Sandip Patel, managing director, IBM India & South Asia, speaking at the IBM Think Mumbai 2024 event. (Express Photo)
At the IBM Think Mumbai 2024, insurance company Star Union Dai-ichi Life Insurance (SUD Life) and QuantumStreet AI announced that they will soon integrate IBM’s generative AI platform watsonx with their investment offerings.
“As India’s capital markets undergo a pivotal transformation, the role of AI in enhancing investment solutions has never been more important. The collaboration between IBM and QuantumStreet AI sets a new standard for the Indian insurance industry with IBM watsonx at its core,” said Sandip Patel, Managing Director, IBM India & South Asia.
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Powerful AI-driven insights that are governed with the highest levels of trust and transparency will usher in a new era of responsible investment practices, Patel added.
As part of the collaboration, SUD Life and QuantumStreet AI announced that they will design an investment product to offer superior performance in the large market capitalisation (large cap) space. As it is becoming increasingly difficult to generate outperformance in Indian large-cap portfolios, the two companies have plans to generate insights using IBM watsonx.
The AI investment product is expected to benefit their retail clients.
“In today’s data-driven world, it is nearly impossible for individuals to process the vast amounts of information available, and AI has become an indispensable tool for fund managers, helping derive meaningful insights from growing data volumes. It is no longer a ‘nice-to-have’ but a ‘must-have’,” Arindam Ghosh, chief technology officer, and Prashant Sharma, chief investment officer of Star Union Dai-ichi Life Insurance, said.
QuantumStreet AI and Dai-ichi Life said they will also be exploring joint product development in Japan in the future. Beyond India’s life insurance industry, QuantumStreet AI will also offer its services to the asset management and wealth management sectors where generative AI can be leveraged for research and risk management.
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watsonx is IBM’s next-generation AI and data platform that allows businesses to build and refine gen AI foundation models as well as traditional machine learning systems. IBM watsonx makes effective adoption of responsible AI possible by training, validating, tuning, and deploying AI systems across the business with speed and data governance.
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