Sep 24, 2024 02:08 PM IST
The new insurance product is to outperform Indian large cap portfolios, which has become a challenge in general, mirroring western capital market trends
Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) will be introducing a new investment product that uses artificial intelligence (AI) insights in an attempt to tackle the challenge of beating the returns of Indian large cap portfolios.
The insurer will collaborate with QuantumStreet AI to design the investment product and it will use IBM’s watsonx AI model, the company announced at the IBM Think Mumbai 2024 event today.
“As India’s capital markets undergo a pivotal transformation, the role of AI in enhancing investment solutions has never been more important, said Sandip Patel, Managing Director of IBM India & South Asia. “With powerful AI-driven insights that are governed with the highest levels of trust and transparency, this will usher in a new era of responsible investment practices.”
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What is IBM’s watsonx AI model?
Watsonx is IBM’s AI and data platform for businesses which is used to build and refine both generative AI foundation models as well as traditional machine learning systems.
Outperforming large cap stock portfolios has become a challenge in India, and this mirrors trends seen in Western capital markets, the insurer noted in its press statement.
“AI has become an indispensable tool for fund managers, helping derive meaningful insights from growing data volumes,” said Arindam Ghosh, Chief Technology Officer and Prashant Sharma, Chief Investment Officer of Star Union Dai-ichi Life Insurance. “It is no longer a ‘nice-to-have’ but a ‘must-have.”
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