Sompo Enhances Digital Transformation with Palantir's AI Solutions
Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has formed a partnership with Palantir Technologies Inc. (NYSE:PLTR), a leading vendor of Artificial Intelligence (AI) systems for the modern enterprise. This initiative plans to invest over the next three years in a data integration and AI solution to drive digital transformation at the insurer, which is among the top five in the Corporate and Agribusiness Insurance segment in Brazil.
The contract builds on Palantir's existing partnership with Sompo's parent company, Sompo Holdings in Japan. It has paved the way for data operations platform, Palantir Foundry, along with Palantir's Artificial Intelligence Platform (AIP), to be used to support improved decision-making in key areas of Sompo's business such as pricing, underwriting and risk management - delivering efficiency gains and faster response times for the insurer's customers and partners.
Sompo's investment in Palantir's solutions reflects the company's determination to enhance its program of digital transformation, incorporating solutions to optimize business performance. Central to that vision is the use of Data Analytics and AI to create intelligent assistants which can provide greater accuracy in pricing and operational efficiency, benefiting both insurers and customers.
Marine Insurance, where Sompo has led the Brazilian market since 2017, is the first segment where the software is already embedded as a solution in the pricing processes for RCF-DC (Civil Liability of Road Carriers for Cargo Loss, in the Portuguese acronym) and RCTR-C (Civil Liability for Road Cargo Transporter, in the Portuguese acronym) branches. This involves smart models which can interpret a significant number of physical documents and propose more appropriate values based on an assessment of historical pricing context and potential risk factors.
Rodrigo Caramez, Sompo's Chief Strategy Officer, said: "Historically, the search for efficiency involved automating simple, repetitive, and high-volume processes. This still applies, but with the new technological frontier applied to the use of data and AI, and the availability of simpler tools with natural language, we can expand this search for efficiency to the organization's highly specialized core processes. The challenge now is to ensure that the team is involved and prepared for this new moment."
Igor Zavorize, Sompo's Superintendent of Strategy and Data Governance, said: "We are excited about our partnership with Palantir, using Foundry and AIP to maximize the potential of our data. These advanced data integration and analysis tools allow us to implement AI models at scale. With this, we can turn data into strategic insights and significantly improve decision-making across the organization."
Tiago Fetter dos Santos, Head of Financial Services & Government in Brazil for Palantir Technologies, said: "We are proud to partner with Sompo on their Data Analytics and AI journey and support their digital transformation to optimize critical processes for the benefit of the business and its customers. The impressive results that we are already delivering together underline our conviction that the company's bold vision, combined with the adoption of Palantir's software, will give them a technology-driven competitive advantage in the Brazilian market."
Eduardo Esteve, VP of Latin America, Palantir Technologies said: "This important agreement with Sompo is Palantir's first partnership in the Brazilian insurance sector and reflects our consistent investment and growing local presence in the country. Our AI operating system now powers many of Brazil's most important organizations, from government public health and education agencies to companies in the retail and tourism sectors."
About Sompo S.A
Sompo is a subsidiary of the company responsible for the insurance and reinsurance operations of the Sompo Holdings Group outside Japan. In Brazil, the company has a specialized team and a diversified portfolio of insurance products and services to guarantee protection with excellent insurance and risk management solutions. Its wide range of products includes Corporate Insurance in lines as Marine, Commercial Multiple Peril, Financial Lines & Casualty, Bid Bond, Court Bond, Engineering Risks, Specified Risks & All Risks, Oil & Gas, Crop Funding & Yield, Mobile & Stationery Equipment and Rural Pledge Equipment.
Sompo Holdings Inc. was founded in Japan, where it has been operating for more than 130 years in the insurance market. Nowadays, the company has subsidiaries on five continents. In Japan, it offers a wide range of Property and Casualty, Life and Personal Accident insurance, and financial and other products and services intending to improve the customer's safety, health, and well-being.
More information: www.sompo.com.br
About Palantir Technologies Inc.
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