Five Sigma: Making claims processing simple and smarter
One of the challenges many insurance companies face is getting a complete view of claims data and claims communication, as this is often spread across multiple platforms and screens. Advanced data modelling technology can help making claims processing easier and smarter.
Expectations of insurance leaders show that new technologies for stronger claims intelligence will be adopted in the near future. According to the 2022 Five Sigma survey with 100 senior P&C insurance professionals, ‘The State of Claims Intelligence’, more than half (54%) of insurance claims organizations are planning to update their claims management solution in the next four years. Additionally, with the growing role of cloud-driven claims processing, 64% plans to move to the cloud.
A company that supports insurers in moving to the cloud and getting a comprehensive view of their claims data is Five Sigma. Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI/ML capabilities to allow intelligent claims processing for the insurance industry.
Five Sigma optimizes claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjusters’ decision-making, and reducing errors. Leading insurance carriers, insurtechs, TPAs and self-insured companies in the US and Europe use Five Sigma’s CMS to modernize their claims management operations, reduce claims leakage, enhance compliance and improve their customers’ experience.
Benefits for insurers
- Up to three times faster claims processing time by bringing accurate, data-driven, and real-time insights to decisions across the claims process and the ability to take action based on the data from the platform.
- Enhancing customer experience because of the claims processing speed and leveraged by the built-in communication tools to connect with customers via all channels.
- Enhancing compliance as all claims data are captured in the same place.
How it works
Through a blend of deep automation, flexible APIs, and structured workflows, Five Sigma brings clarity to every part of the claims journey:
- Automation: automated workflows and embedded communications modules remove the burden of repetitive tasks, improve accuracy, reduce claims handling time, and let adjusters focus on helping customers.
- Recommendations: advanced data modeling is used to offer recommendations and next steps – allowing adjusters to focus on making smart decisions and providing excellent customer service.
- Real-time insights: quick access to data means you can see how your company operates as a whole, understand risks, and spot opportunities to reduce total cost of ownership.
Why we selected Five Sigma for DIA Amsterdam 2022
Insights from the 2022 Five Sigma survey ‘The State of Claims Intelligence’ indicate that while the importance of claims intelligence is now recognized, many claims organizations are struggling with implementing more advanced technologies and making data actionable within their claims operations.
Five Sigma helps insurers overcome exactly that hurdle by driving digital transformation and helping insurers move to cloud-driven claims management solutions. Five Sigma will present some practical examples at DIA Amsterdam. They will also present insights from ‘The State of Claims Intelligence’, conducted among 100 Chief Claims Officers and making the case for digital claims intelligence.
Who is Five Sigma?
Five Sigma was founded in 2017 in Tel Aviv, Israel, by Oded Barak, Dror Sholomon and Michael Krikheli. Their mission is to simplify the claims process, by putting data at the heart of claims management. By keeping close to their mission, they’re constantly delivering value to their customers by optimizing their claims management processes. Five Sigma works with 16 clients across the US and the UK.
Five Sigma has raised a total of $26M so far, $16M in round A. Their main investors are: 83 North, Aquiline Growth Partners, F2, Pipeline capital partners and Xceedence.
“Insurers worldwide are adopting SaaS solutions for the most critical functions of their organizations and putting data at the heart of their claims operations. Five Sigma is proud to bring advanced data modeling technology to leading insurers.”Oded Barak, Co-Founder & CEO of Five Sigma