Our Story
In a prior world we resolved a complex $400M medical malpractice runoff book for a top 10 P&C insurance company. We know what it’s like to bear risk and get paid for results. Our success in that endeavor led us to appreciate the need for litigation management tech to optimize settlement outcomes.
So, we decided to create a company with the Vision of empowering insurance litigation defense teams to become the world’s most esteemed negotiators – expert at resolving litigated disputes. Our Mission at SigmaSight is to harness the power of technology, artificial intelligence, and data in ways that give insurance litigation defense teams exceptional negotiation capabilities.
WHY WE FOUNDED SIGMASIGHT
THE PLAINTIFF BAR’S INVESTMENT IN TECHNOLOGY IS ENORMOUS
Private equity and venture investments in plaintiff-side tech and AI is simply staggering. It is expected to drive unprecedented increases in the efficiency and effectiveness of personal injury law firms. The plaintiff bar is already well ahead of P&C in developing contributory databases that make them all stronger. We think the playing field needs to be leveled with new tools designed for defense teams.
CURRENTLY NEGOTIATION IS LARGELY A GUT-FEEL PROCESS FOR DEFENSE TEAMS
An estimated 98% of litigated claims settle. Litigated settlement amounts are, for many insurance companies, their number one expense. And today it’s all being done in the absence of structured data and process. And, since there is no way to keep score there is no good way to tell which cases settled too high and too low. To keep pace with the plaintiff bar, we need to enable data-driven negotiations and bring much-desired business and financial discipline to the process.
THE INDUSTRY DESPERATELY NEEDS TECHNOLGY FOR INDEMNITY MANAGEMENT
Our industry has deployed advanced technologies to manage legal expenditures for more than two decades. The e-billing and bill review industry now has a $1B+ market cap. Yet legal bills make up only 20 percent of total case cost. We want to provide the industry with technology that improves the management of the indemnity component.
THE CLAIM INDUSTRY’S TALENT CRISIS CALLS FOR NEW SOLUTIONS
As seasoned claim professionals and defense attorneys leave the industry, much of their anecdotal, gut-feel, experience leaves as well. We want to provide new generations with powerful negotiation support tools and information, not only to make them more effective on individual cases, but to help claims organizations maximize the effectiveness of their panel and staff attorneys as well.