Five Sigma, a cloud-native Claims Management solution provider, today announced an extension of its Series A round from Aquiline Technology Growth (ATG), bringing the company’s total funding to date to over $20 million. The company’s Series A funding was initially announced in September of 2021.
Five Sigma is an industry disrupting, cloud-native, data-driven Claims Management Solution (CMS) with embedded AI and machine learning capabilities to allow intelligent claims processing for the insurance industry. Five Sigma optimizes claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, resulting in increased operational efficiencies, an enhanced customer experience, accelerated times to resolution and the amelioration of the claims management process. Current customers include INSHUR, Hippo, Marshmallow, Qover and others.
“Aquiline’s backing is a major acknowledgment of the strength of Five Sigma’s technology and proven ability of delivering best-in-class solutions,” said Oded Barak, Five Sigma CEO and Co-founder. “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.”
“Five Sigma’s digital claims management platform will disrupt legacy providers and enable the company’s clients to have a modern and efficient solution,” said Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners. “We look forward to partnering with Oded and his team to share our knowledge, experience and network and help drive the company’s next phase of growth.”