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InsurTech Reserv raises $20m Series A to accelerate growth

By Delisha Fernandes

October 09, 2023

  • AI Algorithms
  • AI applications
  • Bain Capital Ventures

Reserv, Bain Capital Ventures, Co-Led By Altai Ventures, data analysis, generative AI, FinTech news, FinTech USReserv, an AI-driven insurance claims processing, has raised its $20 Million Series A round of financing to expand its generative AI claims data analysis tools.

This 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.

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.

“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.”

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.

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.
  • 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.

“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.”

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