The Next Pandemic Has Begun to be “Courted”

Commendably, New York Department of Financial Services Superintendent Linda A. Lacewell announced the New York State Department of Financial Services (DFS) has launched DFS FastForward, a new program to support innovators seeking to deliver new solutions in financial services, FinTech, InsurTech, and HealthTech for New Yorkers in the COVID-19 era. “As New York begins re-opening, new cutting-edge and innovative solutions will be needed to adapt the New York marketplace to a new normal due to COVID-19,” said Lacewell. “DFS FastForward will help to build New York back better by supporting tomorrow’s innovators for the benefit of New York’s economy and consumers.”

 DFS FastForward is open to DFS-regulated and non-regulated entities, as well as innovators, start-ups, and disruptors, looking to enter and operate novel financial services and products in New York. DFS is especially interested in solutions that promote recovery for Main Street small businesses, provide HealthTech solutions to deliver access and better meet health care needs of New Yorkers, and offer tools for individuals and households to build their financial futures and resilience.

Great timing, s insurers get hit hard and as insureds shop and shop even more for coverages and solutions – as they pass months of Saturdays at home.

 The Life Insurance Council of New York (LICONY)  has announced that Mary A. Griffin, LICONY’s President and CEO, will be retiring in early 2021. Griffin joined the association in 2016 after the retirement of former CEO Thomas Workman. Since the start of her tenure, she has overseen all operations, strategic initiatives, and government affairs for LICONY. “It has been my honor to lead LICONY through this period of transition for the organization and our industry,” said Mary A. Griffin, CEO of LICONY.  “Since 2016, the changes we have initiated at LICONY have been truly transformational, and were done with the help of the talented and dedicated team we have at LICONY. It has been a privilege to represent the life insurance industry which plays a such a vital role as a private sector safety net for so many people.  As I look forward to the next chapter of my life, I know LICONY will continue to be a strong voice for the industry in New York.  I wish my board and all of my colleagues well in their future endeavors.”

 “It is with mixed emotions that we accept the announcement of Mary A. Griffin’s retirement. I would like to thank Mary personally, and on behalf of present and former board members, for her many contributions to LICONY’s growth and success.  As the first woman to lead LICONY, Mary’s transformational leadership, vision, results-oriented focus and commitment have enhanced the association’s reach and influence. She has laid the groundwork for years of future success,” said Frederick L. Wortman, chair of the LICONY Board of Directors and Senior Executive Vice, Chief Marketing Officer and Chief Administration Officer of Security Mutual Life.

 During her tenure, Griffin has overseen significant changes at the association.  This year Griffin spearheaded the industry’s first Women & Diversity Conference in the state which attracted over 300 participants. Griffin has also guided LICONY through several challenging regulatory initiatives during her tenure, including Cyber Security Regulation, the “Best Interest” regulation and legislation authorizing Principle Based Reserving for life insurance companies.   Most recently she worked on legislation expanding Paid Family leave for COVID-19 victims.  She also put LICONY on strong financial footing and consolidated their operations in Albany. Before joining LICONY as CEO, Griffin was a Senior Vice President in the State and Local Government Affairs practice at Citigroup, and worked as the Chief Government Affairs Representative for New York State for the American Insurance Association. Prior to that, she served for 18 years in New York State government including nine years at the Department of Insurance, the forerunner to the Department of Financial Services.

LICONY will begin an executive search in the second quarter of 2020.

 We admire Mary as any reader will surely know. She has done a fine job and deserves our applause.