Palantir Signs $50 Million Expansion with SOMPO Holdings

Rhea-AI Summary

Palantir Technologies has announced a $50 million, five-year expansion of its partnership with SOMPO Holdings. This initiative will enhance workflows for over 10,000 salespeople in SOMPO Japan and promote the development of SOMPO's Real Data Platform. Palantir's software, Foundry, is central to SOMPO's digital transformation, improving operations in the insurance sector and disaster response. SOMPO aims to boost efficiency and profitability through this collaboration, reflecting a commitment to digital transformation in Japan's insurance industry.

Positive

• Expansion of partnership with SOMPO Holdings worth $50 million over five years.
• Enhancement of workflows for over 10,000 salespeople in SOMPO Japan.
• Utilization of Palantir Foundry to improve profitability in SOMPO's insurance operations.

Negative

• None.

DENVER, Feb. 1, 2023 /PRNewswire/ -- Palantir Technologies Inc. ("Palantir," NYSE: PLTR) and Palantir Technologies Japan K.K. today announced a $50 million, five-year expansion of its work with SOMPO Holdings ("SOMPO") and its group companies including SOMPO Japan, the company's insurance business. This expansion will enable the roll out of critical workflows across 10,000+ salespeople within SOMPO Japan, further developments of SOMPO's Real Data Platform ("RDP"), and many other critical growth opportunities across SOMPO Holdings.

Thousands of users across SOMPO use Palantir Foundry as the backbone of the company's projects to realize digital transformation and work within the RDP, designed to improve security, health, and wellbeing in Japan and beyond. Within SOMPO Japan, use of Foundry to-date has been focused on improving profitability for the commercial insurance business, and supporting disaster response. One workflow alone has already delivered significant value in terms of underwriting profits to SOMPO Japan, and is now being rolled out to 10,000+ salespeople across the Japanese insurance business. The organization's disaster response work has also delivered substantial results — streamlining traditionally labor-intensive efforts such as exchanging information with inspectors and processing claims into reusable workflows across disasters that can now be executed in days.

Within SOMPO Care, Foundry is used by hundreds of care staff across nearly 300 long-term care facilities to connect hundreds of recipient parameters into flexible and recipient-specific long-term care plans. SOMPO has also recently started to use Foundry to enable secure government reporting, replacing highly manual and CSV-based email sharing with an automated and live-updating workflow that connects SOMPO care providers with critical government regulations, funding requirements, and more.

"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 evolved from a traditional insurance firm, founded in the late 19th century, to a digitally transformed, multinational company that actively partners in research and develops real solutions to critical challenges, such as the nation's aging population. Since 2019, SOMPO has used Foundry as the backbone of its RDP solution. RDP is a collaborative ecosystem designed to improve patient care, increase resiliency, modernize real-world operations, and create a connected healthcare infrastructure that enables collaboration between research institutions, government agencies, and private industry in Japan and abroad.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Media Contacts

Lisa Gordon
media@palantir.com

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SOURCE PALANTIR TECHNOLOGIES INC.

FAQ

What is the significance of Palantir's $50 million expansion with SOMPO Holdings?

The $50 million expansion signifies an enhancement in Palantir's collaborative efforts with SOMPO to develop critical workflows and digital transformation initiatives.

How will the expansion affect salespeople at SOMPO Japan?

The expansion will improve workflows for over 10,000 salespeople at SOMPO Japan, increasing operational efficiency and supporting profitability.

What technology is Palantir providing to SOMPO Holdings?

Palantir is providing its Foundry software, which serves as the backbone for digital transformation in SOMPO's operations.

What areas will benefit from the partnership between Palantir and SOMPO?

The partnership will benefit areas such as commercial insurance business profitability, disaster response, and long-term care planning.