Five Sigma, a cloud-native claims management solution provider, has extended its Series A round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20m.
The company’s Series A was initially announced in September 2021, in which $12m was raised.
Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI and machine learning capabilities to allow intelligent claims processing for the insurance industry.
The company aims to optimise claim management by adding automated claims processing workflows, using data modelling and AI to provide smart recommendations. This results in increased operational efficiencies, an enhanced customer experience, accelerated times to resolution and the amelioration of the claims management process, Five Sigma said.
Current customers include INSHUR, Hippo, Marshmallow, Qover and others.
Oded Barak, Five Sigma CEO and co-founder, said, “The insurance claims landscape is changing, and we are excited to be at the forefront of this transformation. The investment from Aquiline will further position us to execute on our vision to drive the claims industry into the future through agile, fully-digital and data-driven claims solutions.”
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