Palantir, SOMPO expand partnership

Palantir (PLTR) Technologies announced a multi-year expansion of their partnership with SOMPO Holdings via its Japanese joint venture Palantir Technologies Japan KK. SOMPO utilizes Palantir’s Foundry across several of their subsidiaries with thousands of daily users. Since 2020, SOMPO has been using Foundry across care facilities in Japan to support the care of senior citizens, report care to the government, and raise the urgent needs of patients. More recently, SOMPO Japan is using Foundry as it revamps its claims process end to end. Foundry is deeply embedded at every stage across key decisions – from fraud detection and claim triage to ongoing monitoring. SOMPO is leveraging Foundry to transform its claims payment process, advancing initiatives such as optimizing claim allocation. For underwriters, AI agents are automatically evaluating risk and making recommendations during the underwriting process leading to an expected annual improvement in financial results of $10M.