Accenture, through Accenture Ventures, has invested in Reserv, an insurance claims processing company that incorporates AI into its solutions.

The financial details of the investment were not disclosed.

The investment is part of Reserv’s $25m Series B funding round, which saw contributions from other investors including Flourish Ventures, Bain Capital Ventures and Altai Ventures.

Reserv, a third-party administrator, provides claims services for property and casualty insurers in the US and the UK by utilising AI and machine learning to analyse insurance data.

The collaboration is expected to develop solutions that will benefit underwriters and claims professionals, leading to improved outcomes for claimants.

Accenture North America Insurance lead and senior managing director Kenneth Saldanha said: “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.”

Accenture's investment will support Reserv in extending its business model to accommodate global carriers with legacy datasets.

Additionally, Reserv will join Accenture Ventures' Project Spotlight, an accelerator programme for data and AI start-ups.

Reserv CEO and co-founder CJ Przybyl stated: “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.”

According to its LinkedIn post, the company's total funding stood at $55m.

This move follows Accenture's acquisition of Altus Consulting from Equisoft in March of this year.

"Accenture invests in claims processing company Reserv " was originally created and published by Life Insurance International, a GlobalData owned brand.

 

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