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London, United Kingdom — Onda, a multinational insurance group specializing in cyber insurance, has chosen Five Sigma, a leader in AI-native claims management technology, to power and streamline its cyber claims operations. Onda will adopt Five Sigma’s claims management platform (CMS), leveraging its cutting-edge AI and automation to optimize claims handling, improve accuracy, reduce cycle times and scale as they expand into new markets.
The total damage caused by cyber attacks in 2024 is forecasted to reach $9.5 trillion. The global cyber insurance market has seen significant growth due to increasing cyber threats, valued at approximately $13 billion in 2023—almost doubling from $7 billion in 2020. This upward trend is expected to continue, with forecasts predicting the market will reach $22.5 billion by 2025. Accordingly, the demand for cyber insurance has surged, with cyber claims frequency in 2024 increased 13% year over year, while overall claims severity increased 10%.
This rapid expansion underscores the increasing demand for comprehensive cyber insurance solutions, aligning with Onda’s commitment to addressing evolving market needs. With clients spanning diverse industries and geographies across the UK and Europe, and plans to expand into the US in the near future, Onda’s operations demand a claims solution capable of handling the complex, high-stakes nature of cyber incidents. Onda sought a modern claims management system (CMS) to support its rapidly expanding operations with a focus on efficient, data-driven, and scalable claims handling.
Onda needed a solution that offers configurable workflows, full visibility into claim data, claim analysis and insights, detailed and customizable reporting, and multi-currency payment capabilities to streamline operations across international markets.
After an extensive review of industry solutions, Onda selected Five Sigma, citing its AI and automation capabilities, no-code configurability, and data analytics as unparalleled among claims management solutions.
With Five Sigma’s cloud-based, AI-native platform, Onda’s claims team will benefit from fast, data-driven claims handling, including:
- Configurable workflows
- Advanced automation
- Data-based claim analysis and insights
- Ability to create and export customized, detailed reports
- Cloud-based infrastructure – meaning no downtime, facilitating remote work
- Extensive API framework – connecting to various cyber and insurance systems and data sources
- All claim-related communication in one easy location
With Five Sigma, Onda’s claims adjusters experience reduction in manual tasks, easy communication, and expedited claim resolution, freeing them to focus on providing attentive and personal customer service in critical moments.
About Onda
Onda is on a mission to simplify cyber insurance. Onda’s goal is to ease companies’ access to comprehensive insurance cover and provide them with continuous, understandable, and actionable insights about their cyber risk by leveraging the team’s innovative technology and insurance expertise. Onda’s technology improves the client assessment and underwriting process, giving rapid access to underwriting decisions, making cyber insurance seamless for brokers and their clients.
For more details, visit https://www.onda.ai
Statistics sources: MarketsAndMarkets.com, Statista.com, Aon.com, CyberSecurityDive.com, TechSciResearch.com, GlobalNewsWire.com, FortuneBusinessInsights.com, WTWco.com
