AI-Driven Insurtech Reserv Raises $20 Million is Series A Led By Altai Ventures and Bain Capital Ventures
AI-Driven Insurtech Reserv Raises $20 Million is Series A Led By Altai Ventures and Bain Capital Ventures
Reserv, a frontrunner in AI-powered insurance claims processing, has successfully concluded its Series A funding round, securing $20 million to enhance its generative AI tools for claims data analysis.
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Altai Ventures and Bain Capital Ventures (BCV) jointly led this funding round, joined by 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures, and Arch Capital Group. With Reserv’s innovative solutions, customers are experiencing significant reductions in cycle times for property and auto claims, ranging from 1.6x to 2.6x. This influx of capital will empower Reserv to extend these transformative outcomes to a broader customer base.

Reserv caters to managing general agents (MGAs) and insurance carriers, elevating claims handling processes and enhancing data accessibility for heightened efficiency and precision. Remarkably, the company has achieved a remarkable 50x growth in ARR over the past year, delivering critical claim information in real-time through advanced generative AI tools. These tools integrate seamlessly into automated workflows, providing a substantial data advantage for MGA and carrier partners. Reserv’s AI-generated insights within claim files promptly alert claims leaders and underwriters to any anomalies as soon as they emerge.

“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.”

MGAs and carriers are leveraging the data benefits of Reserv for:

  • Claim handling needs: Reserv’s TPA arm has deployed automated rollover technology that syncs historical and in-flight claims, automated bordereau generation and analytics, and configurable process workflows, enabling carriers to launch and iterate processes quickly. Best-in-class claims processing philosophies and adjusting teams are aided by technology to enable an unparalleled customer experience and visibility.
  • Analyzing open or historical claim files: Carriers use Reserv’s technology platform as a SaaS tool to surface actionable recommendations to handle data anomalies with Reserv’s LLM technology, coupled with the backbone of a full claims data model.

“Reserv is one of the fastest growing insurtech startups we have seen at this stage – they are an example of launching a startup at the right time, in the right space, with the right partners, and with the right team,” said Matt Harris, Partner at Bain Capital Ventures (BCV).

“It is hard for an insurtech startup to build a modern TPA from scratch,” commented Oleg Ilichev, Managing Partner at Altai Ventures. “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.”

He added: “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.”

Source: FF News

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