Reserv, an AI-native third-party administrator and claims technology provider for the property and casualty insurance sector, raised $125 mn in Series C funding led by KKR.
Existing investors Bain Capital Ventures and Flourish Ventures joined the round alongside strategic partners and clients.
The company says the investment will help expand claims automation capacity across commercial P&C insurance operations.
Founded in 2022, Reserv already works with nearly 200 insurers, MGAs, brokers, and corporate captives. The company operates through Reserv Claims Analysis and Reserv Technologies, combining third-party claims administration with AI-driven claims intelligence software.
The business has scaled fast. Reserv says annual recurring revenue reached $100 mn as the platform expanded claims processing capacity year after year.
The company currently employs more than 500 claims adjusters and says it has more than doubled claims processing capacity annually while improving claims transparency, operational speed, and workflow automation.
KKR’s investment aims to accelerate that expansion further. Reserv plans to increase annual complex claims handling capacity from roughly 500,000 claims today to 30 million over the next four years. The company targets a significant share of non-field-based commercial P&C claims operations through automation and AI-supported workflows.
Claims administration remains one of the least modernized corners of insurance infrastructure. Many insurers still operate across fragmented legacy systems requiring heavy manual review, disconnected workflows, and repeated data entry across adjuster teams.
According to Beinsure analysts, insurers increasingly view claims automation less as a cost-cutting project and more as an operational survival issue.
Carriers face growing pressure from rising loss costs, staffing shortages, longer claims cycles, and customer expectations shaped by real-time digital platforms.
CJ Przybyl, co-founder and CEO of Reserv, said the company was built to show how claims processing could operate without technology bottlenecks slowing every workflow. He said Reserv focuses not only on claims handling software but also on automating broader organizational processes surrounding claims operations.
We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck – with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organization
CJ Przybyl, co-founder and CEO
“Reserv has now reached a scale – in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities – where we can automate even the most complex claims. This enables an adjuster-led, empathetic experience, with every ‘i’ dotted and ‘t’ crossed with the support of AI and built on an infinitely scalable, purpose-built platform and flexible tech stack,” said CJ Przybyl.
According to Przybyl, Reserv has reached a scale where the company can automate even highly complex claims while keeping adjusters involved in customer-facing interactions. He described the company’s approach as an adjuster-led model supported by AI systems handling operational execution behind the scenes.
Reserv’s Glance claims platform sits at the center of that strategy. Customers can decide how much automation they want applied depending on claim complexity.
The platform allows insurers to migrate historical and active claims into a centralized system, where explainable AI models analyze claims activity and trigger workflows across both human adjusters and automated systems.
Simpler claims can move through largely automated handling, while complex cases receive heavier adjuster involvement supported by AI-driven operational workflows.
The company says insurers can phase out legacy claims infrastructure within weeks rather than years. That pitch matters in insurance, where core systems replacements often drag through long implementation cycles and expensive consulting engagements.
Patrick Devine, partner at KKR, said Reserv differentiated itself through both operational execution and AI capabilities delivering faster and higher-quality claims outcomes. Elliot Bell, principal at KKR, added that the management team combines technical innovation with operational scale in ways legacy claims models struggle to replicate.
After scaling York Risk Services into one of the nation’s largest TPAs, I’ve seen virtually every claims model the industry has produced
Rick Taketa, Board Member and former CEO of York Risk Services
“What Reserv has built is genuinely different – AI-driven capabilities that go beyond automation to meaningfully improve outcomes for claimants and customers alike. KKR’s investment reflects what I’ve seen firsthand: this is a company positioned to lead the next phase of innovation in claims, with its most significant impact still ahead,” said Rick Taketa.
Rick Taketa, former CEO of York Risk Services and current Reserv board member, said the company’s AI systems move beyond basic automation and improve outcomes for both claimants and insurers. According to Taketa, Reserv is positioned to shape the next stage of claims industry modernization.
The investment comes through KKR’s Next Generation Technology Growth strategy, which focuses on technology companies tied to large-scale operational transformation opportunities.
Insurance infrastructure has become one of those areas as carriers search for ways to modernize workflows without fully rebuilding existing operations from scratch.
Reserv argues the market already moved into what it calls a post-AI operating environment, where new AI tools become production-ready almost immediately. The company says the larger challenge now sits around helping insurers and adjusters adapt operational workflows quickly enough to absorb continuous technology change.
Insurance claims systems rarely change fast. That’s partly why the market stayed vulnerable to disruption for years. Reserv is betting carriers no longer have much patience left for slow-moving legacy platforms and manual claims administration models.
