Sompo Enhances Digital Transformation with Palantir's AI Solutions
23 August 2024 - 12:59PM
Business Wire
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.
Foundational software of tomorrow. Delivered today. Additional
information is available at https://www.palantir.com.
Palantir 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 its 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 Palantir’s ability to meet the unique
needs of its customers; the failure of Palantir’s platforms to
satisfy its customers or perform as desired; the frequency or
severity of any software and implementation errors; the reliability
of Palantir’s platforms; and the ability of Palantir’s customers to
modify or terminate their contracts. 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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version on businesswire.com: https://www.businesswire.com/news/home/20240823328750/en/
Sompo Press & Marketing Department William
Parron (wparron@sompo.com.br) Phone: 55 11 97241- 4382 Sompo Press
Room: https://sompo.com.br/imprensa/
Palantir Ben Mascall Media@palantir.com
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