US insurtech Reserv, a digital-native third-party administrator (TPA), has raised US$8mn in seed funding led by Altai Ventures and Bain Capital Ventures as it seeks to overhaul P&C claims processing.
Other participants in the round include Arch Capital, AXIS Capital, Runyon and selected industry angels including the founder of TrueMotion and former COO of Lyft, as well as the founder of SquareTrade and the former CEO of York.
Reserv is attempting to leverage modern systems and create new solutions to optimise any P&C claim.
From complex data ingestion to automated coverage decisioning and dynamic customer experiences, Reserv is setting a new standard for adjusters, TPAs and technology providers alike. It hopes its software will help “power the next generation of claims adjusters”.
Carriers, MGAs, self-insureds or other claims organisations can onboard Reserv following their standard TPA approval process. Reserv’s technology 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 be mirrored as-is and “lifted and shifted” to in-house resources, which Reserv calls “a simple and elegant alternative to traditionally costly claim system transformations, and a must-have for startup MGAs”.
The fledgling company was only founded this year and is led by CJ Przybyl, who also co-founded Snapsheet and subsequently spent a decade creating the first virtual claims process for auto losses. Under his leadership, Snapsheet grew to manage over 2.5mn claims and US$10bn in indemnities, as well as serving seven out of the top 10 US P&C carriers.
“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,” Przybyl says. “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 organisation in the industry.”
Investors recognised a massive opportunity in a $250bn US TPA market that has yet to face any notable disruption.