Palantir (PLTR) Expands Partnership with SOMPO in Japan

Palantir Technologies Inc. (NASDAQ:PLTR) is one of the 10 Best Stocks for 5 Years (Long-Term Stock Portfolio). On August 12, Palantir Technologies Inc. (NASDAQ:PLTR) reported a multi-year expansion of its partnership with SOMPO Holdings through its Japanese joint venture Palantir Technologies Japan KK.

SOMPO has been using Palantir Technologies Inc.’s (NASDAQ:PLTR) Foundry across many of its subsidiaries with thousands of daily users. Since 2020, SOMPO has used Foundry in care facilities in Japan to help take care of senior citizens, reporting care to the government, and raising urgent patient needs.

Recently, SOMPO Japan started using Palantir Technologies Inc.’s (NASDAQ:PLTR) Foundry to enhance its claims process from start to finish. Foundry, which is deeply embedded at all stages in important decisions, helps with fraud detection, claim triage, and ongoing monitoring. SOMPO is using Foundry to make its claims payment process better and more efficient through initiatives like optimizing claim allocation.

According to the report by Palantir Technologies Inc. (NASDAQ:PLTR), AI agents are also helping underwriters by automatically assessing risk and giving recommendations. This is expected to help SOMPO annually improve its financial results by $10 million.

This is the second expansion of the partnership between SOMPO and Palantir Technologies Inc. (NASDAQ:PLTR), following a $50 million expansion of the partnership in 2023.

Palantir Technologies Inc. (NASDAQ:PLTR) is an American software company that specializes in big data analytics. The company serves key government and commercial enterprises.

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Disclosure: None. This article is originally published at Insider Monkey.