Palantir Expands SOMPO Partnership in Multi-Year Deal

Palantir Technologies (PLTR, Financials) said Tuesday it signed a multi-year expansion of its partnership with SOMPO Holdings through its Japanese joint venture, Palantir Technologies Japan KK. The deal deepens SOMPO's use of Palantir's Foundry platform across subsidiaries, including applications in care facilities, government reporting and claims processing.

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SOMPO is using Foundry to revamp its claims process, from fraud detection to payment optimization. The company's underwriters are supported by AI agents that automatically evaluate risk and make recommendations, which is expected to improve financial results by $10 million annually.

More than 8,000 SOMPO employees in Japan actively use Palantir software. This is the second expansion of the agreement since a $50 million extension in 2023.

This article first appeared on GuruFocus.

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