Five Sigma

About Five Sigma

Established in 2017 and headquartered in Tel Aviv, Israel, Five Sigma is a developer of a cloud-native claims management platform for the insurance industry. The company was founded by Oded Barak, Dror Sholomon, Michael Krikheli, and Edan Hanina. The founding team was inspired to create a comprehensive technology solution after consulting with claims professionals and witnessing the frustrations caused by outdated systems and manual processes. The name 'Five Sigma' is a nod to the term in particle physics representing an extremely high level of certainty, which the company aims to bring to the complex and often uncertain world of insurance claims.

Five Sigma operates as a Software as a Service (SaaS) provider, generating revenue through its flexible pricing model. The company targets insurance carriers, insurtech companies, third-party administrators (TPAs), and self-insured companies, aiming to modernize their claims operations. By leveraging artificial intelligence and machine learning, the platform automates workflows, offers data-driven recommendations, and provides 360-degree visibility into the claims process. This enables clients to reduce loss adjustment expenses, improve decision-making, and enhance customer satisfaction.

The platform offers an all-in-one solution that includes features for claims resolution, performance management, and automating administrative tasks. Key functionalities include automated claims processing, AI-powered analytics, fraud detection, customizable workflows, real-time reporting, and document management. It also offers a customer portal, mobile access, and seamless integration capabilities with third-party systems. A notable feature is 'Clive™', marketed as the first AI claims adjuster, which handles tasks from data entry to providing insights, allowing human adjusters to focus on customer service and complex decision-making. Since its founding, Five Sigma has raised a total of $20 million in funding over several rounds, including a Series A round, to support its growth and technological development.