GeoX partners with Sompo to develop AI-powered underwriting

Geospatial data provider GeoX is partnering with Sompo Holdings, Sompo Japan and Sompo Risk Management to support the development of the insurer’s AI-powered underwriting methodology

“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, 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.”

“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,” added Yinnon Dolev, head of Sompo Digital Lab Israel and Europe at 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.”

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