Five Sigma, an industry leading claims platform provider, has raised $12M in a Series A round led by 83North and featuring existing investors F2 Venture Capital and Pipeline Capital. New investors include Eyal Ofer's O.G. Tech, Xceedance and iGlobe Partners. This brings the company's total funding to date to $18M.
Five Sigma delivers a cloud-native, data-driven claims management platform with embedded AI/ML capabilities that enables insurance firms to handle customers' claims better and faster. The insurance space is going through major changes with new products, new and evolving business and risk models, and new consumer expectations. Five Sigma's approach to claims management process and claims data addresses these rapid changes and new requirements. Customers include INSHUR, Hippo, MGM, Palomar, Qover and others.
The funding will be used to fuel Five Sigma's accelerated growth and expansion plans, plus continue to deliver game-changing solutions for its customers.
"Quick innovation of business models, fast time to value and better business efficiencies requires data driven, flexible platforms. This is key for the future success of any insurance company," said Yoram Snir of 83North. "Five Sigma's traction, accelerated growth and excellent market feedback is testament to the market demand and the company is revolutionizing the insurance claims market."
Five Sigma CEO and co-founder, Oded Barak added: "Our extraordinary team possesses deep domain and tech expertise, coupled with unique capabilities including rapid configurable digital claim workflows, the enablement of a high degree of automation throughout the claim lifecycle, and the smart utilization of claims-data. These attributes empower our customers with rapid innovation, and enhanced performance operationally and strategically, delivering on the need for a flexible, cloud-native solution that leverages claims data in new, innovative ways."
According to Dan Bratchpis, founder and CEO of INSHUR: "INSHUR is a fast growing insurtech startup focused on building embedded commercial solutions by leveraging rich data. Claims are at the heart of the insurance lifecycle and it was important for us to select a like minded agile partner that could leverage modern tech and reinvent the process. Five Sigma has been a trusted partner that has allowed us to achieve our goals quickly and roll out new product lines globally with amazing support."
About Five Sigma
Five Sigma was founded in 2017. It is developing and delivering an end-to-end claims resolution platform for the P&C personal and commercial market. The platform addresses all aspects of claims management including claim intake/First Notice of Loss (FNOL), coverage, liability, financials (reserving and payments), recovery and quality assurance - all designed to improve claims accuracy, enhancing policyholders' experience, ensure compliance and operational productivity and making claims-data readily available within an insurer's ecosystem for AI/ML, risk selection & other purposes.
Five Sigma collaborates directly with its clients to align Five Sigma CMS capabilities to their specific initiatives, delivering speed to market with desired business outcomes.
For more information visit https://fivesigmalabs.com
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