Five Sigma, the developer of a cloud-native Claims Management Solutions (CMS) platform, announced that Faye has selected Five Sigma to power its claims technology.
Faye provides whole-trip travel coverage and care that brings out the best in each journey with smarter, faster assistance and claims resolutions. Using the Five Sigma CMS, Faye builds upon its proprietary technology for digital claim submission and evaluation, to create an unrivaled digital claims experience for customers.
With top-notch protection, 24/7 assistance and quick claims resolutions and reimbursements, Faye has entered the travel insurance ecosystem intent on setting a new standard by overdelivering in an industry oftentimes synonymous with doing the opposite. “We put together a team of insurance and travel experts to build the next generation of products that puts the customer first,” said Elad Schaffer, Co-Founder & CEO at Faye. “We appreciate that Five Sigma shares the same insurtech DNA as we do and is dedicated to setting a higher standard in this ecosystem.”
Five Sigma provides a full end-to-end suite for digital claims management with extensive functionality, including rapid, configurable, automated claim workflows, an in-system omni-channel communication platform, automated documentation, reporting and open APIs. With unique SaaS offerings, and agile methodology, Five Sigma’s software solutions can be deployed to its insurance company partners in weeks instead of months. By automating and streamlining the sometimes burdensome processes, claims teams can focus on what matters most: being there for their insureds in times of need.
“We’re excited to show how Five Sigma is revolutionizing travel insurance claims in the same way we’ve been driving innovation for auto and home,” said Oded Barak, CEO and Co-founder of Five Sigma. “We’re thrilled to partner with Faye as they transform the travel insurance space while we help them better meet, and exceed, their customer expectations.”
About Faye
Faye is redefining insurance with 100% digital, consumer-centric travel insurance for Americans that enables smarter, faster, smoother assistance and claims resolutions. Faye’s whole-trip protection, coupled with its proprietary technology, provides 24/7 immediate support anywhere in the world, quick reimbursements and an app where you can do it all – from covering your trips to filing claims. Learn more at www.withfaye.com.
Faye travel protection plans include insurance benefits underwritten by United States Fire Insurance Company. Zenner Insurance Services, LLC is the licensed producer of Faye travel protection plans. Zenner Claims Administrator LLC and Travel Insured International are the claims administrators for the travel protection plans.
About Five Sigma
Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI/ML capabilities to allow simple and smart claims processing for the insurance industry. Five Sigma simplifies claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjusters’ decision-making processes and reducing errors. Leading insurance carriers, insurtechs, TPAs and self-insured companies use Five Sigma’s CMS to modernize their claims operations, reduce claims leakage, enhance compliance, and improve their customers’ experience.
