Palantir agrees $50 Million Expansion with SOMPO Holdings By CIOTechOutlook Team

Palantir agrees $50 Million Expansion with SOMPO Holdings

CIOTechOutlook Team | Thursday, 02 February 2023, 03:58 IST

A $50 million, five-year expansion of Palantir Technologies Inc. and Palantir Technologies Japan K.K.'s collaboration with SOMPO Holdings and its group companies, including SOMPO Japan, the company's insurance business, was announced today. This increase will make it possible to implement crucial workflows across SOMPO Japan's 10,000+ salespeople, advance the Real Data Platform, and take advantage of numerous other crucial growth opportunities across SOMPO Holdings.

Palantir Foundry is the foundation of SOMPO's programmes to realise digital transformation and work within the RDP, aiming to enhance security, health, and wellbeing in Japan and beyond, and is used by thousands of users throughout the organisation.

The usage of Foundry within SOMPO Japan has thus far been concentrated on assisting catastrophe response and enhancing commercial insurance business profitability. One process alone has already contributed significantly to SOMPO Japan's underwriting earnings, and it is now being implemented across the Japanese insurance industry's 10,000+ salesmen.

The organization's work on disaster response has also produced significant improvements, reducing previously time-consuming tasks like communicating with inspectors and processing claims into reusable workflows that can now be completed in a matter of days.

To connect hundreds of recipient parameters into customizable and recipient-specific long-term care plans inside SOMPO Care, hundreds of care staff members utilise Foundry across approximately 300 long-term care facilities. A live-updating, automated workflow that links SOMPO care providers with important governmental regulations, funding requirements, and more has recently been implemented by SOMPO to enable secure government reporting.

This workflow has replaced highly manual, CSV-based email sharing that was previously heavily utilised.

"As Palantir's most important partner in Japan, we SOMPO will continue to expand our efforts in DX to increase our own operational efficiency and profitability and in creation of RDP, by using Foundry," says Mikio Okumura, Group COO, Director, President and Representative Executive Officer, SOMPO Holdings. "In parallel, SOMPO will promote DX for Japanese companies, government agencies, and society through Palantir Technologies Japan, which was jointly established by SOMPO and Palantir."

"Our work with SOMPO is the combination of a visionary customer, a critical and time-sensitive challenge, and profound technology," says Palantir CTO, Shyam Sankar. "The expansion of our work across more of SOMPO Care, into SOMPO Japan and elsewhere, is emblematic of our joint ambition with SOMPO to support Japan as a global leader."

SOMPO has changed from a traditional insurance company that was established in the late 19th century to a multinational organisation that has undergone digital transformation and actively collaborates in research and develops practical solutions to pressing challenges, like the ageing population of the country. SOMPO has been using Foundry as the foundation of its RDP solution since 2019.

In order to enhance patient care, boost resilience, modernise real-world operations, and build a connected healthcare infrastructure, the RDP collaborative ecosystem brings together research institutions, governmental organisations, and commercial sector both domestically and internationally.