The claims management platform is cloud-native, and data-driven. Credit: Tumisu from Pixabay.

Insurance claims management platform provider Five Sigma has raised $12m in Series A funding round led by 83North.

The round saw participation from returning investors F2 Venture Capital and Pipeline Capital along with new investors Eyal Ofer’s O.G. Tech, Xceedance and iGlobe Partners.

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Five Sigma, which has raised $18m to date, intends to use the proceeds to fund its growth and expansion plans.

Its claims management platform is cloud-native and data-driven, which leverages artificial intelligence and machine learning technologies to handle claims.

Founded in 2017, the insurtech has been offering its services to the property and casualty commercial and personal market.

The US-based company counts INSHUR, Hippo, MGM, Palomar, Qover and others as its clients.

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Five Sigma CEO and co-founder Oded Barak said: “Our extraordinary team possesses deep domain and tech expertise, coupled with unique capabilities including rapid configurable digital claim workflows, the enablement of a high degree of automation throughout the claim lifecycle, and the smart utilization of claims-data.

“These attributes empower our customers with rapid innovation, and enhanced performance operationally and strategically, delivering on the need for a flexible, cloud-native solution that leverages claims data in new, innovative ways.”

83North partner Yoram Snir said: “Quick innovation of business models, fast time to value and better business efficiencies requires data-driven, flexible platforms. This is key for the future success of any insurance company.”

INSHUR founder and CEO Dan Bratchpis said: “Five Sigma has been a trusted partner that has allowed us to achieve our goals quickly and roll out new product lines globally with amazing support.”