Sompo is set to enhance its digital solutions over the next three years through a partnership with Palantir Technologies Inc., a leading provider of artificial intelligence (AI) solutions.
The collaboration aims to invest in a data integration and AI-driven solution over the next three years, and is part of Sompo’s broader strategy to enhance decision-making and operational efficiency across its business.
Palantir’s data operations platform, Foundry, and its AI Platform (AIP) will be deployed to improve key functions such as pricing, underwriting, and risk management, offering faster and more accurate responses for customers and partners.
Sompo, one of the top five insurers in Brazil’s corporate and agribusiness insurance sector, will use these advanced AI tools to transform its data into strategic insights, enabling the company to scale its use of AI models and significantly improve decision-making processes.
Palantir’s solutions will initially be applied in Sompo’s marine insurance segment, where it leads the Brazilian market.
The firm’s Foundry and AIP platforms will enable Sompo to streamline complex processes, including the evaluation of physical documents and risk factors, providing more accurate pricing models.
Sompo’s use of data analytics and AI reflects the company’s dedication to optimising business performance and enhancing customer service.
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.”
Sompo’s superintendent of strategy and data governance, Igor Zavorize, expressed excitement about the partnership, “We are excited about our partnership with Palantir, using Foundry and AIP to maximise 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 organisation.”
Palantir’s head of financial services & government in Brazil, Tiago Fetter dos Santos, commented, “We are proud to partner with Sompo on their Data Analytics and AI journey and support their digital transformation to optimide 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, Palantir’s vice president for Latin America, added, “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 organisations, from government public health and education agencies to companies in the retail and tourism sectors.”
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