Accenture has announced an investment in Reserv, a company specialising in insurance claims processing, through its Accenture Ventures division.
The financial terms of the investment have not been disclosed.
This collaboration aims to enhance the precision and efficiency of the claims ecosystem using data-driven and artificial intelligence (AI)-powered innovations. By working together, both firms seek to improve outcomes for underwriters and claims professionals, ultimately benefiting claimants with better service experiences.
Accenture senior managing director and North America insurance lead Kenneth Saldanha said: “Insurance claims processing remains at the core of the customer promise and ripe for end-to-end reinvention and disruption.
“Reserv’s AI-native servicing platform empowers insurers to act on more granular claims data for greater efficiency and accuracy, enabling faster claim processing and better customer experience. The feedback loop to risk selection drives greater resilience and more competitive pricing in the market.”
Reserv operates as a third-party administrator, delivering claims services for property and casualty insurers across the US and the UK.
The company leverages data warehousing, analytics, and generative AI to automate background processes, thus enhancing agility and allowing claims professionals to focus on improving accuracy and customer experience.
Utilising AI and machine learning, Reserv analyses vast amounts of structured and unstructured data gathered from legacy systems, customers, and third parties. The insights derived from this process enable insurers to identify risk factors at a granular level, facilitating swift adjustments and offering more competitive pricing.
Founded by Martha Dreiling and CJ Przybyl in 2022, Reserv aims to address significant gaps in the insurance claims process with its technology-driven solutions.
Supported by investors such as Altai Ventures, Bain Capital Ventures, and Flourish Ventures, Reserv has secured $55m in funding to date and employs 320 people in the US and UK. The company has also been appointed as a Delegated Claims Administrator by Lloyd’s of London.
Reserv CEO Przybyl said: “Reserv was built to help insurance carriers leverage modern technology and platforms to scale quickly while unlocking new data.
“Working with Accenture strengthens our ability to scale that vision faster, while meeting the rigorous demands of today’s insurers.”
Accenture plans to collaborate with Reserv to expand its business model through integration and configuration capabilities tailored for global carriers managing complex legacy datasets.
Additionally, Reserv will participate in Accenture Ventures’ Project Spotlight, an accelerator programme for data and AI companies that offers access to Accenture’s expertise and enterprise clients.
