Sompo has joined forces with Palantir Technologies, focusing on implementation of artificial intelligence (AI) solutions to accelerate digital transformation.
This collaboration will see the insurer invest in a data integration and AI solution over the coming three years, aiming to enhance decision-making processes in pricing, underwriting, and risk management.
Under the partnership with Palantir, Palantir Foundry and Palantir’s Artificial Intelligence Platform (AIP) will be integrated into the insurer’s operations.
These technologies are expected to deliver efficiency gains and improve response times for Sompo's customers and partners.
The use of data analytics and AI is central to Sompo's strategy, with the aim of developing intelligent assistants to enhance pricing accuracy and operational efficiency, benefiting both the insurer and its clients.
Sompo’s marine insurance unit in Brazil is already using the Palantir software.
The software has been integrated into the pricing processes for specific insurance branches, utilising smart models that analyse physical documents and suggest pricing based on historical data and risk assessment.
Sompo chief strategy officer Rodrigo Caramez 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 organisation's highly specialised core processes.”
Palantir Technologies head of financial services & government in Brazil Tiago Fetter dos Santos said: “We are proud to partner with Sompo on their data analytics and AI journey and support their digital transformation to optimise 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."
Meanwhile, in April, Sompo appointed Kenneth Reilly as the CEO for its insurance operations in the Asia-Pacific, succeeding Daniel Neo who has decided to retire.
"Sompo partners Palantir for AI-driven digital transformation " was originally created and published by Life Insurance International, a GlobalData owned brand.
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