Reserv, the property and casualty insurance industry’s largest AI-native third-party administrator, has raised $125 million in a Series C funding round led by KKR, with participation from existing investors Bain Capital Ventures and Flourish Ventures, as well as select strategic partners and clients.
Founded in 2022, Reserv provides TPA services and technology to nearly 200 insurers, corporate captives, MGAs, and brokers, and has reached $100 million in annual recurring revenue with rapid year-on-year growth.
The company has more than doubled its claims processing capacity every year, currently handling 500,000 annual complex claims, with plans to scale to 30 million within four years. That expansion would create enough capacity to service and automate a significant portion of the P&C industry across non-field-based commercial claims. Reserv operates across both its claims administration arm, Reserv Claims Analysis, and its claims intelligence provider, Reserv Technologies.
Reserv’s Glance platform enables customers to migrate historical and open claims into a centralized database, using fully explainable AI to analyze and act on critical claims while scaling human and automated workflows. Clients can choose how much automation to apply, from automated handling of simpler claims to more supported approaches for complex cases. The investment will be made primarily through KKR’s Next Generation Technology Growth strategy, which builds on the firm’s established track record in technology investing and extensive experience across the insurance value chain.
Support: Paul Hastings served as legal advisor to Reserv. Gibson Dunn served as legal advisor to KKR.
KEY QUOTES:
“We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck. 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.”
CJ Przybyl, Co-Founder and CEO, Reserv
“What Reserv has done from an AI and operational perspective to deliver faster and better quality outcomes for its customers is truly differentiated in the market. We’re excited to partner with this high-calibre management team, which has the rare combination of innovation, agility, and operational sophistication to rapidly scale to meet customer needs and deliver differentiated outcomes compared to legacy claims handling approaches.”
Patrick Devine, Partner, and Elliot Bell, Principal, KKR
“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.”
Rick Taketa, Board Member, Reserv, and Former CEO, York Risk Services
