José A. Alvarado Jr.

Photographer
   
Follow Hire Not for sale
Location: New York City, New York
Nationality: Puerto Rican American
Biography: José A. Alvarado Jr. (b.1989) is a Puerto Rican photographer dedicated to documenting class inequality, civic engagement, and contemporary issues in Puerto Rico and New York City. He works primarily in long-form storytelling, using visual... MORE
News
for The Wall Street Journal: How Prudential’s Big Tech Bet Went Sour
josé a. alvarado jr.
Jul 18, 2022
Location: Newark
In late 2019, Prudential Financial Inc PRU 0.36%▲. paid $2.3 billion for a three-year-old data-science startup that promised to modernize the age-old business of selling life insurance.

The deal for Assurance IQ has badly missed its financial targets and left Prudential facing questions from regulators. In February, Prudential said it wrote down the investment by roughly half.

“Look, it was a peak period for these type valuations, and Prudential felt compelled” to strengthen its digital capabilities, said Andrew Kligerman, a Credit Suisse Securities analyst. “It was unfortunate timing at the very least.” 

For its money, Prudential got an online insurance agency that primarily sold health and life policies, including some just big enough to pay for funerals, cremations or burials. At one point, Assurance got leads from Publishers Clearing House.

The goal was to use the upstart with its tech talent, algorithms and machine learning to sell large volumes of various types of insurance to middle-class households.  

“It clearly has underperformed our financial expectations in the near term, but this is a strategic purchase that I would say we need to evaluate over the next five to 10 years,” said Andy Sullivan, who heads Prudential’s U.S. businesses. Obviously “we wish we would have paid less.”

Photographed for The Wall Street Journal, words by Leslie Scism.
How Prudential’s Big Tech Bet Went Sour
The insurer has written down the $2.3 billion deal by about half and faces regulatory scrutiny.
Wsj.com
LinkedIn Icon Facebook Icon Twitter Icon
447

Also by José A. Alvarado Jr. —

News

for NPR: Alleged police misconduct cost Yonkers, N.Y., millions. The complaints kept coming

José A. Alvarado Jr. / Yonkers
Media

for The Marshall Project and NPR’s Embedded: Changing the Police, To Police or Not To Police

José A. Alvarado Jr. / The Bronx
News

for The Marshall Project and NPR’s Embedded: Changing the Police, Charlie Walker's Plan

José A. Alvarado Jr. / Yonkers
News

for The New York Times: Melting Profits Threaten the Ice Cream Man

José A. Alvarado Jr. / New York City
News

for The New York Times: One Day in the Heat, What Cooling Off Looks and Feels Like in New York

José A. Alvarado Jr. / New York City
News

for The Marshall Project and NPR’s Embedded: Changing the Police, Reckoning with the Past

José A. Alvarado Jr. / Yonkers
News

for The Wall Street Journal: Manhattan’s Private Clubs Offer a New Social Lifeline to Remote Workers

José A. Alvarado Jr. / New York City
News

for The Marshall Project and NPR’s Embedded: We Spent a Year Following a Troubled Police Force. Listen to What We Learned About ‘Reform.’

José A. Alvarado Jr. / Pleasentville
Media

for Vox Media: Amazon fired Chris Smalls. Now the new union leader is one of its biggest problems.

José A. Alvarado Jr. / Staten Island
Media

for The New York Times: N.Y.P.D.’s Handling of Sex Crimes to Be Investigated by Justice Dept.

José A. Alvarado Jr. / New York City
News

for Chalkbeat: ‘Still hungry', Struggling to feed NYC students as pandemic aid wanes

José A. Alvarado Jr. / New York City
News

for NBC News: Thousands of federal inmates still await early release under Trump-era First Step Act

José A. Alvarado Jr. / New York City
News

for The New York Times: When the Only Way to Get to Work Is This Slow Bus

José A. Alvarado Jr. / Queens, New York City
News

for The New York Times: N.Y.C. Companies Are Opening Offices Where Their Workers Live: Brooklyn

José A. Alvarado Jr. / Brooklyn
News

for The Wall Street Journal: Midtown Manhattan With Fewer Office Workers, Imagining the Unthinkable

José A. Alvarado Jr. / New York City
Media News

for The New York Times: Opening a Restaurant in Miami? Invoking Cuban Communism Might Backfire.

José A. Alvarado Jr. / New York City
News

for BuzzFeed News: They Escaped Apartment Fires. But They’re Struggling To Survive.

José A. Alvarado Jr. / New York
Media News

for New York Magazine: The Unprecedented AOC

José A. Alvarado Jr. / New York City
News

for The Guardian: ‘They’re shut out of the market’, the struggle to rent with a criminal record

José A. Alvarado Jr. / New York City
Media News

for The New York Times: Winter Storm Moves Into Maine After Pounding Northeast With Heavy Snow

José A. Alvarado Jr. / Brooklyn
Media News

for The New York Times: As New York State’s Ban On Evictions Runs Out, Fears of Upheaval Rise

José A. Alvarado Jr. / New York City
News

for Chalkbeat: How violence shook a Newark high school, despite pleas for help

José A. Alvarado Jr. / Newark
Media News

for The New York Times: Eager for a Fresh Beginning

José A. Alvarado Jr. / Times Square
Media News

for NBC News: Working for companies owned by well-heeled private-equity firms can mean lower wages for employees

José A. Alvarado Jr. / Burlington, New Jersey
for The Wall Street Journal: How Prudential’s Big Tech Bet Went Sour by José A. Alvarado Jr.
Join us
For more access