KKR leads $125M round in Reserv to bring AI to insurance claims at scale
What's the deal? Reserv, a New York-based AI-native insurance claims platform, has raised $125M in a Series C round led by KKR, with continued participation from Bain Capital Ventures and Flourish VenturesDealroom has a profile for this one. Try Dealroom →.
Founded in 2022 by CJ PrzybylDealroom has a profile for this one. Try Dealroom → and Martha DreilingDealroom has a profile for this one. Try Dealroom →, the company has reached $100M in annual recurring revenue and currently processes up to 500,000 complex claims per year across nearly 200 insurers, captives, managing general agents, and brokers. It employs more than 500 claims adjusters who work alongside its AI platform.
Reserv operates as both a third-party administrator (TPA) — handling claims on behalf of insurers — and a software provider, through its Glance platform, which allows clients to migrate claims data into a centralised system and apply varying levels of AI automation depending on the complexity of the claim.
The investment will be used to scale claims processing capacity from 500,000 to 30 million complex claims per year within four years — enough, the company says, to service a significant portion of the commercial property and casualty (P&C) market.
Why now? Insurance claims processing is one of the last large financial services categories still dominated by legacy systems and manual workflows. The tens of millions of people who file P&C claims every year face delays, opacity, and processes that were not designed around their needs.
Reservv's thesis — that AI can handle even complex claims faster and more accurately than traditional models, while keeping human adjusters in the loop — is now backed by commercial proof: $100M ARR and more than doubling of claims capacity every year since founding.
KKR's investment comes through its Next Generation Technology Growth strategy, reflecting the firm's view that Reserv is past the venture risk stage and into a phase of institutional-scale expansion. The insurer market's appetite for outsourced, tech-enabled claims handling is also growing as loss costs rise and talent shortages make in-house claims operations harder to staff.
What could go wrong? Scaling from 500,000 to 30 million claims in four years is an extremely ambitious operational target — one that requires not just technology investment but significant hiring, training, and client onboarding at a pace that has no precedent in the TPA industry. Any degradation in claims quality or accuracy at scale could damage relationships with insurer clients who have limited tolerance for errors in a regulated, liability-sensitive environment.
The commercial P&C claims market is also served by large, entrenched incumbents with deep carrier relationships. Displacing them requires not just a better product but a willingness among risk-averse insurance procurement teams to switch providers — a process that is slow even when the case for change is compelling.
The signal: Reserv's Series C reflects a broader shift in insurtech investment away from consumer-facing products — which struggled commercially — toward B2B infrastructure plays that solve structural problems deep in the insurance value chain. KKR's entry is a signal that the smart institutional money now sees AI-native claims infrastructure as a durable, scalable category rather than a niche experiment.
The company's model — pairing AI automation with human adjusters rather than replacing them — is also a commercially astute positioning. It reduces the resistance that fully automated claims tools face from regulators and carriers, while still capturing most of the efficiency gains.
Sources:
Business Wire
Finsmes
Pulse2
Fintech Global
Emmalyn Shaw, LinkedIn
Reserv, LinkedIn
Image credit:
Reserv
J.V.
