Sompo collaborates with Israeli start-up

Sompo Holdings,Inc, Sompo Japan Insurance Inc and Sompo Risk Management Inc have started a collaboration with Israeli start-up GeoX Innovations to develop an automated underwriting methodology utilising state-of-the-art 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. In recent years, advances in geospatial data technologies, such as higher resolution and 3D aerial imagery, have led to the development of data that is increasingly being implemented in society. As a group, Sompo has also been studying the use of geospatial data for insurance underwriting. The agreement with GeoX reflects jointly developing a technology that automatically analyses 3D property intelligence from 3D aerial images using AI and patent algorithms to assess risk.