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BFD Expert Voices - Private Credit

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Reserv, a tech-enabled insurance administrator, has raised a $25 million Series B, CEO CJ Przybyl tells Axios Pro exclusively.

Why it matters: The insurance industry runs on decades-old infrastructure, and modernizing claims is one of its biggest unsolved problems.

Zoom in: Flourish Ventures led the round, which was joined by BCV, Altai Ventures, 8VC, Convex and Accenture.

The company has now raised $55 million since being founded in 2022.

Context: Reserv operates as a TPA to insurance carriers and managing general agents, pairing human claims adjusters with AI-driven software.

Its stack automates routine claims work, flags anomalies in real time, and gives clients full transparency into performance and outcomes.

How it works: Reserv's technology includes a data ingestion engine that can extract, structure, and reconcile years of claims data from legacy TPAs or internal carrier systems.

The ingestion engine has been a key growth enabler, letting the company onboard new clients in weeks instead of months.

The data it provides powers internal agentic AI models trained to flag claim severity, compliance risks, and required follow-ups.

"We figured out how to take all this messy data out of the industry into our platform, and then run tons of analytics on it," Przybyl says.

By the numbers: Reserv now works with 80 MGA customers and 20 insurance carriers. 

It supports more than 20 lines of business, including commercial auto, general liability, medical malpractice and fertility claims.

The company has scaled to more than 350 employees in the U.S. and U.K. and has posted triple-digit revenue growth for two consecutive years, Przybyl says.

The latest: After building its ingestion engine and LLM-driven analytics for internal use, Reserv is now preparing to commercialize its tech stack for use by large carriers beyond its TPA arm.

A strategic partnership with Accenture is expected to accelerate adoption among enterprise clients through its Project Spotlight program.

"We're starting to use the technology to solve problems directly for large carriers that are on multiyear replatforming efforts or working with lots of different TPAs," Przybyl says.

Exclusive: Reserv nabs $25M to fix insurance claims tech

Insurance still largely runs on aging legacy infrastructure.

Reserv, a tech-enabled insurance administrator, has raised a $25 million Series B, CEO CJ Przybyl tells Axios Pro exclusively.Why it matters: The insurance industry runs on decades-old infrastructure, and modernizing claims is one of its biggest unsolved problems.

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Exclusive: Reserv nabs $25M to fix insurance claims tech

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