Reserv Raises $125M to Expand Claims Automation Across Insurance Industry
Reserv, an AI-driven claims technology provider for property and casualty insurers, closed a $125 million Series C funding round led by KKR. Existing investors Bain Capital Ventures and Flourish Ventures participated, alongside strategic partners and clients.
The company plans to use the capital to expand claims automation capacity across commercial P&C operations. Reserv currently works with nearly 200 insurers, MGAs, brokers, and corporate captives.
From 500,000 to 30 Million Claims
Founded in 2022, Reserv has grown to $100 million in annual recurring revenue. The company operates through two units: Reserv Claims Analysis, which handles third-party administration, and Reserv Technologies, which provides AI-driven claims software.
Over the next four years, Reserv plans to increase its annual complex claims handling capacity from roughly 500,000 claims today to 30 million. The company currently employs more than 500 claims adjusters and has doubled its processing capacity annually.
KKR's investment reflects a broader shift in how carriers view claims automation. Insurers increasingly treat claims modernization as an operational necessity rather than a cost-reduction project, facing pressure from rising loss costs, staffing shortages, longer claims cycles, and customer expectations shaped by digital platforms.
How the Platform Works
Reserv's Glance claims platform sits at the center of its strategy. Insurers can migrate historical and active claims into a centralized system, where AI models analyze claim activity and trigger workflows across human adjusters and automated systems.
Simpler claims move through largely automated handling. Complex cases receive heavier adjuster involvement supported by AI-driven operational workflows. Adjusters remain involved in customer-facing interactions while AI handles operational execution behind the scenes.
The platform allows insurers to phase out legacy claims infrastructure within weeks rather than years-a significant advantage in an industry where core system replacements often drag through long implementation cycles.
Legacy Systems as Liability
Claims administration remains one of the least modernized corners of insurance infrastructure. Many carriers still operate across fragmented legacy systems requiring heavy manual review, disconnected workflows, and repeated data entry across adjuster teams.
CJ Przybyl, Reserv's co-founder and CEO, said the company was built to show how claims processing could operate without technology bottlenecks. "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," Przybyl said.
Rick Taketa, former CEO of York Risk Services and current Reserv board member, said the company's approach moves beyond basic automation. "What Reserv has built is genuinely different - AI-driven capabilities that go beyond automation to meaningfully improve outcomes for claimants and customers alike," Taketa said.
The Broader Market Shift
Reserv argues the insurance market has entered what it calls a post-AI operating environment, where new AI tools become production-ready almost immediately. The larger challenge now sits around helping insurers and adjusters adapt operational workflows quickly enough to absorb continuous technology change.
Patrick Devine, partner at KKR, said Reserv differentiated itself through both operational execution and AI capabilities delivering faster, higher-quality claims outcomes. The investment comes through KKR's Next Generation Technology Growth strategy, which focuses on technology companies tied to large-scale operational transformation.
Insurance infrastructure has become one of those areas as carriers search for ways to modernize workflows without fully rebuilding existing operations from scratch. Reserv is betting carriers no longer have much patience left for slow-moving legacy platforms and manual claims administration models.
For insurance professionals managing claims operations, understanding AI for Insurance and AI Agents & Automation has shifted from optional to essential as platforms like this reshape how the industry processes claims.
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