Five Sigma

Tel Aviv-based Five Sigma provides a cloud-based, data-driven claims management platform that uses technologies such as artificial intelligence (AI) and machine learning (ML) to automate claims and improve the claims management process for insurers. The platform automates all parts of the claims management process, such as First Notice of Loss (FNOL), coverage, liability, claims payout, recovery, and quality assurance, and aims to improve the accuracy of claims. The company’s customer base includes Hippo Insurance, Boost, INSHUR, MGM, Palomar, and Qover, among others.

Key customers and partnerships

In August 2022, Five Sigma partnered with One, a digital insurance payment solutions provider, to offer its customers a more convenient premium and claims payment method without leaving Five Sigma’s claims management solution platform.

Funding and financials

In September 2021, the company raised USD 12 million in Series A funding, led by 83North. The new funds will be used to scale operations, and further develop its products. An extension to the Series A round from Aquiline Technology Growth (ATG) was announced in January 2022, with plans to funnel the fresh capital into market growth and expansion.