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.
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
Smart 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.
Data-driven 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 63% planning to update their claims management solution in the next 4 years
- Automating the claims journey is a high priority and most (58%) say automation can significantly improve the efficiency and accuracy of their claims processing.
- A top challenge in 2023 is the lack of real-time reports to help insurers manage their claims operations.
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.
