L+M Development Partners Selects Five Sigma for Self-Insured Claims Management
February 12, 2025, New York, NY — L+M Development Partners (L+M), a national real estate and development firm, has chosen Five Sigma, a leader in AI-native claims management technology, to modernize its claims operations.
By adopting Five Sigma’s cutting-edge claims management platform (CMS) and Clive™, the insurance industry’s first AI Claims Adjuster, L+M seeks to streamline claims handling and data management, automate communication processes, and integrate multiple lines of business (LOBs) under a single platform.
Looking for a Comprehensive and Modern Claims Management System
As a large real estate firm with a diverse portfolio, L+M handles numerous claims each year across categories such as General Liability (GL), Premises Liability, and Workers’ Compensation (WC). As a self-insured company, L+M manages many of these claims in-house while outsourcing others to third-party administrators (TPAs).
L+M was facing significant hurdles with their existing legacy claims management system. The system created inefficiencies in claims processing and data management, required manual logging of communications, and lacked integration with other organizations and systems. These limitations resulted in disorganized internal workflows that L+M was eager to improve.
L+M searched for a single, modern platform that can integrate into any other system and data source and handle their requirements with ease.
Choosing Five Sigma’s AI-Native Claims Management Platform
After an in-depth evaluation process, L+M selected Five Sigma for its AI-native SaaS technology, advanced automation, and configurable workflows. The platform’s ability to consolidate diverse claims data, streamline communications, and enable simple configurations for any P&C LoB stood out from the competition.
Five Sigma’s extensive experience working with other self-insured entities, including those in the real estate and hospitality industries, was a key factor in the decision. Five Sigma’s deep understanding of the unique challenges faced by self-insured organizations enabled them to present tailored solutions that directly addressed the industry’s needs.
Key features of Five Sigma’s claims management platform that influenced L+M’s decision include:
- Seamless Migration: An efficient migration process was designed to bring in any existing data from the previous CMS and other systems, ensuring all documents could be easily integrated.
- Omnichannel Communications: Five Sigma’s centralized communication hub for calls, emails, texts, and documents transcribes and logs all communications for time saving, convenience and compliance.
- LoB Integration: Five Sigma’s platform empowers L+M to manage all claims across Workers’ Compensation (WC), General Liability (GL), and other LoBs, within a unified platform, offering configurable workflows and advanced automations tailored to each LoB. L+M can implement its unique Standard Operating Procedure (SOP) for claims management directly within the platform and update it in real-time using intuitive self-service configuration tools. This eliminates the need for IT support or costly change requests.
- Real-Time Reporting and Insights: 360° visibility for claims data in a single platform and comprehensive analytics enable L+M’s claims team and management to monitor claims operations, identify properties with high-frequency claims, and get valuable insights that will enable them to boost their operations and avoid claims leakage.
- Quick Deployment: Five Sigma’s platform is designed to go live within a few weeks, allowing L+M to realize benefits faster than any other CMS provider.
- Clive™, the AI Claims Adjuster: Clive, the insurance industry’s first AI Claims Adjuster, is included in L+M’s license for Five Sigma’s claims management platform. Clive works within the CMS to automate tasks, analyze and summarize documents, suggest next steps, and advance the claim along the handling process automatically, all according to the L+M’s SOP, freeing adjusters to focus on complex decision-making and customer service.
About L+M Development Partners
Founded in 1984, L+M is a full-service real estate development firm that develops, invests, constructs, and manages properties with industry-leading innovation in a variety of urban markets nationwide, primarily in the New York Tristate Area. Recognized as one of the top affordable housing developers in the country, L+M and its affiliate companies are responsible for approximately $20 billion in development and investment, and combined have over 57,000 high-quality residential units in construction or that have been acquired, preserved, or completed.
For more information:
https://lmdevpartners.com
About Five Sigma – AI-Native Claims Management
Clive™, the insurance industry’s first AI Claims Adjuster, offers unparalleled automation and insights on top of any CMS! Clive adds AI capabilities to any existing system to automate routine tasks, dynamically plan claim handling, and advance the claim automatically according to the insurer’s operating procedure (SOP). Clive drives artificial intelligence, efficiency, and accuracy in claims handling. Adjusters are freed to focus on complex decision-making and better customer service.
Five Sigma’s CMS platform empowers adjusters to excel, speeding up claims handling and improving customer satisfaction with 360° claim visibility, advanced automation, a user-friendly interface, and useful insights.
For insurers, MGAs, and TPAs, Five Sigma is a risk-free solution that unlocks unprecedented benefits quickly. Insurers gain unparalleled visibility into their claims and operations, resulting in a significant reduction in Loss Adjustment Expenses. Five Sigma is a future-proof platform that is always up to date for the benefit of all its customers and gives insurers the agility to handle any claim faster, add new Lines of Business in less than a day, and accommodate new business models easily.