Accenture Invests in Reserv to Transform Insurance Claims Processes
Accenture (NYSE:ACN) has invested, through Accenture Ventures, in Reserv, an insurance claims processing company that complements deep claims expertise with innovative AI-driven solutions. The investment will also enable the two companies to collaborate on solutions that increase accuracy and efficiency throughout the claims ecosystem, helping underwriters and claims professionals deliver better outcomes and service experiences for claimants.
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Accenture has invested, through Accenture Ventures, in Reserv, an insurance claims processing company that complements deep claims expertise with innovative AI-driven solutions.
As a third-party administrator (TPA), Reserv provides claims services for property & casualty (P&C) insurers across the United States and the U.K. Reserv's services use data warehouse, analytics, and generative AI capabilities to automate background processes and increase agility, allowing claims professionals to focus on accuracy and improving customer experience.
Reserv uses AI and machine learning to analyze the massive volumes of structured and unstructured data insurers collect from legacy platforms, customers and third parties. The resulting insights can highlight risk factors in a carrier's portfolio on a more granular level, enabling insurers to make quick changes as needed and offer more competitive pricing.
Accenture will work with Reserv to extend the company's business model with supporting integration and configuration capabilities for global carriers with large and complex legacy datasets.
Kenneth Saldanha, senior managing director and Accenture's North America Insurance lead, 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 was built to help insurance carriers leverage modern technology and platforms to scale quickly while unlocking new data," said CJ Przybyl, CEO and co-founder of Reserv. "Working with Accenture strengthens our ability to scale that vision faster, while meeting the rigorous demands of today's insurers."
Reserv will also join Accenture Ventures' Project Spotlight, a vertical accelerator for data and AI companies. Project Spotlight offers extensive access to Accenture's domain expertise and its enterprise clients, helping startups harness creativity and deliver on the promise of their technology.
Terms of the investment were not disclosed.
About Accenture
Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 801,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. Our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at accenture.com.
About Reserv
Reserv is a tech-enabled and data-driven solution closing massive gaps in the insurance claims process, removing burdens for users for any property and casualty claim. Founded by industry veterans Martha Dreiling and CJ Przybyl in 2022, the company is backed by Altai Ventures, Bain Capital Ventures, Flourish Ventures, and others. Reserv has raised $55M to date and has 320 employees in the US and the UK. Reserv has been appointed a Delegated Claims Administrator (DCA) by Lloyd's of London, named one of CB Insights' Top 50 Most Promising Insurtechs of 2024, and awarded "Best Newcomer" by the British Insurance Awards. For more information about Reserv, visit http://www.reserv.com.
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Julie Bennink
Accenture
+1 312 693 7301
[email protected]
Michael McGinn
Accenture
+1 312 693 5707
[email protected]