Reserv, an AI-Native TPA for P&C Claims, Secures $125M Series C
Reserv, an AI-native third-party administrator (TPA) for property and casualty (P&C) insurance claims, has raised $125M in Series C funding led by KKR, with participation from Bain Capital Ventures and Flourish Ventures. The platform combines AI automation, advanced analytics, and expert adjusters to process claims from first notice of loss (FNOL) to settlement for managing general agents (MGAs), carriers, and self-insureds. The capital will scale operations from handling 500,000 claims annually to 30 million within four years.
Insurtech Week Sees $253M Inflows
The round arrives amid a $253.4M insurtech funding wave across seven deals in late April 2026, where Reserv's raise stood out as the largest per Insurtech.me. Competitors like Shift Technology renewed a five-year AI claims partnership with AXA in March 2026, while Snapsheet gained backing from State Farm Ventures. Reserv differentiates through its full TPA service integrating AI with licensed adjusters, unlike software-only players. This timing aligns with P&C market softening and ample capacity, per Aon's 2026 outlook here.
Legacy Systems Slow Claims 9 Months
Traditional TPAs rely on dated technology, causing data migration times of up to nine months and limited data capture. Talent shortages and poor customer service exacerbate issues amid rising catastrophe losses and claims complexity. Reserv's modern stack eliminates legacy tech debt, enabling rapid integrations and innovations for global teams in North America, UK, and EU.
AI Engine Plus Human Adjusters
Reserv's platform features an AI-driven engine for automation, a rollover tool slashing migration to two weeks, and collaborative intelligence blending machine learning with over 500 adjusters. Unlike Guidewire ClaimCenter or Duck Creek Claims ($350M+ raised), which focus on software, Reserv provides end-to-end compliant TPA services. Analytics dashboards deliver underwriting insights from claims data.
As Reserv Co-Founder and CEO CJ Przybyl noted:
"We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck."
KKR's Unsolicited Bet Signals Scale
KKR approached Reserv unsolicited, drawn to its $100M ARR growth from $20,000 in four years and near cash-flow positivity per Pulse 2.0. Existing backers Bain Capital Ventures and Flourish Ventures joined, signaling conviction in AI-native infrastructure. KKR partners Patrick Devine and Elliot Bell praised the operational differentiation. This growth capital positions Reserv to capture share in a TPA market projected at $404B by 2026 via Fortune Business Insights.
Claims Software Market Doubles to $108B
The claims processing software market will reach $49.82B in 2026, growing at 9.7% CAGR to $108.09B by 2035 per Research and Markets. Traditional giants like Sedgwick ($1B recent investment) and Gallagher Bassett dominate with scale but lag in AI-native platforms. AI trends and digital transformation drive capital here, as catastrophe risks inflate claims volume. Reserv serves 200 clients, including MGAs and carriers, with compliant global processing.
Founders Drive Explosive Growth
Co-Founders CJ Przybyl (CEO) and Martha Dreiling (President, promoted from COO) built Reserv since 2022, scaling to 447 employees and Forbes Fintech 50 recognition. Recent hires like VP Business Development Alban Laloum (20 years experience) bolster expansion. BCG alumni roots inform the data-first approach replacing legacy processes.
Scaling to 30M Claims Capacity
With $100M ARR and 200 clients, Reserv plans to expand claims capacity 60-fold while enhancing AI orchestration and non-claims modules. The funding supports team growth beyond 500 and international push in commercial P&C.