The Role of Claims Data in Insurance

We believe data is the heart of a claims operation and should be used to increase efficiency, improve customer experience, and fuel your future growth.

Talk to Our Claims Expert

See What You Can Do With All Your Claims Data

If you aren't using your claims data to increase efficiency, improve customer experience and perfect your claims operation - you should be!

The Power of Claims Intelligence and Claims Management Systems

Automation

Our proprietary workflows remove the burden of repetitive tasks, freeing your teams to focus on helping customers.

AI for Recommendations

Based on historical data, classification rules and AI methodologies, our system determines the required recommendations.

Company-wide Insights

Use claims data to build reports and dashboards or use our market knowledge base, to understand and improve your claims operation.

Why Five Sigma Is The Claims Intelligence Company For You

To make our data smart, accessible, and simple to use, we build our claims management solutions based on the following principles

Data centricity

We mean it when we say that we put data at the heart of everything and we've developed a system that imports, collects, stores, and updates all data, including the claims-related communication - all in one database.

Advanced data modeling

In data modeling we ‘break’ your data into many elements, organize them, and set rules for the relationship between them. These are the strong data foundations that will carry the weight of all your future business activities and needs.

Data governance

Insurance applications collect a huge amount of data, however, in many cases, this data is not visible or accessible to the insurer (and sometimes not even to the application vendor). In Five Sigma, our goal is to make all claims data visible and accessible to the insurer at any time.

Open platform / Data integration

Our API-based architecture enables us to integrate easily with other applications and databases. such as policy administration, communication systems, and more. We can also upload physical data by using OCR technology and embed it into our database for future use.

Time to market

We understand its a very competitive world and you need your data to win the competition. We built our claims management system to be online and ready to address your needs anytime and anywhere.

Self-operation

All data is accessible so that you can independently build and operate your own reports and dashboards directly from the cloud. And even more, the data is queryable and can be used for operation, monitoring, and management as well as historical snapshots.

The State of Claims Intelligence

To understand the state of claims intelligence, and focus that insurers are placing on new claims management technologies, we surveyed 100 P&C insurance leaders in the United States and discovered:

  • Claims intelligence is table stakes for insurance claims organizations, with 54% planning to update their claims management solution in the next 4 years
  • The growing role of cloud-driven claims processing, with 64% planning to move to the cloud in the next 4 years
  • The top challenges facing claims organizations in 2022 and beyond

Read the Full Report

Questions People Ask A Lot

What is a ‘data-driven’ claims solution?

We believe that data is the heart of the insurance business and that all the relevant data should be stored in one database for your use. Therefore, we developed a system that imports, collects, stores, and updates all data, including the claims-related communication in one database. All this data is queryable and can be used for operation, monitoring, and management.

What is claims intelligence?

Claims intelligence is using all the historical data we have on the customer and the data we collect during the claim process to create personalized and contextual recommendations to facilitate a better claims journey. In addition, we add this data into our data model, to empower management with strategic insights they can use to perfect their operations, sales processes, and more.

Can you export the data to the reporting engines data warehouse?

Yes, all data from Five Sigma’s Claims Management Solution (CMS) can be easily exported to your data warehouse.data is queryable and can be used for operation, monitoring, and management.

How can the insurer be sure that his data is secured?

We are committed to the highest regulation and standard of security (SOC2 type 2) and follow the public cloud recommendations. In addition, the public cloud invests heavily in state-of-the-art security.