Insurtech Five Sigma nabs $12m investment for claims resolution platform
Israel-based insurtech Five Sigma, a provider of claims platform for the P&C personal and commercial market, has secured $12 million Series A investment to fuel its growth and expansion plans.
The funding is led by 83North and 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 $18 million.
Five Sigma provides a cloud-native, data-driven claims management platform with embedded AI/ML capabilities that enables insurance firms to handle customers’ claims better and faster. Companies that have adopted Five Sigma's platform include Inshur, Hippo, MGM, Palomar and Qover, among others.
According to Dan Bratchpis, founder and CEO of Inshur: “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.”
Yoram Snir of 83North added: “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. 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.”
Oded Barak, chief executive and c-founder of Five Sigma, 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.”
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