Palantir and SOMPO Expand Partnership in Multi-Year Agreement

Palantir Technologies Inc. (NASDAQ:PLTR), a leading provider of enterprise operating systems, today announced a multi-year expansion of their partnership with SOMPO Holdings, Inc. via its Japanese joint venture Palantir Technologies Japan KK. SOMPO utilizes Palantir's Foundry across several of their subsidiaries with thousands of daily users.

Since 2020, SOMPO has been using Foundry across care facilities in Japan to support the care of senior citizens, report care to the government, and raise the urgent needs of patients. More recently, SOMPO Japan is using Foundry as it revamps its claims process end to end. Foundry is deeply embedded at every stage across key decisions - from fraud detection and claim triage to ongoing monitoring. SOMPO is leveraging Foundry to transform its claims payment process, advancing initiatives such as optimizing claim allocation. For underwriters, AI agents are automatically evaluating risk and making recommendations during the underwriting process leading to an expected annual improvement in financial results of $10 million.

"Our partnership with Palantir has brought the best in class artificial intelligence software to our subsidiaries across Japan," said Mikio Okumura, Group Chief Executive Officer, SOMPO Holdings. "Palantir Foundry continues to grow in importance across all sectors of our business. This software continues to increase our efficiency and profitability and will play a major role in the future of our business."

"Over 8,000 people at SOMPO actively use Palantir in Japan while AI agents are used to automatically evaluate risk and make recommendations resulting in enhanced and automated underwriting decisions," said Kevin Kawasaki, Global Head of Business Development at Palantir Technologies. "We are honored to be working with SOMPO and look forward to our long-term partnership."

This is the second expansion of the agreement between Palantir and SOMPO, following a $50 million expansion in 2023.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of Palantir's software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond Palantir's control. These risks and uncertainties include the ability to meet the unique needs of customers; the failure of Palantir's platforms to satisfy customers or perform as desired; the frequency or severity of any software and implementation errors; Palantir's platforms' reliability; and customers' ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the Securities and Exchange Commission from time to time. Except as required by law, Palantir does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

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Lisa Gordon

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