Insurance claims are slow, clunky and full of friction. Between outdated systems, disconnected teams, and ambiguous data, this process is both frustrating for customers and customers. That’s a headache-like Insurtech startup reserve catches up.
Today, Reserv announced that it raised $25 million in Series B funding, bringing it to a total of $55 million. Florish Ventures led the round, fully proportional support from existing supporters and new investments from Accenture Ventures.
Reserv plans to use fresh capital injections to expand its automation model, speed up partner integration, deploy new modules outside the core claims process, and leverage the large datasets the platform collects throughout the TPA operation, says in a LinkedIn post.
Founded in 2022 by CJ Przybyl (CEO) and Martha Dreiling, Reserv is a technology-enabled third-party administrator (TPA) rethinking how property and victim claims are handled. Instead of overlaying modern software on legacy tools, the company rebuilds the process from scratch, working with a dedicated automation tool where experienced adjusters and billing managers talk to each other.
The company says it has recorded triple-digit revenue growth for two consecutive years. Currently, we have over 350 employees in the US and the UK, serving 80 MGAs and 20+ careers of property and victims, including commercial automobiles, general liability, professional and medical malpractice.
At the heart of Reserv’s pitch is automation that works in the real world. One standout is the automatic rollover technology. You need messy and unstructured data (file notes, finance, etc.) from your legacy system. Map everything to the reserve platform within two weeks. That same job can take nine months elsewhere.
The startup has built a tool to summarise claims and predict severity using the AI model the adjusters want to use. These tools were combined with a close feedback loop between engineers and frontline workers, which helped me book quickly.
“Executives hear a lot of noise around AI. “Platforms need to be AI native” or “AI partners are more optimal”, “Concentrate on communication”, “Focus on compliance” “We don’t hear us speak so often. We quickly expand, assess our weaknesses and build solutions to solve problems in a direct partnership with our customers. A great example of this is our rollover technology.
Reserv is attracting interest from leading players in insurance and enterprise technology. With the new investment, the startup is taking part in Accenture Ventures’ Project Spotlight. This connects enterprise clients with startups tackling impactful challenges.
“Reserve has shown a lot of progress in a very short period of time,” said Emmalyn Shaw, co-founder and managing partner of Flourish Ventures. “They have successfully built modern infrastructure for industries that traditionally rely on legacy systems. Their data-driven approach brings real value to careers, MGAs and ultimately the policyholders they serve.”
Kenneth Saldanha of Accenture added: “The processing of claims is at the heart of customer promises and is ripe for end-to-end reinvention and interruption. The reserve platform allows insurers to act on more detailed claims data for greater efficiency and accuracy.
Startups bet that insurance doesn’t need another flashy dashboard. We need a system that works on a large scale, makes people’s work easier, and resolves claims faster. So far, the bet seems to be paying off.
Reservoir Founders: CJ Przybyl (CEO) and Martha Dreiling (credit: Reservoir)
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