Five Sigma’s platform is designed to automate routine tasks, minimise human error, and expedite claim resolution times. Credit: Scott Graham/Unsplash.

Tego Insurance, a specialist in medical malpractice underwriting for the Australian healthcare sector, has formed a partnership with Five Sigma to leverage its AI-driven claims management platform.

This move aims to modernise and streamline Tego’s claims management processes amid the growing Australian medical malpractice insurance market, which is currently valued at around A$30bn (approximately $20bn). 

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The expansion of the medical malpractice insurance market in Australia is driven by heightened awareness among healthcare providers and the surging legal costs tied to malpractice lawsuits.  

This growth has highlighted the need for sophisticated claims management systems that can manage the increasing volume and more complex claims. 

Five Sigma’s platform is designed to automate routine tasks, minimise human error, and expedite claim resolution times. 

Its application programming interface framework can integrate with Tego’s existing policy administration systems and payment solutions. 

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Additionally, the platform includes reporting tools and promises near real-time dashboards, which are essential for maintaining compliance and operational transparency. 

Five Sigma said its solution is user-friendly, requiring minimal training of claims adjusters to operate the system.  

It also claimed to provide real-time insights into claims operations, aiding Tego’s management and adjusters in making informed, data-driven decisions. 

Tego CEO Eric Lowenstein said: “Selecting Five Sigma’s CMS was a strategic decision to future-proof our claims operations. Their platform’s flexibility, automation capabilities, and user-centric design will significantly enhance our efficiency and service quality.” 

Five Sigma co-founder and CEO Oded Barak said: “We are excited to partner with Tego – our first customer in Australia – and support their vision of delivering superior medical malpractice insurance solutions.  

“Our AI-native platform is designed to empower insurers and underwriters like Tego to streamline their operations and deliver exceptional customer experiences.” 

This development follows last week’s announcement that Indemnity National Insurance Company, a commercial excess liability insurer, partnered with Five Sigma.