Palantir Technologies Inc. (NASDAQ:PLTR) shares were trading relatively flat on Tuesday.
The company said its long-running collaboration with SOMPO Holdings is expanding under a new multi-year agreement via Palantir Technologies Japan KK.
The companies will deepen use of Palantir’s Foundry platform across multiple SOMPO subsidiaries, where thousands of staff already rely on the software daily.
The partners detailed broader adoption in Japan spanning elder care, insurance claims and underwriting workflows.
Since 2020, SOMPO has deployed Foundry in care facilities to coordinate services for seniors, streamline required reporting to authorities and surface urgent patient needs more quickly.
The insurer is now pushing the platform deeper into its core operations, rebuilding the claims process end-to-end, from fraud screening and triage to continuous monitoring, to lift efficiency and accuracy.
SOMPO is also leaning on Palantir-enabled AI agents to evaluate risk and generate recommendations for underwriters.
The company expects these tools to improve annual financial results by about $10 million through better decision support and faster cycle times.
“Our partnership with Palantir has brought the best-in-class artificial intelligence software to our subsidiaries across Japan,” said Mikio Okumura, Group CEO of SOMPO Holdings.
“Palantir Foundry continues to grow in importance across all sectors of our business. This software continues to increase our efficiency and profitability and will play a major role in the future of our business.”
The latest arrangement marks the second expansion of the relationship, following a $50 million add-on signed in 2023.
Palantir said the joint venture in Japan will continue to serve as the hub for future deployments across SOMPO’s businesses.
Earlier this month, Palantir reported second-quarter revenue of $1.004 billion, beating analyst estimates of $939.71 million. The company reported second-quarter adjusted earnings of 16 cents per share, beating analyst estimates of 14 cents per share.
According to Benzinga Pro, PLTR stock has gained over 521% in the past year. Investors can gain exposure to the stock via Direxion Daily PLTR Bull 2X Shares (NASDAQ:PLTU).
Price Action: PLTR shares are trading higher by 0.20% to $182.90 premarket at last check Tuesday.
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