Professional services firm Accenture has invested in Reserv, an insurance claims processing company that complements deep claims expertise with AI-driven solutions through Accenture Ventures, with the terms of the transaction undisclosed.
The investment will enable the pair to collaborate on claims solutions which are more accurate and efficient, helping underwriters and claims professionals deliver and improve their performance for claimants.
As a third-party administrator, Reserv provides claims services for property & casualty (P&C) insurers across the United States and the UK.
The firm’s services use a 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.
Due to the use of AI and machine learning to analyse the massive volumes of structured and unstructured data insurers collect from legacy platforms, customers and third parties, Reserv can highlight risk factors in a carrier’s portfolio, enabling insurers to make quick changes as needed and offer more competitive pricing.
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Accenture will work with Reserv to extend its 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, commented, “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.”
CJ Przybyl, Chief Executive Officer and Co-founder of Reserv, added, “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.”
Reserv will also join Accenture Ventures’ Project Spotlight, a vertical accelerator for data and AI companies, which offers extensive access to Accenture’s domain expertise and its enterprise clients.
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