How TIAA Puts AI At The ‘Fulcrum Of Everything’

While the AI boom may seem to have happened unexpectedly, many enterprises were hard at work on internal AI and machine learning projects well before the release of ChatGPT ignited the current frenzy.

For example, the Teachers Insurance and Annuity Association, or TIAA, started exploring how they could deploy AI into client services operations several years ago. Now, the pace of adoption is only accelerating.

An in-house AI agent is simplifying the hundreds of hours of research its portfolio managers must do every week for institutional investors. The technology is helping protect consumers from fraud — particularly elderly clients and those on the cognitive decline. An AI agent helps TIAA’s representatives engage with customers with greater empathy. AI agents even monitor responsible deployment of other AI workloads.

“We've been using AI in the OG format,” Chief Operating, Information and Digital Officer Sastry Durvasula said on a recent episode of the “CIO Leadership Live” podcast. "Fast-forward, post-ChatGPT, it’s been the fulcrum of everything we've been doing."

Founded by Andrew Carnegie over 100 years ago, TIAA’s core business is helping those in the education, healthcare, and government sectors with financial services support, including retirement plans and investment advice. But the company is also significantly expanding its global asset management business, which today already manages over $1 trillion in assets.

And a key part of this growth will come from investments in digital and AI technologies, according to Sastry. TIAA relies on what Sastry refers to as a “three-legged stool” approach to AI development and deployment: Power business growth, fuel innovation to delight customers, and strengthen the core of operations.

“That’s the strategy for the company. That's the strategy for technology, digital operations. That’s the strategy for AI,” he said.