Palantir Expands SOMPO Partnership with Multi-Year Deal

Palantir Technologies has expanded its partnership with SOMPO Holdings through a multi-year deal with Palantir Technologies Japan KK. The agreement will deepen SOMPO's use of Palantir's Foundry platform across subsidiaries, including applications in care facilities, government reporting, and claims processing. SOMPO is using Foundry to improve its claims process, with AI agents automatically evaluating risk and making recommendations, expected to improve financial results by $10 million annually. Over 8,000 SOMPO employees in Japan actively use Palantir software.

Palantir Technologies Inc. (NASDAQ: PLTR) has announced a multi-year expansion of its partnership with SOMPO Holdings, Inc., through its Japanese joint venture, Palantir Technologies Japan KK. The agreement will deepen SOMPO's use of Palantir's Foundry platform across various subsidiaries, including applications in care facilities, government reporting, and claims processing.

SOMPO has been utilizing Palantir's Foundry since 2020, supporting care of patients, reporting care to the government, and raising the urgent needs of patients. Recently, SOMPO has begun using Foundry to enhance its claims process end to end. Palantir's AI technology is being used to evaluate risk and make recommendations during the underwriting process, leading to an expected annual improvement in financial results of $10 million.

The multi-year expansion of this partnership between Palantir and SOMPO marks the second expansion of the agreement following a $50 million expansion in 2023. Over 8,000 SOMPO employees in Japan actively use Palantir software.

"Our partnership with Palantir has brought the best in class artificial intelligence software to our subsidiaries across Japan," said Mikio Okumura, Group Chief Executive Officer, SOMPO Holdings. "Palantir Foundry continues to grow in importance across all sectors of our business. This software continues to increase our efficiency and profitability and will play a major role in the future of our business."

Kevin Kawasaki, Global Head of Business Development at Palantir Technologies, noted that over 8,000 SOMPO employees in Japan actively use the Palantir platform.

This expansion underscores Palantir's growing presence in Japan's insurance sector and its commitment to leveraging AI to drive operational efficiency and profitability for its partners.

References:
[1] https://www.businesswire.com/news/home/20250812905441/en/Palantir-and-SOMPO-Expand-Partnership-in-Multi-Year-Agreement
[2] https://www.ainvest.com/news/palantir-sompo-expand-partnership-foundry-platform-enhanced-efficiency-profitability-2508/
[3] https://finance.yahoo.com/news/palantir-pltr-strengthens-ties-sompo-221037569.html
[4] https://au.finance.yahoo.com/news/palantir-expands-sompo-partnership-multi-130727543.html