Insurtech startup ARR growth of 50x YoY with Generative AI-enabled claim analysis tools
NEW YORK, Oct. 3, 2023 /PRNewswire-PRWeb/ -- Reserv, the leader in AI-driven insurance claims processing, announced today the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures and Arch Capital Group. With Reserv, customers are seeing a sustained reduction in cycle times for property claims and auto claims in the magnitude of 1.6x to 2.6x, and this funding will enable the company to extend these results to additional customers.
Reserv helps managing general agents (MGAs) and insurance carriers improve claims handling and increase data availability for greater efficiency and accuracy. The company has grown ARR over 50x in the past year, making critical claim information available in real-time through multiple large language model (LLM) generative AI tools feeding automated workflows. Reserv provides a data advantage for MGA and carrier partners with claim files leveraging AI-generated insights that alert claims leaders and underwriters of anomalies immediately as they are identified.
"Insurance carriers are realizing 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 organization."
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," said 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. 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."
With over 70 employees across the US and the UK, Reserv customers represent almost every property and casualty line of business including commercial auto, business owners policy, general liability, professional lines, medical malpractice, and more. Reserv is licensed and live across the US and the UK for all non-workers compensation property and casualty claims. To learn more about Reserv, please email [email protected].
About Reserv
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. There is a better way to manage claims and we are building it.
For more information about Reserv visit http://www.reserv.com.
Media Contact
Press, Reserv, 1 646 847 0012, [email protected], www.reserv.com
SOURCE Reserv
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