Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life), one of India’s leading life insurers, has announced a strategic partnership with QuantumStreet AI, a global leader in AI-driven investment solutions. The collaboration will incorporate IBM watsonx-powered generative AI into SUD Life’s investment offerings, marking a significant development in the Indian investment landscape. The partnership was unveiled at the IBM Think Mumbai 2024 event, where QuantumStreet AI also launched its India service offerings.
The alliance between SUD Life and QuantumStreet AI will focus on developing investment products aimed at driving superior performance in the large market capitalisation sector. Leveraging the advanced capabilities of IBM’s watsonx AI platform, the companies aim to generate key insights to form the core of this investment solution, ultimately benefiting retail clients with responsible and trustworthy AI-powered tools.
“We are excited to partner with a world-leading fintech to bring innovative products to our 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,’” said Arindam Ghosh, Chief Technology Officer, and Prashant Sharma, Chief Investment Officer at Star Union Dai-ichi Life Insurance.
AI in Finance
QuantumStreet AI principals, Subhra Tripathy and Chris Natividad, echoed the enthusiasm for this collaboration: “This partnership reflects SUD Life’s innovative culture. We look forward to delivering our capabilities as we have done for leading banks, wealth managers, and pension funds around the world.”
As part of the collaboration, both companies plan to explore joint product development in Japan. Beyond India’s life insurance industry, QuantumStreet AI is poised to extend its services to asset management and wealth management sectors, where generative AI can be used for research, alpha generation, and risk management.
Sandip Patel, managing director of IBM India & South Asia, highlighted the transformative role of AI in India’s capital markets: “As India’s capital markets undergo pivotal changes, AI-driven investment solutions are becoming increasingly essential. This collaboration, with IBM watsonx at its core, sets a new standard for responsible investment practices in the Indian insurance industry.”
With IBM’s watsonx platform providing the foundation, the collaboration aims to deliver cutting-edge generative AI-powered insights. A few months ago, software company ServiceNow revealed plans to integrate watsonx.ai and IBM’s Granite foundation LLMs into its Now Assist GenAI experience for ServiceNow users.
SUD Life is a joint venture between Dai-ichi Life, one of Japan’s largest insurers, and two prominent Indian banks, Bank of India and Union Bank of India. The company has a pan-India presence and is headquartered in Mumbai. On the other hand, QuantumStreet AI is an IBM Business Partner specialising in fintech, offering AI-powered investment solutions to institutional investors. The company operates out of San Francisco and Bangalore.
