Life Accelerated

In this episode of Life Accelerated, host Anthony O'Donnell revisits some conversations from the past year all about practical approaches to digital transformation. He highlights ideas and insights from five visionaries in the life insurance industry — Santhosh Keshavan of Voya, Jeff Donaldson at Mutual of America, Deb Waters at Aegon, Ryan Downing at Principal Financial Group, and Bill Pappas with MetLife.

As the industry continues to evolve rapidly, these experts bring a wealth of experience and knowledge to the table, shedding light on the challenges of modernizing infrastructure, reshaping customer experiences, and aligning technology with an organization's purpose.

Discover actionable insights and strategies from the digital transformation in life insurance as we delve into this industry-wide shift.

Key Takeaways:

• The shift towards digital transformation in the life insurance industry is driven by the imperatives of innovation and agility.

• Embracing the cloud, leveraging customer feedback for improvement, modernizing infrastructure, and fostering a customer-centric mindset can enhance user experiences.

• Aligning technology with the organization's overarching purpose is crucial for driving innovation, differentiation, sustainability, and growth in the life insurance industry.

Timestamps:

[00:00] Introduction to the episode

[01:14] Santhosh Keshavan's case for the cloud

[03:10] Ryan Downing's words on AI and the customer experience

[05:04] Jeff Donaldson's Route 66 strategy to modernize the core platform

[07:13] Deb Waters's take on creating a seamless client experience

[09:51] Bill Pappas's five strategic pillars for framing technological priorities

[12:30] Closing

Resources:

Connect with Santhosh Keshavan: https://www.linkedin.com/in/santhoshkeshavan/

Connect with Jeff Donaldson: https://www.linkedin.com/in/jeffreydonaldson/

Connect with Deb Waters: https://www.linkedin.com/in/debbie-waters-41b90a1/

Connect with Ryan Downing: https://www.linkedin.com/in/cxcio/

Connect with Bill Pappas: https://www.linkedin.com/in/bill-pappas-9a35048/

Since the late 1800s, Boston Mutual Life Insurance has transitioned from a service-focused to a customer-care-driven team, emphasizing the importance of balancing technology and human touch in the digital transformation journey.

Jennifer King, Vice President of Customer Experience at Boston Mutual, is at the helm of Boston Mutual's digital transformation effort. She speaks with Life Accelerated about how she has spearheaded the alignment of technology, customer experience, and operational excellence in the life insurance industry.

This episode is a must-listen for anyone looking to accelerate their organization's journey toward a digital future.

Key Takeaways:

• Understand the importance of aligning digital transformation with customer needs, industry standards, and employee capabilities.
• Learn the significance of insourcing core capabilities to drive competitive differentiation and have control over technology, processes, and customer service.
• Gain insights on winning employees' hearts and the impact on customer-centric culture.

Timestamps:

[00:00] Introduction to the episode

[00:17] The history of Boston Mutual Life Insurance Company

[02:20] Jennifer's 44 years of insurance experience and background in management

[03:15] Leading strategic transformation and fostering a customer-centric culture

[06:29] Transforming disciplines, legacy systems, and resources

[11:12] Modernizing systems crucial for customer care efficiency

[14:47] Selecting and preparing a new core system process

[19:31] Digital transformation for efficient scaling and updates

[21:44] Balancing automation with a human touch

[24:07] Maintaining a change mindset with agility for the future

[25:57] Closing

Resources:

Connect with Jennifer on LinkedIn: https://www.linkedin.com/in/jennifer-king-63b4893/

Learn more about Boston Mutual: https://www.bostonmutual.com/

After 150 years in the business, Sun Life U.S. has developed a keen digital strategy that integrates technology and business operations while boosting client engagement and revitalizing its approach to healthcare connectivity, benefits management, and client satisfaction.

Paula Bartgis, Chief Information Officer at Sun Life U.S., is leading the company in this transformation and joins Life Accelerated to discuss developing the Sun Life Onboard platform and leveraging AI in call centers to digitally overhaul the life insurance sector.

Listen in to learn how Paula Bargis and Sun Life U.S. are demystifying the process of a digital-first ethos in their life insurance endeavors.

Key Takeaways:

• A client-centered digital transformation strategy can increase efficiency and satisfaction.

• Transformational leadership values flexibility, team empowerment, and the creation of a fail-fast culture pivotal for sustaining long-term digital innovation.

• Digital initiatives positively impact organizational growth, from improved client engagement and sales to enhanced employee satisfaction and development.

Timestamps:

[00:00] Introduction to the episode

[00:12] Paula's career span

[01:38] Background on Sun Life U.S.

[05:41] Digital transformation within Sun Life U.S.

[08:32] The importance of methodology

[11:49] How Sun Life U.S. measures transformational value

[14:25] When Paula joined Sun Life U.S. and how different it was back then

[17:43] The significance of Sun Life U.S. Onboard

[21:33] Providing a safe environment for your organization to grow

[22:48] Paula's perspective on project management

[26:05] Learning as a team and allowing room for mistakes within company culture

[27:42] Shifting employees as needed to upskill

[30:51] Closing

Resources:

Connect with Paula on LinkedIn: https://www.linkedin.com/in/paulabartgis/

Learn more about Sun Life U.S.: https://www.sunlife.com/us/en/

John Hancock holds a distinguished position in the wealth and asset management space and offers a range of life insurance products exclusively through intermediaries. With over 160 years of experience, John Hancock is committed to delivering products that are easy to buy and enjoyable to own.

Susan P. Roberts, the Head of Strategy and Transformation at John Hancock, joined the Life Accelerated podcast to discuss the digital journey of John Hancock and the pivotal role digitalization plays in shaping the life insurance industry. Through the lens of behavioral insurance, Susan shares how digital transformation is redefining the insurer-policyholder relationship and championing the mission to help customers lead longer, healthier lives.

Tune in to glean actionable strategies, innovative approaches, and thought leadership of the transformative landscape of digitalization within the life insurance domain from Susan P. Roberts.

Key Takeaways:

• Placing policyholders, caregivers, and distribution partners at the center of digital initiation for a seamless, personalized experience.

• Foster a spirit of innovation by leveraging behavioral insurance to drive meaningful interactions with customers.

• Prioritize data to build tailored experiences for customers across their interactions with your company with foundational digital strategies.

Timestamps:

[00:00] Introduction to the episode

[01:43] Breakdown of John Hancock's role in today's market

[02:49] Susan's role at John Hancock and career background

[05:35] How and why John Hancock is digitizing the insurance experience

[10:56] The underlying foundation of digital transformation

[11:53] Focus on personalized digital experiences for policyholders

[14:46] Educating and engaging customers with a digitalized behavioral insurance approach

[17:59] Exploration of how generative AI shapes customer service

[19:22] The mission of John Hancock

[20:16] John Hancock grows talent and partnerships to expand

[22:08] How prioritizing customer needs leads to strategic decision-making

[24:13] Closing

Resources:

Connect with Susan on LinkedIn: https://www.linkedin.com/in/susanperkinsroberts/

Learn more about John Hancock: https://www.johnhancock.com/

Legal & General America is one of the nation's strongest life insurers, ranked number two for term life insurance providers in the US. Their sole focus is to safeguard families' financial well-being — and it has been for more than 70 years.

Fred Tavan, SVP and Chief Pricing Officer at Legal & General America joined the Life Accelerated podcast to share the importance of constantly reinventing yourself to stay ahead in a rapidly changing world, Legal & General America's mission to offer good value life insurance coverage to as many US families as possible, the importance of embracing innovation and an omnichannel approach, and more.

Tune in to hear Fred and Legal & General America's secrets on how they are taking over the life insurance industry.

Key Takeaways:

• Continually reinvent yourself, embrace change, and seek personal and professional growth opportunities.

• Embrace innovation and disruption to stay ahead of industry trends and leverage new technologies.

• Be adaptable and responsive to market demands to reach and serve customers effectively.

Timestamps:

[00:00] Introduction to the episode

[00:47] Where Fred began in his career and his experiences along the way

[04:28] Who Legal & General America is, and what they're aiming to do

[05:55] What Fred's job is, and what it consists of

[08:32] Legal & General America's omnichannel strategy

[12:05] What Fred sees as the opportunities for disruption and what is the role of innovation in LGA strategy

[14:27] How Fred would summarize the competitive environment for term life

[17:20] How important digital transformation is for reshaping the term life market

[18:20] How LGA has been succeeding in the past couple of years

[19:33] What success looks like for LGA within the next few years

[22:34] If Fred thinks term life as having more of an emphasis on the health and longevity of the policyholder rather than just their mortality

[23:48] Where we can expect LGA to rank in the term life market in the next five years

[24:33] Closing

Resources:

Connect with Fred on LinkedIn: https://www.linkedin.com/in/fred-tavan-022b2b9b/

Learn more about Legal & General America: https://www.lgamerica.com/

Equitable is a financial service company with a legacy of helping people look forward with courage, strength, and wisdom. This company has established itself as a leading provider of financial advice, protection, and retirement strategies, with 2.8 million clients nationwide.

Hector Martinez, Head of Life Insurance at Equitable, joined the Life Accelerated podcast to share why the life insurance industry needs to adapt and improve its processes to meet the changing expectations of consumers. Hector also discusses how technology, such as AI, can play a crucial role in streamlining underwriting and freeing up underwriters' time to focus on assessing risks, how the role of financial advisors remains important in the purchase and ownership of life insurance, and more.

Listen in to hear how Hector and Equitable are utilizing technology to disrupt the Life Insurance market.

Key Takeaways:

• Use tech guidance, navigation of choices, and understanding of how the product fits into the client's financial plan, and technology is a tool to enhance this.

• AI and advanced underwriting technologies can provide a higher level of self-service and streamline the insurance buying process.

• Despite technological advancements, the role of advisors and financial professionals remains significant in the life insurance industry.

Timestamps:

[00:00] Introduction to the episode

[01:45] Who Equitable is

[02:56] Hector's professional background and how he got to Equitable

[05:27] How Hector sees technology as a tool in achieving his objectives

[10:06] The various ways Equitable distributes life insurance products

[12:45] Digital transformation can enhance the sales processes

[14:52] The importance of getting life insurance when young

[16:00] Advantages and challenges Hector has been seeing for Equitable

[17:25] How Hector thinks of digital transformation as a competitive imperative

[19:47] Why life insurance companies should empower their advisors to become their very best

[21:38] Hector's view on some of the most important technologies that are shaping the insurance value chain

[23:44] How AI can play a part in life insurance

[25:14] Where digital transformation is taking Equitable

[27:19] Closing

Resources:

Connect with Hector on LinkedIn: https://www.linkedin.com/in/hemartinez/

Learn more about Equitable: https://equitable.com/

Principal Financial Group is an American global financial investment management and insurance company who helps people create the kinds of lives they dream about, empowered by financial security and stability. But how do they approach their mission through a digital perspective?

Ryan Downing, Vice President and Chief Information Officer of Enterprise Business Solutions at Principal Financial Group, discusses how technology, automation, and AI can enhance the customer experience, Principal Financial Group's efforts towards evolving their focus from contracts to customers, the connection between employee experience and customer experience, and more.

Hear how Principal Financial Group is embarking on a digital transformation journey through keeping their customers in the center of it all.

Key Takeaways

• Digital transformation is about shifting the focus from contracts to customers, putting them at the center of business processes.

• Automation and AI can enhance the customer experience, but it's crucial to maintain a balance with the human element.

• A strong employee experience is essential for delivering a positive customer experience. Both are interconnected and drive business success.

Timestamps

[00:00 - 03:45] Introduction to Ryan Downing and Principal Financial Group

[03:45 - 06:39] How Ryan Downing's Role and Principal Financial Group has evolved over the years

[06:39 - 07:42] Ryan's perspective on digital transformation

[07:42 - 09:11] How Principal Financial Group has shifted their focus from contract to customer

[09:11 - 12:10] How the employee and customer experience are related

[12:10 - 13:11] How Principal Financial Group creates a customer-centric culture

[13:11 - 15:30] What Ryan thinks the phrase "digital first" means

[15:30 - 19:22] Ryan's views on the role of AI in a digitally transformed customer experience

[19:22 - 21:28] Principal Financial Group's most important and recent digital initiatives

[21:28 - 23:28] Ryan's four indispensable digital transformation initiatives that he's driving

[23:28 - 27:33] How Ryan sees the role of the human element in a high functioning IT organization as he approaches his job as its leader

[27:33 - 28:39] Closing

Resources

Connect with Ryan on LinkedIn: https://www.linkedin.com/in/cxcio/

Learn more about Principal Financial Group: https://www.principal.com/

Jeff Donaldson, SEVP and Chief Digital Officer of Mutual of America Financial Group, is responsible for leading the company's digital strategy and initiatives, he played a crucial role in driving technological innovation and enhancing customer experiences within the organization. He shares the strategic decisions and initiatives undertaken by the company to embrace digital transformation and meet the evolving needs of their customers.

On this episode of Life Accelerated, Jeff Donaldson shares the company's journey towards digital transformation. He highlights the importance of addressing core business areas such as customer relationship management, core record-keeping systems, enterprise data utilization, and artificial intelligence. Jeff explains how the company adopted the Route 66 strategy, consisting of six IT strategies and six guiding principles, to drive their transformation while emphasizing the need to educate senior leadership, build digital capabilities, and transform culture to support long-term growth and improve customer experience. Through insights and experiences gained from working with various companies, Jeff brings valuable perspectives on the intersection of technology and personalized service in the financial services industry.

Key Takeaways

• Digital transformation involves more than just implementing new technology; it requires a focus on culture, people, organization, and products.

• Through the Route 66 strategy, Mutual of America was able to tackle over 40 different initiatives and make significant changes to their operations.

• The success of digital transformation relies on getting support from the board and executive leadership.

Timestamps

[00:00 - 02:54] Introduction to Jeff Donaldson and Mutual of America Financial Group.

[02:54 - 04:41] Why Mutual of America Financial Group is undertaking digital transformation.

[04:41 - 10:31] The technologies that Mutual of America Financial Group adapted during their digital transformation.

[10:31 - 13:03] Why Jeff Donaldson was the right fit for leading digital transformation for Mutual of America Financial Group.

[13:03 - 14:17] Why digital transformation and collaboration needs to happen in all areas of the business.

[14:17 - 16:41] The challenges of digital transformation that Mutual of America Financial Group experienced.

[16:41 - 20:26] The Route 66 plan and the guiding principles around that.

[20:26 - 23:07] Mutual of America Financial Group's 6 principles and why they were important to their strategies.

[23:07 - 25:21] How today's IT delivery compares to the past.

[25:21 - 26:16] What kind of a company Mutual of America Financial Group is today as a result of its digital transformation work.

[26:16 - 27:03] Closing.

Resources

Connect with Jeff on LinkedIn https://www.linkedin.com/in/jeffreydonaldson/

Learn more about Mutual of America https://www.mutualofamerica.com/

Special guest, Jeff Hughes, the Chief Technology Officer of Brighthouse Financial, takes us on a journey through the past five years of his professional life, where he played a pivotal role in successfully transitioning Brighthouse Financial to a new foundation. With over 200 transition services agreements and 100 programs and initiatives to navigate, Jeff and his team faced numerous challenges, but ultimately emerged victorious in their quest.

On this episode of Life Accelerated, Jeff Hughes shares about the company's successful transition to a new foundation that involved exiting hundreds of agreements and initiatives. Jeff emphasizes the importance of a modern ecosystem in technology, particularly in terms of shifting from Capex to Opex in the transformation to SaaS and cloud technologies and how Brighthouse pursued this path and completed the transition to a 100% cloud-based and 90% software as a service environment. The company wants to be a best in cost company and heavily leverages third parties for technology-enabled business functions rather than outsourcing existing jobs.

Key Takeaways

• Adaptability and strategic planning is key. This highlights the importance of adaptability and strategic planning during major transitions.

• Focus on driving growth and improving the advisor experience. This emphasizes the significance of customer-centricity and innovation in staying competitive in the industry.

• Build a technology-enabled foundation. This showcases the importance of modern technology infrastructure and the strategic use of resources to enable cost-effectiveness and flexibility.

Timestamps

[00:00 - 06:10] Introduction to Jeff Hughes and Brighthouse Financial

[06:10 - 08:26] What Jeff has been hired to accomplish at a strategic level

[08:26 - 10:27] Brighthouse Financial's transition approach and how it differs from others

[10:27 - 12:39] Critical decisions Brighthouse Financial made in 2017 for digital transformation

[12:39 - 15:37] The principals that Jeff and Brighthouse Financial created when given the warrant to create new systems

[15:37 - 17:55] The essential initiatives Brighthouse Financial developed to develop their own business ecosystem

[17:55 - 20:54] What Brighthouse Financial's initiatives meant for digital transformation

[20:54 - 23:04] What Jeff and Brighthouse Financial's three indispensable digital initiatives are

[23:04 - 25:47] How Jeff would describe his management style and how he attracts and retains top talent

[25:47 - 28:06] Areas where Jeff sees the controversial wisdom leading insurance

[28:06 - 29:43] Closing

Resources

Connect with Jeff on LinkedIn https://www.linkedin.com/in/jeffchughes/

Learn more about Brighthouse Financial https://www.brighthousefinancial.com/

Step into the world of innovation and visionary leadership within the life insurance space. Meet Deb Waters, a true technologist and trailblazing force behind the digital transformation of Aegon N.V.. As Chief Technology Officer and esteemed member of the Management Board, Waters thinks of digital transformation as an end-to-end process, beginning with infrastructure and resulting in first class customer and distributor experience.

On this episode of Life Accelerated, host Anthony O'Donnell sits down with Deb, and together they delve into her simplification of core systems and of the customer experience powered by emerging data sources and capabilities as well as the challenges that companies like Aegon face in the process. Waters shares her insights on employee retention and attraction, and the importance of creating interesting job roles. Additionally, she discusses the digitization of the retirement experience and the importance of customer feedback in the development process. Tune in to hear about the current status of Aegon and their progress towards digital transformation.

Key Takeaways

• Digitization will continue to be a priority, and specifically, continuity in the technology architecture is crucial for simplifying the end-user experience.

• Moving to cloud-based software solutions is important for scalability and growth, as it allows automatic capacity expansion and eliminates the need for ordering and bringing items into a data center.

• Improving the advisor experience, in an agile way, is key for digital transformation so that advisor concerns and client feedback is heard and solutioned.

Timestamps

[00:00 - 01:53] Introduction to Deb Waters and Aegon N.V.

[01:53 - 04:29] What led Deb into her current role and what she does at Aegon

[04:29 - 05:28] The history of Transamerica and when Agon came into the US market as the acquirer of Transamerica

[05:28 - 06:52] How Aegon think about digital transformation in the US

[06:52 - 08:17] Some of the most important business challenges faced by life insurers and how technology can address them

[08:17 - 11:17] The importance of utilizing cloud

[11:17 - 13:10] The importance of data and data quality in the insurance industry

[13:10 - 15:47] ChatGPT and using it to your advantage in insurance

[15:47 - 18:54] Concrete initiatives that are happening at Aegon

[18:54 - 10:47] How Agon has experienced the talent challenge and retaining employees

[20:47 - 22:34] How Aegon works with employees in different geographical areas

[22:34 - 24:37] What Deb would identify as the major external issues thatcher and her insurance industry executive peers are facing

[24:37 - 26:00] What Deb would identify as her three indispensable initiatives for digital transformation

[26:00 - 26:50] Closing

Resources

Connect with Deb on LinkedIn https://www.linkedin.com/in/debbie-waters-41b90a1/

Learn more about Aegon https://www.aegon.com/