Bermuda re/insurers invest in claims handling insurtech
Three leading Bermuda re/insurers have thrown their weight behind an insurtech providing artificial intelligence driven claims processing tools.
Convex Group, AXIS Capital and Arch Capital have all invested in Reserv’s $20 million Series A round of financing.
The funding round was co-led by Altai Ventures and Bain Capital Ventures. 8VC, Outpost Ventures, and Anthemis Ventures also participated.
Reserv said its tools are helping customers to see a sustained reduction in cycle times for property claims and auto claims in the magnitude of 1.6 times to 2.6 times.
The company added: “This funding will enable the company to extend these results to additional customers.”
Reserv said it helps managing general agents (MGAs) and insurance carriers improve claims handling and increase data availability for greater efficiency and accuracy. The company said it has grown ARR over 50 times in the past year, making critical claim information available in real-time through multiple large language model 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,” the company said.
"Insurance carriers are realising that a third party administrator (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 organisation."
"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."
Reserv has 70 employees in the US and the UK and says its customers represent almost all property and casualty lines.
