Japanese insurance giant Sompo has struck an alliance with Israeli start-up GeoX for developing an automated underwriting platform powered by artificial intelligence (AI) technology.
In this regard, the Israeli firm collaborated with Sompo Holdings, Sompo Japan Insurance, and Sompo Risk Management, which deals in property and casualty insurance and reinsurance.
GeoX’s collaboration with the Japanese insurer dates back to last year, when the two were working on developing methodologies for customer risk evaluation using external data and advanced digital technologies.
The two parties reached an agreement to offer an insurance underwriting scheme using this knowledge, after completing proof-of-concept.
Sompo Holdings head of Sompo Digital Lab Israel & Europe Yinnon Dolev said: “Sompo Japan has been a global leader in the application of modelling and data to casualty insurance with a strong commitment to the specialty markets.
“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.”
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GEOX develops 3D property intelligence databases, aiding insurers in accurate risk assessment.
The firm’s tie-up with Sompo will bring together its technology along with the expertise and global distribution networks of Sompo.
Commenting on the partnership, GeoX co-founder and CEO Izik Lavy said: “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.
“We look forward to working closely with Sompo Japan, as this partnership will analyse risk in the current landscape using a variety of external data and cutting-edge digital technologies.”