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<v ->New York Life has been around for 179 years.</v>

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We're in the middle of a really important transformation

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around how do we operate more effectively,

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how do we deliver really outstanding experiences

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for our agents and for our clients,

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and how do we make sure that we're modernizing

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a lot of things that we do, the full tech stack?

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<v ->One of the biggest drivers for leaning into generative AI</v>

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was a shift in our overall business strategy.

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The wave of new capabilities that came with generative AI,

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we certainly saw that as an opportunity to embrace

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a way to have a step function impact

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on our client-agent experience.

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We faced a variety of challenges during this transformation.

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We had legacy technology,

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like a lot of old insurance companies,

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that we had to navigate and traverse

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as we were trying to bring these solutions to life.

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We had new ways of working that we had to embrace,

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business, technology, data, all working together

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in iterative and agile ways.

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Another challenge we faced was change management.

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Building a tremendous AI solution

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is only part of the battle.

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To really affect business value

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and actually have real change,

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you need business process reengineering

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and change management to unlock its full potential.

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<v ->Early in the journey, we determined that,</v>

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although we had been in the AI space for a while,

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generative AI was moving very rapidly,

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and we took some time to deliberate.

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We did a good process to select

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who we wanted in a partner.

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BCG quickly rose to the top as a company

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that was really going to help us think through

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both the strategy lens as well as how do we do this well

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from a more operational perspective,

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as well as tapping into some of their technical expertise.

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They had very good technical expertise,

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were a little bit ahead of us in the GenAI journey,

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and very importantly brought a good combination

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of a strategic thinking lens as well as some good know-how.

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<v ->When GenAI first came to life about a year,</v>

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year and a half ago, New York Life thought about it

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as truly transformational, as a way for them

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to leapfrog competition.

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Change management is a very important topic for BCG.

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We truly believe that any technology project

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should come with change management,

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because technology alone is not enough.

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<v ->So much of it is not just an automation</v>

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and replacement of what people do.

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For GenAI in particular, it's largely augmentation,

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and that makes it, in some ways, even harder

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because now you have to ensure that you're doing

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the right things to enable people to work really effectively

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with these new capabilities.

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We wanted to make sure we had a good, responsible AI focus,

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and BCG also helped us think through

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some of the framework there, how to do this well,

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particularly in a heavily regulated industry,

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but also just from a pure moral standpoint.

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<v ->We have similar values,</v>

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and we're excited to see now New York Life

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truly owning and driving the risk-management aspect

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of AI implementation.

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We spent some time prioritizing which areas

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we wanted to invest in, and we decided to invest

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in four different areas: claims, servicing,

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sales, and marketing.

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And the idea is how can we take one function

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and truly transform that function end to end?

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<v ->We really feel that these transformations set us up well</v>

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for the road ahead.

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The way forward's incredibly exciting.

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I think it's clear to all of us that AI is moving at a pace

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faster than anything we've ever seen before.

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And here at New York Life,

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we always say that we don't predict, we actually prepare.

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And the way that we feel that we can best prepare

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is to be as agile as possible

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across people, process, and tech.