A global provider of geospatial data to insurers, GeoX, has announced a new partnership to assist Sompo Japan in the development of an automated underwriting methodology based on artificial intelligence (AI) technology.
“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,” said Izik Lavy, Co-Founder, and CEO at 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.”
The partnership hopes to fuel digital transformation in the insurance industry while improving customer experience by combining GeoX’s technology with Sompo’s expertise and established global distribution networks.
Yinnon Dolev, Head of Sompo Digital Lab Israel & Europe at Sompo Holdings, also commented: “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.”
Since January 2021, Sompo Japan and GeoX have collaborated on developing and introducing methodologies for assessing customer risks using external data and various advanced digital technologies.