Sompo, a subsidiary of the company responsible for Sompo Holdings Group’s insurance and reinsurance operations outside Japan, has announced its partnership with Palantir Technologies Inc., a provider of artificial intelligence (AI) systems.
With this initiative, Sompo will leverage Palantir’s data integration and AI solution, which the insurer will invest in over the next three years, to drive its digital transformation.
As part of this transformation, the insurer aims to use data analytics and AI to create intelligent assistants capable of delivering greater pricing accuracy and operational efficiency, benefiting insurers and customers.
Rodrigo Caramez, Chief Strategy Officer at Sompo, said: “Historically, the search for efficiency involved automating simple, repetitive and bulky processes. This remains true, 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 extend this search for efficiency to the highly specialized core processes of the organization. The challenge now is to ensure that the team is engaged and prepared for this new moment.”
Igor Zavorize, Superintendent of Data Strategy and Governance at Sompo, said: “We are excited to partner with Palantir, which leverages Foundry and AIP to maximize the potential of our data.
“These advanced data integration and analysis tools enable us to implement AI models at scale. With this, we can transform data into strategic insights and significantly improve decision-making across the organization.”
The deal builds on Palantir’s existing partnership with Sompo’s parent company, Sompo Holdings in Japan.
The partnership paved the way for the use of Sompo’s data operations platform, Palantir Foundry, alongside Palantir’s Artificial Intelligence Platform (AIP) to support better decision-making in key areas of Sompo’s business such as pricing, underwriting and risk management – delivering efficiencies and faster response times for the insurer’s customers and partners.
The software is already integrated into Sompo’s marine insurance segment in Brazil, where the insurer has been the market leader since 2027, he explained.
It now works as a solution in the pricing processes of the branches RCF-DC (Civil Liability of Road Carriers for Loss of Load, in Portuguese acronym) and RCTR-C (Civil Liability of Road Carriers of Load, in Portuguese acronym).
These are intelligent models capable of interpreting a large number of physical documents and proposing more appropriate values based on an assessment of the historical pricing context and potential risk factors.
Commenting on the partnership, Eduardo Esteve, Vice President of Latin America at Palantir Technologies, said: “This important agreement with Sompo is Palantir’s first partnership in the Brazilian insurance sector and reflects our continued 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.”
