Reserv Inc., an AI-native third-party administrator (TPA) and claims intelligence provider for the Property and Casualty (P&C) insurance industry, announced it has completed a $125 million Series C funding round led by KKR, with participation from existing investors including Bain Capital Ventures and Flourish Ventures, along with strategic partners and clients.
Founded in 2022, Reserv offers TPA services and technology to nearly 200 insurers, corporate captives, managing general agents (MGAs), and brokers. The company has achieved an annual recurring revenue (ARR) of $100 million and has demonstrated year-on-year growth.
With over 500 claims adjusters, Reserv has consistently doubled its claims processing capacity annually. This growth has been accompanied by improvements in claims outcomes, enhanced data transparency, and the development of new technology solutions for its client partners.
The investment from funds and accounts managed by KKR aims to support Reserv’s goal of expanding its claims capacity from 500,000 annual complex claims today to 30 million within the next four years. This expansion is designed to service and automate a substantial portion of the P&C industry’s non-field-based commercial claims.
CJ Przybyl, co-founder and CEO of Reserv, stated that the company was established to demonstrate how seamless claims processing could be without technology constraints. He highlighted Reserv’s focus on ongoing feature evolution rather than constant system overhauls, emphasizing the automation of the entire organization. Przybyl noted that Reserv has reached a scale in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities that enables the automation of complex claims, supporting an adjuster-led, empathetic experience with AI on a scalable platform.
Patrick Devine, Partner at KKR, commented on Reserv’s differentiated approach in delivering faster and higher-quality outcomes through its AI and operational strategies. Elliot Bell, Principal at KKR, added that the management team possesses a combination of innovation, agility, and operational sophistication, enabling rapid scaling to meet customer needs and provide outcomes distinct from traditional claims handling methods.
Rick Taketa, a Board Member and former CEO of York Risk Services, observed that Reserv’s AI-driven capabilities go beyond automation to improve outcomes for both claimants and customers. He indicated that KKR’s investment validates Reserv’s position to lead innovation in claims.
Reserv’s Glance™ claims platform allows customers to migrate historical and open claims into a centralized database. The platform utilizes fully explainable AI to analyze and act on critical claims, while also scaling human and automated workflows. This functionality enables clients to transition away from legacy claims systems and operations within weeks. Clients can specify the level of automation desired, from automated handling for simpler cases to supported approaches for complex scenarios.
Reserv operates in a “post-AI” environment, where the latest AI tools are production-ready and integrated into its platform. The company’s strategy focuses on supporting adjuster and insurer teams in adapting their processes to this pace of innovation.
The funding will be primarily provided through KKR’s Next Generation Technology Growth strategy, building on KKR’s track record in technology investing and leveraging its expertise across the insurance value chain. Paul Hastings served as legal advisor to Reserv, and Gibson Dunn advised KKR.
