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With this initiative, Sompo will leverage Palantir\u2019s data integration and AI solution – which the insurer will invest on over the next three years – to drive its digital transformation.<\/p>\nSompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems.<\/p>\n
With this initiative, Sompo will leverage Palantir\u2019s data integration and AI solution – which the insurer will invest on over the next three years – to drive its digital transformation.<\/p>\n
As part of this transformation, the insurer aims to use data analytics and AI to create intelligent assistants which can provide greater accuracy in pricing and operational efficiency, benefiting both insurers and customers.<\/p>\n
Rodrigo Caramez, Sompo’s Chief Strategy Officer, stated: \u201cHistorically, 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 organisation’s highly specialised core processes. The challenge now is to ensure that the team is involved and prepared for this new moment.\u201d<\/p>\n
Igor Zavorize, Sompo\u2019s Superintendent of Strategy and Data Governance, said: “We are excited about our partnership with Palantir, using Foundry and AIP to maximise the potential of our data.<\/p>\n
\u201cThese 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 organisation.”<\/p>\n
The contract builds on Palantir\u2019s existing partnership with Sompo\u2019s parent company, Sompo Holdings in Japan.<\/p>\n
This partnership has paved the way for data operations platform, Palantir Foundry, along with Palantir\u2019s Artificial Intelligence Platform (AIP), to be used to support improved decision-making in key areas of Sompo\u2019s business such as pricing, underwriting and risk management – delivering efficiency gains and faster response times for the insurer\u2019s customers and partners.<\/p>\n
The software is already embedded in Sompo\u2019s Marine insurance segment in Brazil, where the insurer has been a market leader since 2027, it explained.<\/p>\n
It is now working 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.<\/p>\n
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.<\/p>\n
Commenting on the partnership, Eduardo Esteve, VP of Latin America, Palantir Technologies said: \u201cThis 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.<\/p>\n
\u201cOur AI operating system now powers many of Brazil\u2019s most important organisations, from government public health and education agencies to companies in the retail and tourism sectors.\u201d<\/p>\n
The post Sompo invests in Palantir’s AI solutions to drive digital transformation<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems. With this initiative, Sompo will leverage Palantir\u2019s data integration and AI solution – which the insurer will invest on over […]<\/p>\n","protected":false},"author":1,"featured_media":1307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1305"}],"collection":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=1305"}],"version-history":[{"count":2,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1305\/revisions"}],"predecessor-version":[{"id":1308,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1305\/revisions\/1308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/1307"}],"wp:attachment":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=1305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=1305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=1305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}