Reserv, an AI-native third-party administrator (TPA) and claims technology provider for the property and casualty (P&C) insurance sector, has closed a $125m Series C funding round.
The round was led by KKR, with participation from existing backers Bain Capital Ventures and Flourish Ventures, alongside select strategic partners and clients.
The round will support Reserv’s ambition to expand its annual claims processing capacity from 500,000 complex claims today to 30 million over the next four years, which it claims will a allow it to service and automate a substantial portion of the non-field-based commercial P&C claims market.
The funding is being deployed primarily through KKR’s Next Generation Technology Growth strategy, which draws on the firm’s history in technology investing and its institutional knowledge across the insurance value chain.
Founded in 2022, Reserv has grown rapidly since launch, reaching $100m in annual recurring revenue (ARR) and more than doubling its claims processing capacity each year. The company currently employs over 500 claims adjusters and serves nearly 200 insurers, corporate captives, MGAs, and brokers.
Central to Reserv’s offering is the Reserv Glance™ claims platform, which allows clients to consolidate historical and live claims into a single database. The platform applies fully explainable AI to analyse and act on priority claims, enabling customers to phase out legacy systems within weeks. Clients can configure the level of automation applied, from fully automated handling of straightforward claims to a more assisted model for complex cases. The company describes its approach as operating in a “post-AI” environment, where the latest AI tools are immediately integrated into the platform rather than developed as standalone features.
Reserv co-founder and CEO CJ Przybyl said, “We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck – with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organization.
“Reserv has now reached a scale – in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities – where we can automate even the most complex claims. This enables an adjuster-led, empathetic experience, with every ‘i’ dotted and ‘t’ crossed with the support of AI and built on an infinitely scalable, purpose-built platform and flexible tech stack.”
KKR partner Patrick Devine said, “What Reserv has done from an AI and operational perspective to deliver faster and better quality outcomes for its customers is truly differentiated in the market.”
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