interesting discussion about the role of the chief information officer and the smart use of technology being done at New York Life.