23 september 2024 : Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is set to launch a new investment product that leverages artificial intelligence (AI) insights to outperform Indian large-cap portfolios.
The insurer will partner with QuantumStreet AI to develop this product, which will utilize IBM’s watsonx AI model, as announced at the IBM Think Mumbai 2024 event.
Sandip Patel, Managing Director of IBM India & South Asia, emphasized the growing significance of AI in enhancing investment solutions amid India’s evolving capital markets. He stated that the incorporation of AI-driven insights, governed by high standards of trust and transparency, will lead to a new era of responsible investment practices.
IBM’s watsonx is an AI and data platform designed for businesses, capable of building and refining generative AI models and traditional machine learning systems.
As outperforming large-cap stock portfolios becomes increasingly challenging in India, reflecting trends in Western markets, the insurer highlighted the necessity of AI.
Arindam Ghosh, Chief Technology Officer, and Prashant Sharma, Chief Investment Officer of SUD Life, noted that AI is now an essential tool for fund managers, enabling them to extract valuable insights from the growing volume of data. They asserted that AI has transitioned from a luxury to a necessity.
