Reserv Raises $125 Million to Expand AI Claims Processing
Reserv, an AI-native third-party administrator for property and casualty insurance, closed a $125 million Series C round led by KKR. The funding will support the company's plan to scale from processing 500,000 annual claims to 30 million within four years.
The company, founded in 2022, already serves nearly 200 insurers, corporate captives, managing general agents, and brokers. It generated $100 million in annual recurring revenue and has doubled its claims processing capacity year over year.
How Reserv's Platform Works
Reserv's Glance platform centralizes historical and open claims data, then applies explainable AI to analyze and act on cases. Customers control the level of automation-from fully automated handling of straightforward claims to AI-assisted review of complex ones.
The company operates two divisions: Reserv Claims Analysis, which handles claims administration, and Reserv Technologies, which provides claims intelligence.
The Scale Opportunity
Reserv's expansion target addresses a specific gap in the P&C industry. The company aims to automate non-field-based commercial claims-a category large enough to service a significant portion of the market.
CJ Przybyl, Reserv's co-founder and CEO, said the company has reached the scale needed to "automate even the most complex claims" while maintaining "an adjuster-led, empathetic experience."
Why KKR Invested
KKR invested through its Next Generation Technology Growth strategy, which focuses on technology companies with deep industry expertise. Patrick Devine and Elliot Bell, partners at KKR, cited Reserv's ability to deliver "faster and better quality outcomes" compared to legacy claims handling.
Existing investors Bain Capital Ventures and Flourish Ventures participated in the round, along with select strategic partners and clients.
What This Means for Insurance Professionals
The investment signals confidence that AI can meaningfully improve claims operations at scale. For insurers evaluating claims technology, Reserv's growth reflects broader industry movement toward AI for Insurance and AI Agents & Automation in back-office operations.
The company's focus on explainable AI-showing how decisions are made rather than treating the system as a black box-addresses a key concern for claims professionals managing regulatory and customer-facing decisions.
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