Reserv, a third party administrator (TPA) that is looking to reinvent insurance claims, has exited stealth with $8m in seed funding.
The seed round was led by Altai Ventures and Bain Capital Ventures. The round also saw participation from Arch Capital Group, AXIS Capital, Runyon, and select industry angels, including Rick Taketa (former CEO of York), Jon McNeill (founder of TrueMotion and former COO of Lyft), and Ahmed Khaishgi (founder of SquareTrade).
Reserv has set out to establish “the new industry standard” for adjusters, TPAs, and technology providers, by optimising property & casualty claims.
Carriers, MGAs, self-insureds, or any other claims organisation can onboard Reserv following their standard TPA approval process. Reserv’s technology combined with its customer service then creates a unique claims experience and provides real-time status, metrics, and reporting to everyone involved.
CJ Przybyl, co-founder and CEO of Reserv, said, “We want carriers to think of us as a trusted and compliant TPA that is also their incubator to test cutting-edge technologies and AI solutions to push the envelope of claims innovation and efficiency.
“We are empowering a new generation of adjusters and claims leaders with modern technology and advanced AI capabilities; our adjusters — whom we call analysts — and engineers are side-by-side partners solving the most complex problems in claims. This approach fosters an open and innovative culture unlike any other organisation in the industry.”
Insurers are looking to innovate the claims process. American Family Insurance, one of the largest players in US property and casualty insurance, partnered with Tractable earlier this month to apply its artificial intelligence (AI) solutions to streamline claims.
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