Claims technology provider Reserv, a fast-growing firm specialising in modernising claims management through artificial intelligence, has raised an additional $16m in fresh funding.
The new capital extends the company’s oversubscribed Series B round to $41m. The extension was led by QBE Ventures, with new strategic partners joining the round, according to InsurTech Insights.
Existing backers Bain Capital Ventures and Flourish Ventures also took part through pro-rata commitments.
Founded to bring automation and data-driven tools to the insurance sector, Reserv operates as a technology-driven third-party administrator (TPA). Its platform supports over 100 clients worldwide, helping insurers, managing general agents (MGAs) and self-insureds modernise their claims operations. The company says it has reached more than $75m in annual recurring revenue and employs over 500 staff globally.
Reserv said the latest funds will accelerate its development of large-scale AI orchestration and solidify its position in the market. The company also intends to expand the use of its patent-pending claim rollover technology and deepen its partnerships in the US, particularly with QBE.
QBE’s involvement in the round reflects its aim to integrate AI-driven solutions into claims management. The insurer is set to leverage Reserv’s technology to improve outcomes for its North American customers and explore innovation in complex claims.
Reserv CEO and co-founder CJ Przybyl said, “We are excited to partner with QBE to expand our global footprint and proposition. Our unique software stack, data model, and scaled operating model are enabling us to substantially outpace incumbent TPAs and software providers. Our software is becoming the gold standard in claims for some of the world’s largest carriers.”
Todd Greeley, chief claims officer for QBE North America, said: “We’ve been looking for an end-to-end insight engine to deliver better claims outcomes. Reserv stood out with its modern claims platform built by, and for, claims professionals. We look forward to combining our expertise to lead the market.”
James Orchard, CEO of QBE Ventures, added: “Partnering with Reserv aligns with our ambition to be an innovative risk partner. What makes Reserv outstanding is its thoughtful deployment of AI at scale across the entire lifecycle of claims management. Together, we are accelerating a future where claims are faster, smarter, and more reportable than ever before.”
The company highlighted that the funding reflects a growing demand from insurers and self-insureds looking to drive efficiency in claims processing.
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