Through this partnership, the insurance company’s management and data teams will include adaptive and responsible Machine Learning solutions into their decision-making processes, resulting in faster and more efficient decisions
According to Market Research’s report, titled "AI in Auto-insurance Market Size And Forecast”, AI in the Auto-insurance Market size was valued at USD 221.94 Million in 2020 and is projected to reach USD 582.41 Million by 2028, growing at a CAGR of 14.06% from 2021 to 2028 in Latin America. McKinsey reports that “AI implementations could increase productivity in insurance processes and reduce operational expenses by up to 40% by 2030.” In addition, AI will improve employee productivity, customer experience, and business resilience.
Considering this potential, Sompo Seguros, a subsidiary of Sompo International, the company responsible for the insurance and reinsurance operations of the Sompo Holdings Group outside Japan, has partnered with TAZI.AI, a global player in artificial intelligence (AI) and machine learning (ML). TAZI AI has developed an advanced, adaptive and responsible ML platform with easy-to-use interfaces that empower business users to take the wheel.
TAZI solutions will support Sompo Seguros business users to make better and faster decisions based on more accurate, up-to-date and reliable data and data-driven predictions. With this addition to its technology stack, Sompo Seguros aims to both serve its policyholders better and also increase the efficiency of its sales force.
Alfredo Lalia Neto, CEO of Sompo Seguros added, “Sompo Seguros is committed to investing in innovative tools that can contribute to the business development and sustainable growth of the company. Data-driven technology is a reality that brings a competitive advantage in decision-making in strategic areas such as pricing, product modeling, and market analysis. With it, we can anticipate trends and be more assertive in developing and delivering value-added solutions to insurance broker partners and customers."
Zehra Cataltepe, CEO/Co-founder of TAZI.AI, added: "We are proud of expanding our collaboration with Sompo and eager to continue contributing to their growth. Our goal is to make data and ML accessible to different stakeholders so that we can help decision makers with the challenges of a continuously changing and competitive economic environment.”.
About Sompo Seguros
Sompo Seguros S.A. is a subsidiary of Sompo International, the company responsible for the insurance and reinsurance operations of the Sompo Holdings Group outside Japan. In Brazil, the company provides complete solutions in insurance products and services intending to be the simplest and closest insurance company for customers and brokers, with sustainable growth. Its wide range of products includes Personal Insurance (Auto, Homeowners, Mortgage, Life and Accident Insurance - Individual) and Corporate Insurance (Auto Fleet, Commercial Multiple Peril, Specified and All Risks, Marine, Engineering Risks, Civil Liability, Guarantee, Crop, Farmowners Multiple Peril, Rural Pledge, Life - Group, Accident Insurance - Group, among others).
Founded in Japan, Sompo Holdings Inc. has been operating for more than 130 years in the insurance market. Nowadays, the company has subsidiaries on five continents. In Japan, it offers a wide range of Property and Casualty, Life and Personal Accident insurance, and financial and other products and services intending to improve the customer's safety, health, and well-being.
More information: www.sompo.com.br
TAZI AI, established in 2017 in San Francisco, has a unique vision of enabling every human to use ML for making better choices. Shaped by real-life experience with its customers, TAZI's SaaS solutions keep business experts in the driver's seat while empowering data science teams. With the founders’ 60+ years of experience on Machine Learning systems and software developments starting all the way from Caltech and MIT, TAZI has a revolutionary approach to ML solution creation and deployment. TAZI Platform enables business users to create, monitor and contribute to ML solutions as business conditions continuously change. This is possible thanks to TAZI's patented continuous learning, explainable AI and human-in-the-loop technology. TAZI has been chosen by Gartner as a Cool Vendor in Core AI Technologies and is cited as a Responsible, Explainable AI vendor in various analyst reports.
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