Insurtech Startup Faye Partners With Five Sigma To Optimize Claims Tech

Five Sigma, an Israeli developer of a cloud-native Claims Management Solutions (CMS) platform, has announced that Israeli-founded insurtech startup Faye has selected Five Sigma to power its claims technology.

Faye, a Tel Aviv-based startup focused on redefining insurance for travelers, has an all-digital platform for Americans that aims to benefit the consumer. The company was founded in 2019 by current-CEO Elad Schaffer and current-CTO Daniel Green, but only emerged from stealth this year.

Using the Five Sigma CMS, Faye will build upon its proprietary technology for digital claim submission and evaluation, to create an unrivaled digital claims experience for customers, a statement from both companies said.

Faye has 24/7 assistance, quick claims resolutions, and reimbursements, and aims to set a new standard in travel insurance. “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, CEO and co-founder 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. The company has unique software-as-a-service (SaaS) offerings and its software solutions can be deployed to its insurance company partners in weeks.

“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.”