Funding led by Altai Ventures and Bain Capital Ventures
Reserv announced today the completion of an $8M seed round led by Altai Ventures and Bain Capital Ventures. Reserv is a digital-native third party administrator (TPA) that also develops and sells software to power the next generation of claims adjusters.
Reserv leverages modern systems and creates new cutting-edge solutions to optimize any P&C claim. From complex data ingestion to automated coverage decisioning to dynamic customer experiences, Reserv is setting the new industry standard for adjusters, TPAs, and technology providers alike.
“We want carriers to think of us as a trusted and compliant TPA that is also their incubator to test cutting-edge technologies and AI solutions to push the envelope of claims innovation and efficiency,”
Read More: Google’s Cloud Strengths Attracting European Firms
“We want carriers to think of us as a trusted and compliant TPA that is also their incubator to test cutting-edge technologies and AI solutions to push the envelope of claims innovation and efficiency,” said CJ Przybyl, co-founder and CEO of Reserv. “We are empowering a new generation of adjusters and claims leaders with modern technology and advanced AI capabilities; our adjusters — whom we call analysts — and engineers are side-by-side partners solving the most complex problems in claims. This approach fosters an open and innovative culture unlike any other organization in the industry.”
Mr. Przybyl is no stranger to driving radical claims innovation. He co-founded Snapsheet, where he spent over a decade creating the world’s first virtual claims process for auto losses. Under Mr. Przybyl’s leadership, Snapsheet managed over 2.5 million claims and over $10B in indemnities as well as serving 7 of the top 10 US P&C carriers.
Signing up with Reserv is easy. Carriers, MGAs, self-insureds, or any other claims organization can simply onboard Reserv following their standard TPA approval process. Reserv’s technology combined with best-in-class customer service then creates a unique claims experience and provides real-time status, metrics, and reporting to everyone involved. The granularity of metrics across the entire process enables detailed analysis of each technology module which are independently available for purchase. Additionally, the entire platform configuration can simply be mirrored as-is and “lifted and shifted” to in-house resources, a simple and elegant alternative to traditionally costly claim system transformations, and a must-have for startup MGAs.
Read More: SalesTech Star Interview With Álvaro Verdoy, Founder & CEO of Sales Layer
“We’re excited to be an early adopter of Reserv’s digital-first TPA technology, which will be a big asset for MGAs and carriers who we know can greatly benefit from more data and intelligence from their claims portfolios — while also receiving best-in-class speed and service,” said Jeff Radke, CEO and co-founder of Accelerant, the insurtech platform empowering underwriters with superior risk exchange, better data analytics, and long-term capacity commitments.
“We recognized a massive opportunity in a $250B U.S. TPA market that has yet to face any notable disruption,” said Oleg Ilichev, founder and managing partner of Altai Ventures. “Our team, together with our design partners at Runyon, spent months confirming the pain points in the industry and, with a human-centered design lens, interviewed experts across all lines of P&C to come up with a thesis around what a truly differentiated value proposition might be.”
“BCV is excited to support CJ and the Reserv team,” said Matt Harris, partner at Bain Capital Ventures. “We see Reserv becoming the backbone of claims processing as technology continues to shift the industry dynamics.”
Additional participants in the round included Arch Capital Group Ltd., AXIS Capital, Runyon, and select industry angels, including Rick Taketa (former CEO of York), Jon McNeill (founder of TrueMotion and former COO of Lyft), and Ahmed Khaishgi (founder of SquareTrade).