21. Five Sigma

Founders: Oded Barak, Michael Krikheli and Dror Sholomon

Website: https://www.fivesigmalabs.com/

Business: A cloud-native, data-driven Claims Management Solution (CMS) for intelligent claims processing in the insurance industry.

Five Sigma optimises claims management by adding automated claims processing workflows, using data modelling and AI to provide smart recommendations, improving adjuster’s decision-making, and reducing errors.

Leading Insurance carriers, InsureTech, TPAs and Self-Insured companies use Five Sigma’s CMS to modernise their Claims Management operations, reduce claims leakage, enhance compliance and improve their customers’ experience.

Five Sigma started four years ago as 3 friends that were looking for big problems to solve. The founders looked for industries with lots of data that was not yet modelled, and eventually got to insurance claims.

Claims are the essence of the insurance business and are at the heart of insurance companies relationships with their clients. However, most insurance companies still use old, legacy systems to manage their claims, which results in a clunky process and a bad customer experience overall. That’s what Five Sigma wants to change. The startup bring advanced data modelling technologies to claims management, which would eventually result in greater customer service.

Five Sigma completed a successful round A in 2021, and claims that “2022 is all about scale and growth – building the team, improving the product and acquiring dozens of new customers.”

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