Product Updates & Innovations, February 2024: Deductables, Payment, Webhooks, and Claims Made Policies

At Five Sigma, we’re constantly evolving to make your claims management experience better and exceptional. We’re thrilled to share the newest enhancements to our platform, all designed to streamline your operations and harness the power of automation and AI-native technology. 

Remember, as a Cloud-based SaaS – the platform is always up to date with latest enhancements, for the benefit of all customers. 

Let’s explore how our new updates can propel your claims processing into the future.

💰 Introducing Per Exposure Deductible Configuration

Take control with our new feature allowing you to set or waive deductibles per exposure. This flexibility extends to applying deductibles directly to indemnity payments. For those looking to deduct the deductible amount from reserves, our team is on hand to configure the setup according to your requirements.

💳 Enhanced Payment Configurations

Maximize efficiency with our updated payment functionalities. You can now issue indemnity payments from a closed exposure, mirroring the convenience we offer for expense payments. Furthermore, reserve adjustments now sync automatically with the cancellation of payments, ensuring accuracy and transparency in your financials. For activation and walkthrough, our support specialists are ready to assist.

🕸️ Expanded Webhooks Functionality

Our platform now supports multiple endpoints for webhooks, allowing for a broader integration with your existing systems and workflows. This addition ensures seamless communication and data exchange across your operations. Reach out for personalized setup support.

✍🏼 Comprehensive Support for Claims Made Policies

Five Sigma now accommodates claims made policies within our Claims Management System (CMS), offering coverage based on the claim’s notification date rather than the incident date. This includes tailoring the system to use the report date for coverage verification, enhancing your policy management capabilities. Our experts are here to guide you through configuring this feature.

💷 UK Sort Code and Account Number Validation

Ensuring payment accuracy is paramount, which is why we’ve introduced a new validation process for UK bank accounts. This feature minimizes errors and failed payments, keeping your transactions smooth and reliable. Contact us to integrate this validation process into your payments system.

Five Sigma - AI-Native Claims Management Platform

Five Sigma offers an AI-native claims management platform that streamlines every step of the claims process. With full visibility of the claim at a single place, advanced automation, and data-driven insights, Five Sigma empowers adjusters to excel, speeding up claims handling and improving policyholder satisfaction. Adjusters are freed to focus on decision-making and customer service. 

For insurers, MGAs and TPAs, Five Sigma is a risk-free solution that unlocks unprecedented benefits quickly. Insurers gain unparalleled visibility into their claims and operations. The result is a significant reduction in Loss Adjustment Expenses. Five Sigma is a future-proof platform that is always up to date for the benefit of all its customers and gives insurers the agility to handle any claim faster, add new Lines of Business in less than a day, and accommodate new business models easily, enabling you to adapt swiftly to market changes ahead of the competition.

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