Digital Insurance spoke with Joel Albarella, founder and head of New York Life Ventures, the insurance company’s investment arm. New York Life Ventures Albarella said the company launched in 2012 but remained “in the shadows” for the first two years, avoiding public exposure of its efforts. Starting with an investment of about $200 million, today the venture capital fund has grown to $1.2 billion, and its internal rate of return over the past 10 years is almost 30%. Initiatives Albarella has spearheaded for New York Life Ventures include innovative services and, most recently, a partnership with Empathy, an end-of-life insurance service.
