iFarm Underwriting, a specialist MGA, has partnered with Reserv, a third party administrator (TPA) that is looking to reinvent insurance claims, to transform its claims service.
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.
iFarm Underwriting is a specialist farm MGA, part of Rokstone, the Aventum group’s International Specialty (Re)Insurance MGA.
Earlier this year, Reserv exited stealth with $8m in seed funding.
The partnership sees iFarm Underwriting transition its entire UK agricultural claims handling to Reserve Claims Analysis, the digital third-party administrator (TPA) arm of US-based Reserv, Inc.
iFarm Underwriting’s agricultural book, which includes motor, property, and liability claims, was facing the challenges that many UK and EU carriers/MGAs face today when outsourcing claims to a TPA, Reserv said.
Claim files are often handed off between multiple internal divisions with various unique systems while overburdened adjusters lacking a system-driven process and data and reporting jeopardize customer satisfaction and compliance.
Reserv’s philosophy is to maintain an automated and compliant core claims system and process that is highly configurable with no-code tools while also building unique modules to solve specific problems, and to make those modules commercially available to anyone.
For the iFarm Underwriting launch, Reserv has already created a Bordereau automation and compliance tool and a dynamic remote document capture tool to simplify the process.
Alun Roberts, managing director of iFarm Underwriting, said, “The technology that Reserv brings to the table is going to change the standard of claims customer service and reporting in the UK. Thanks to Reserv’s technology we get more visibility into the entire claims process and proactive notifications. Our brokers and farming clients will benefit massively in terms of improved communication and speed of processing with near real-time claims payments.”
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