Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools.
This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from AXIS Capital, Arch Capital Group, 8VC, Outpost Ventures, Convex Group and Anthemis Ventures.
Reserv is a digital-native TPA incubating next-generation automation technology and AI focused on bringing speed, advanced data science, and simplicity to the experience of consumers, insurance adjusters, and carriers.
It helps managing general agents (MGAs) and insurance carriers improve claims handling and increase data availability for greater efficiency and accuracy.
The insurtech startup has grown ARR over 50x in the past year, making critical claim information available in real-time through multiple large language model (LLM) generative AI tools feeding automated workflows.
With Reserv, customers have seen a sustained reduction in cycle times for property claims and auto claims in the magnitude of 1.6x to 2.6x. The company aims to use this funding to extend these results to additional customers.
“Insurance carriers are realising that a TPA using modern technology can deliver outsized benefits relative to TPA incumbents burdened by legacy home-grown software,” said CJ Przybyl, co-founder and CEO of Reserv. “We are enabling the best talent in the industry to focus on the customer experience while leveraging AI to ensure a consistent and scalable organisation.”
Oleg Ilichev, Managing Partner at Altai Ventures, said: “It is hard for an insurtech startup to build a modern TPA from scratch. This requires significant industry knowledge, a combination of highly experienced claims experts and technology leaders, and a subset of forward-thinking initial customers to train the models and iterate on operational frameworks.
“We believe Reserv has achieved this and, as a result, has created a significant moat. We are excited to work alongside the Reserv team on this next phase of growth.”
