Property & Casualty Claims Management

Optimize Your P&C Operations with Five Sigma

Property and Casualty (P&C) is the largest and most popular line of business in the insurance market. This also means a lot of claims.

Experiencing robust growth, the global premiums of the market are expected to exceed $1.6 trillion by 2025. This expansion is driven by increasing asset values and the rising frequency of natural disasters, which amplify the demand for various insurance solutions. 

However, the market is also becoming increasingly competitive and complex, challenging insurers to offer attractive pricing models, enhance internal efficiency, and maintain policyholder satisfaction.

If you’re in P&C insurance, you need a scalable claims management platform that can help you differentiate.

P&C Insurers, We Understand Your Challenges

Increased Claim Payouts

Natural disasters and new property assets are driving up the amount and cost of claims. You need quick claims handling and streamlined payment integrations.

Regulatory Compliance

Staying compliant with evolving regulations across different countries and states adds operational complexity. You need a platform with compliance built-in.

Customer Expectations

Insurance consumers demand quick, transparent, digital, and personalized service, putting pressure on insurers to modernize their inflexible legacy systems. You need easy communications with your customers.

Operational Efficiency

High cycle times, increasing processing expenses, and adjusters’ turnover are driving Loss Adjustment Expenses (LAE) up and must be controlled to stay competitive in the P&C market. You need to cut costs, fast.

Benefits of Five Sigma’s CMS for P&C Insurers

Our cloud-native data-driven claims management solution makes your claims processing simple and smart.

Automated Claims Submissions

Our digital claims management solutions (CMS) provide:
  • All FNOL data received from the insurers/digital channels are embedded automatically into our workflows and ready for the next step in the process
  • Rapid system identification of claim types
  • Automated triage and adjuster assignment

Embedded Omnichannel Communications

Our CMS includes an API-level communication module that supports all types of communications, including SMS, mail, voice video calls, and even WhatsApp. All claims-related communication is documented, stored, and analyzed automatically.

Just-in-time Recommendations

Our systems flag coverage and liability issues and present the adjuster with relevant information and investigative steps within the claims system.

Damage Assessment and Negotiation

The key to effectively negotiating a claim begins with accurate damage assessment. Our CMS includes a digital bodily injury evaluation module to itemize, assess, and aggregate damages.

Monitoring and Management

Based on our advanced data modeling, we enable insurers to monitor your operations and receive actionable insights that will help you make strategic management decisions.

Beat your P&C Competition with Five Sigma

Gain significant market advantage by leveraging Five Sigma’s automation and AI technology

Five Sigma’s AI-Native claims management platform addresses the requirements, streamlines the workflows of P&C insurance claims, and exceeds expectations every step of the way:

Streamlined Claim Processing

FNOL Automation

Automatically populating claim fields as soon as the First Notice of Loss (FNOL) is received, pulling relevant policy and claimant data to reduce FNOL processing time, time to first contact, and to expedite the overall claims process.

Claim Investigation

Providing adjusters with all necessary data to assess the claim and determine the extent of the insurer’s liability in a single view, supporting efficient decision-making and ensuring all relevant information is easily accessible.​

Reserve Setting

Automating the exposure and reserve setting process by calculating automatically using claim data and past claims data.​

Subrogation

Keeping detailed records that can be used to support recovery efforts.​

Adjustment

AI-driven insights guide adjusters through the evaluation process (e.g., property damage, liability issues) by recommending actions based on past data and policy details, as well as providing assistance in determining the appropriate payout.

Claim Resolution

Simplifying payouts by automating payment triggers and ensuring that settlements are handled swiftly and accurately.​

Litigation Management

For claims that involve legal actions, careful management of legal documents, communications, and timelines for compliance and follow-up to resolution.

Enhanced Customer Experience​

Customer Updates

Policyholders receive real-time updates on their claim status on their preferred communication channel, providing transparency and improving customer satisfaction.​

Improved Communication

Built-in communication tools allow for easier and consistent contact with your customers, enhancing their overall experience during a potentially stressful time. All communication is recorded and automatically summarized by AI.​

Personalized Interactions

Five Sigma’s AI technology enables you to provide personalized communications and advice to your customers with easy personalized templates.​

Fair and Accurate Settlements

Advanced AI analytics ensure that claims are assessed fairly and accurately, leading to equitable settlements based on data and defined parameters.​

Accommodating Regulatory Changes ​

Adaptation to Regulatory Changes

Five Sigma platform automatically accounts for both federal and state regulations in all workflows, so you can focus on the business with compliance built-in.​

Comprehensive Audit Trails

Our platform maintains automated and detailed logs of all claims activities, including adjustments and communications, providing a clear auditable trail, easily accessible for internal reviews and regulatory audits.

Reducing Handling Costs and Payouts​

Settlement Recommendations

Five Sigma’s platform leverages advanced data analytics and machine learning to analyze past claims data, policy details, and other relevant factors to provide adjusters with suggested settlement amounts.​

Efficiency in Resource Allocation

By automating routine tasks and using AI data-driven recommendations to streamline operations, Five Sigma reduces the human time needed to handle a claim, and allows adjusters to focus on decision-making and customer interactions. This optimizes manpower utilization, cuts costs, and improves customer satisfaction.​

How Five Sigma Helped INSHUR Improve Claims Efficiency

After initially outsourcing its claims management, INSHUR decided to start handling claims in-house, first in the U.S. and then in the U.K.

INSHUR knew that it needed an innovative solution to match its data-focused approach to insurtech. The right claims management platform would need to be fully digital, mobile-friendly, and highly scalable while being accompanied by excellent customer support.

See how we helped INSHUR build a smarter, simpler, more efficient claims operation.