(Image credit: JJ Ying/Unsplash.)
Sompo Japan (Tokyo) has selected GeoX (Tel Aviv) to support the insurer in the development of an automated underwriting methodology using AI, through the company’s operating units Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries.
GeoX places its engagement with Sompo in the context of insurers efforts in recent years to take advantage of advances in geospatial data technologies—such as higher resolution and 3D satellite imagery—to use data in ways they had not previously considered. By combining GeoX’s ground-breaking technology with Sompo’s significant expertise and established global distribution networks, a collaboration between the two companies will fuel digital transformation within the insurance industry while enhancing customer experience, according to a GeoX statement.
GeoX says its contribution to the collaboration is the know-how and technology to provide reliable, high-quality intelligence for residential and commercial properties across the USA. The vendor reports that Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilizing this expertise.
“In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex,” comments Izik Lavy, Co-Founder and CEO, GeoX. “We look forward to working closely with Sompo Japan, as this partnership will analyze risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before.”
Innovative Responses to Evolving Risks
“Sompo Japan has been a global leader in the application of modeling and data to casualty insurance with a strong commitment to the specialty markets,” comments Yinnon Dolev, head of Sompo Digital Lab Israel & Europe, Sompo Holdings. “At this time of significant change across the business landscape, we must develop innovative responses to emerging and evolving risks. We look forward to this partnership, as it will drive positive change within the sector promoting the development of advanced insurance underwriting using geospatial data.”