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Senior Technology Innovation Director
New York Life Insurance
New York, NY, United States
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New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
Position Overview
The Sr. Technology Innovation Director for NYL Ventures R&D Lab works closely with all the business and technology departments at New York Life to identify, evaluate and manage technology innovation initiatives. This position is responsible for running the day-to-day operations of the R&D Lab overseeing all functions namely, Tech R&D (Frontier & Modern), Tech Enablement, Sandbox and Talent Management.
Duties/Responsibilities
• Partner with the Head of R&D Lab to define the strategic vision to drive innovation at New York Life.
• Identify use cases centered around frontier technology themes like Artificial Intelligence/Machine Learning, Blockchain, Robotics Process Automation, Augmented/Virtual Reality and Internet of Things that are strategic to the Life Insurance business.
• Keep an active pulse oninnovationtrends and potential market disruptors in the Insurance space.
• Oversee the build of a modern cloud R&D sandbox utilizing state of the art technologies from Amazon, Google and Microsoft to enable rapid experimentation at scale for the benefit of New York Life employees curious about Technology.
• Utilize the R&D Lab mandate to partner directly with Business Units on identified product opportunities to drive near-term and long-term value by bringing different NYL Ventures functions to bear.
• Lead the execution of innovative product opportunities by bringing cross-functional teams to bear utilizing Agile/Scrum methodology thereby ensuring successful project evaluations and implementations.
• Manage resource utilization by efficiently deploying R&D Lab resources comprising of about 30+ cloud engineers to produce innovative outcomes on a low-cost foot print.
• Prepare thorough product opportunity proposals for presentation to the Innovation
SteeringCommittee highlighting business value, ease of execution, cost, strategic
significance and other relevant factors.
• Develop, drive the achievement of and measure R&D Lab’s key performance indicators
(KPIs) on an ongoing basis and recommend course corrections (pivot/persevere) as
necessary.
• Oversee the R&D Lab Co-op program to ensure top technical talent is attracted, hired and
retained on an ongoing basis.
Qualifications
• Bachelor’s degree with 15+ years of IT/Project Management experience.
• Masters / MBA or any other higher degree preferred but not necessary.
• Adept at Frontier Technology Themes – AI/ML, IoT, AR/VR, Blockchain, RPA.
• Experience in core project/product management disciplines including but not limited to
scope, schedule, budget, and quality, along with risk and critical path management.
• Sound understanding of financial management and departmental budgeting.
• Demonstrated effective leadership skills.
• Strong employee engagement.
• Experience in implementing Innovation & Digital Transformation initiatives.
• Efficient when leading multiple cross-functional teams.
• Strong analytical skills and analytical thinking accompanied with sound decision-making.
• Excellent problem solving and delegation skills.
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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.