Oded Barak, Co-Founder and CEO, Five Sigma Oded Barak, Co-Founder and CEO
The insurance-claims journey— from prevention, loss notification, and assessment to handling and settlement—has historically been an opaque, complex, often time-consuming, iterative process. Combine these drawbacks with the rigorous regulatory regimes of today, and the globally sourced competitors who are continually raising the bar on efficiency and service, and it is no wonder that insurers are finding themselves in a precarious position, teetering on the edge of success and failure. Handling claims is a mostly manual process that relies on adjusters’ individual experience and expertise to manage customer experiences and vendor networks. While insurers are doing a great job at the critical customer touchpoint of claims reporting, the end-to-end claim process is still costly and not as fully integrated as it needs to be. There is a lack of flexibility and a need for more efficient claims processing. Moreover, one of the biggest challenges many carriers face is the intense resource drain imposed by legacy technologies. Rigid legacy systems used across insurance businesses are preventing carriers from adapting to new customer requirements and optimizing their operations.

Recognizing that these breakdowns in the claims function can no longer be addressed through piecemeal, quick-hit strategies, Five Sigma, a Tel-Aviv based firm, is helping insurers deliver on their promise to policyholders through its end-to-end, data-driven claims management solution. By combining advanced innovative technologies like AI and deep learning and leveraging its handson experience in handling claims, Five Sigma is assisting insurers with the P&C insurance claims management process. “With our data-driven, customer-centric and adjuster-centric approach, we help our clients to deliver superior customer experience while cutting costs and reducing loss ratio,” says Oded Barak, co-founder and CEO of Five Sigma.

By leveraging its cloud capability, adapting proven AI techniques, and applying them to the traditional structured and unstructured claims data, Five Sigma is helping insurance carriers to better understand claims and claims management on an entirely new level. Furthermore, by enabling easy deployment, the firm allows insurers to embed their preferred claims management workflows in their systems from the get-go. “Our claims management system empowers and enables adjusters to work efficiently and effectively by eliminating administrative tasks and fully automating them throughout the claims process,” adds Barak. With Five Sigma’s nextgen claims management solution, insurance companies can benefit in four different ways: reduced loss ratio, increased transparency, enhanced risks understandings, and improved customer experience. By predicting claims lifecycle and empowering adjusters to make informed decisions, Five Sigma prevents claims from unnecessarily escalating.

For the policyholders, on the other hand, Five Sigma’s claims management system offers unparalleled visibility into the status of their claims and delivers an easy self-service experience by personalizing the communications. “Customers don’t want to wait or answer hundreds of non-relevant questions when it comes to their claims.
They just want the process to be intuitive, fast, and user-friendly. And, that is exactly what we provide,” states Barak.

Our claims management system empowers and enables adjusters to work efficiently and effectively by eliminating administrative tasks and fully automating them throughout the claims process

The firm also enables omnichannel communication among all parties relevant to the claims side. “Different insurers want to discuss claims using different methodologies. Enabling that in the system is a key piece,” adds Barak. Alongside, by providing transparency to all stakeholders in real-time, the solution allows insurance carriers to gain new insights into pricing, underwriting, and risk management.

Over the last three years, Five Sigma has helped several insurance businesses redesign their entire claims process from the ground up. A recent story includes a client that was using legacy systems for processing claims and seeking a new way to modernize it. Five Sigma integrated its cloud-based claims management solution into the client’s systems. This allowed the client to not only accelerate their operations and compress the entire claims resolution cycle but also enabled them to identify blind spots regarding exposure, status, reserving, and more. Another Five Sigma client was fully implemented and operational in a matter of weeks. “Our software’s intuitiveness, easy installation, and usage further made it convenient for the client to drive better claims outcome,” informs Barak. In fact, one of Five Sigma’s client testimonials reads: “Five Sigma is the claims resolution software that I always dreamed of, and we really believe that in spite of what is going on in the market, it is a true next-generation SaaS that is adjuster-centric and data-driven.” Another testimonial says: “Because of the intuitiveness and ease of use of the system, we were able to train our adjusters—both in the first notice of loss and the entire usage of the system—in less than a day.”

Treading forward, Five Sigma will continue to develop its claims management solution to bring enhanced value for its customers and prospects. In light of this, the firm is already working on leveraging unique claims data and investing in novel machine learning and AI modules to enhance operations and provide strategic insights to its customers. From a geographical point of view, the firm is also looking to expand both inside and outside the U.S.

Maintaining a growing, profitable insurance company today means offering innovative, out-of-the-box solutions that insurers can work with to modify business processes, and provide better claims management services. With its state-of-the-art system, Five Sigma is streamlining the entire claims journey for its clients to drive smarter, better results.