On this episode of The Data Storytellers podcast, we engage with Glenn Hofmann, Chief Analytics Officer at New York Life Insurance, to discuss the transformative influence of data and technology in life insurance. Glenn shares his extensive experience, from his academic roots in statistics to leading a centralized data science function at one of the largest life insurance companies in the U.S. This episode delves into how data analytics not only improves operational efficiencies and customer experiences but also plays a crucial role in product innovation and risk assessment. We emphasize the importance of a data-driven culture within the organization and explore how cross-functional collaboration and ethical data use are pivotal in navigating the regulatory landscape of the insurance industry.

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00:08 - Introduction and overview of Glenn Hofmann’s role at New York Life

02:38 - Discussion on balancing technical skills with generating real business outcomes

04:35 - Specific applications of data science in life insurance

07:08 - Transformational leadership and innovation in data roles

10:40 - Building and evolving the data science team at New York Life

13:14 - Techniques for pitching data projects to executive management

16:09 - Examples of data science driving business value in life insurance

18:18 - Addressing data literacy and talent development within the company

24:20 - The importance of influencing skills in data science

31:45 - The organizational impact of data-driven initiatives and team structure