Star Union Life, QuantumStreet AI partner to launch AI-led investment products

Star Union Dai-ichi Life Insurance (SUD Life) and IBM's fintech partner QuantumStreet AI on Tuesday announced their collaboration to design Gen-AI-based investment products.

The partnership will incorporate IBM's enterprise AI platform Watsonx into the investment offerings of SUD Life, aiming to provide superior performance in the large-cap space.

"The two firms plan to leverage the advanced capabilities of the IBM watsonx platform for generating insights that will form the core of the investment product and differentiate the offering. Ultimately, the investment solution is projected to benefit retail clients by taking advantage of AI in a trustworthy and responsible manner," a company statement said.

Watsonx is IBM's next-generation AI and data platform, which enables businesses to build and refine both generative AI and machine learning systems.

Announcing the partnership at the IBM Think 2024 event here, IBM India MD Sandip Patel said the collaboration sets a new standard for the Indian insurance industry with IBM watsonx at the core.

As part of the future plans of the collaboration, the two entities will also explore joint product development in Japan, the statement said.

"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 in a joint statement.

QuantumStreet AI is an IBM Business Partner focused on fintech, providing AI-powered investment solutions to institutional investors.

SUD Life is a joint venture between Japanese insurance firm Dai-ichi Life and two Indian banks (Bank of India and Union Bank of India), headquartered in Mumbai.