Sompo, the international subsidiary of Sompo Holdings Group overseeing insurance and reinsurance operations outside Japan, has entered into a strategic partnership with Palantir Technologies Inc. (NYSE: PLTR), a prominent provider of Artificial Intelligence (AI) systems for modern enterprises. This collaboration aims to invest over the next three years in a data integration and AI solution designed to drive digital transformation at Sompo, a leading player in the Corporate and Agribusiness Insurance segment in Brazil.
The agreement extends Palantir’s existing partnership with Sompo Holdings in Japan, facilitating the deployment of Palantir Foundry and the Artificial Intelligence Platform (AIP) to enhance decision-making in critical areas such as pricing, underwriting, and risk management. This initiative is expected to yield efficiency improvements and faster response times for Sompo’s customers and partners.
Sompo’s investment in Palantir’s advanced solutions underscores its commitment to digital transformation and performance optimization. Central to this vision is leveraging Data Analytics and AI to develop intelligent assistants that enhance pricing accuracy and operational efficiency, benefiting both insurers and their clients.
The partnership has already seen the integration of Palantir’s software in Marine Insurance, where Sompo has been a market leader in Brazil since 2017. The technology is currently embedded in pricing processes for RCF-DC (Civil Liability of Road Carriers for Cargo Loss) and RCTR-C (Civil Liability for Road Cargo Transporter) branches. The software employs sophisticated models to analyze numerous physical documents, proposing more accurate values based on historical data and risk factors.
Rodrigo Caramez, Sompo’s Chief Strategy Officer, emphasized the shift from automating repetitive tasks to using advanced data and AI technologies to enhance core processes, ensuring the team is well-prepared for these advancements.
Igor Zavorize, Sompo’s Superintendent of Strategy and Data Governance, highlighted the potential of Palantir’s tools to scale AI models and transform data into strategic insights, improving decision-making across the organization.
Tiago Fetter dos Santos, Head of Financial Services & Government in Brazil for Palantir Technologies, expressed pride in supporting Sompo’s digital transformation and noted the competitive advantage gained through Palantir’s software.
Eduardo Esteve, VP of Latin America at Palantir Technologies, remarked that this partnership represents Palantir’s inaugural venture into the Brazilian insurance sector, reflecting its growing investment and presence in Brazil.
