Palantir (PLTR) Strengthens Ties With SOMPO in Multi-Year AI Partnership

Palantir Technologies Inc. (NASDAQ:PLTR) is one the Trending AI Stocks on Wall Street. On August 12, the company announced a multi-year expansion of their partnership with SOMPO Holdings, Inc. through its Japanese joint venture Palantir Technologies Japan KK.

SOMPO has been using Palantir’s foundry since 2020, supporting care of patients, reporting care to the government, and raising the urgent need of patients.

Recently, SOMPO has begun using the 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.Palantir (PLTR) Strengthens Ties With SOMPO in Multi-Year AI Partnership

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 people at SOMPO actively use Palantir in Japan while AI agents are used to automatically evaluate risk and make recommendations resulting in enhanced and automated underwriting decisions. We are honored to be working with SOMPO and look forward to our long-term partnership.” -Kevin Kawasaki, Global Head of Business Development at Palantir Technologies.

Palantir Technologies Inc. (NASDAQ:PLTR) is a leading provider of artificial intelligence systems.

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Disclosure: None.

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