Sydney, Australia, May 27, 2024 – Five Sigma, a leading provider of an AI-native claims management platform, is thrilled to announce that Tego, a prominent medical malpractice underwriter in Australia, has chosen Five Sigma’s platform to modernize and streamline its claims management processes.
Tego is Leading MedMal Insurance in Australia
Tego Insurance (Tego) is a specialist medical malpractice underwriter serving the Australian healthcare industry. Tego offers competitive premiums, unparalleled quality of cover and specialist claims support backed by leading healthcare lawyers. Tego provides comprehensive coverage to medical practitioners and clinics, ensuring top-tier protection and support.
The medical malpractice insurance market in Australia, valued at approximately AUD 30 billion in 2023, is expanding due to increasing awareness among healthcare providers and rising legal costs associated with malpractice lawsuits. This growth underscores the need for advanced claims management systems to enhance efficiency and handle the increasing volume and complexity of claims.
Facing the limitations of their old claims handling processes, Tego sought a robust and scalable solution to enhance customer service and manage their growing claims volume effectively. It was paramount to find a partner who understood Tego’s unique business requirements and could deliver a streamlined claims management system with comprehensive integration into Tego’s existing systems and payment solutions.
Five Sigma’s Claims Management Platform Streamlines Claims Operations
After a thorough market review, Five Sigma’s platform emerged as the ideal claims management system (CMS) for Tego. As an AI-native, automation-first platform, Five Sigma offers advanced features that addresses all of Tego’s needs:
- Streamlined Claims Processing: Five Sigma automates routine tasks, reducing human error and accelerating claim resolution times.
- Comprehensive Integration: Five Sigma’s advanced API framework allows seamless integration with Tego’s existing policy administration systems and payment solutions.
- Enhanced Reporting: Five Sigma provides robust reporting tools and near real-time dashboards, crucial for compliance and operational transparency.
- User-Friendly Interface: Five Sigma is easy to use, with minimal training required for claims adjusters to operate the system efficiently.
- Real-Time Visibility: Five Sigma offers real-time insights into claims operations, helping Tego management and adjusters make data-driven decisions quickly.
Going Live in 8 Weeks
The implementation project of Five Sigma at Tego will only take 8 weeks, despite its complexity. This is possible due to Five Sigma’s cloud architecture on top of Google Cloud Platform, with high availability also in Australia. Five Sigma enables Tego to kick off with a disconnected deployment to ensure immediate operational improvements, followed by a thorough integrated solution with Tego’s Policy Administration System (PAS) and payment systems.
With a focus on streamlining operations and enhancing efficiency, the implementation of Five Sigma’s advanced claims management platform will enable Tego to automate routine tasks, integrate seamlessly with existing systems, and provide real-time insights. This partnership positions Tego to lead the MedMal insurance industry also in the AI era by leveraging cutting-edge technology to continuously improve claims management and customer satisfaction.
“Selecting Five Sigma’s CMS was a strategic decision to future-proof our claims operations,” said Eric Lowenstein, CEO of Tego. “Their platform’s flexibility, automation capabilities, and user-centric design will significantly enhance our efficiency and service quality.”
“We are excited to partner with Tego – our first customer in Australia – and support their vision of delivering superior medical malpractice insurance solutions,” said Oded Barak, Co-founder and CEO of Five Sigma. “Our AI-native platform is designed to empower insurers and underwriters like Tego to streamline their operations and deliver exceptional customer experiences.”
Read More: Tego Partners with Five Sigma to Modernize Claims Management in Australia