Accenture (NYSE: ACN) has invested, through Accenture Ventures, in Reserv, an insurance claims processing company that complements deep claims expertise with innovative AI-driven solutions.
The investment will also enable the two companies to collaborate on solutions that increase “accuracy and efficiency throughout the claims ecosystem, helping underwriters and claims professionals deliver better outcomes and service experiences for claimants.”
As a third-party administrator (TPA), Reserv provides claims services for property & casualty (P&C) insurers across the United States and the U.K. Reserv’s services “use 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.”
Reserv uses AI and machine learning to “analyze the massive volumes of structured and unstructured data insurers collect from legacy platforms, customers and third parties.”
The resulting insights can highlight risk factors in “a carrier’s portfolio on a more granular level, enabling insurers to make quick changes as needed and offer more competitive pricing.”
Accenture will work with Reserv to “extend the company’s 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, said:
“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, CEO and co-founder of Reserv said:
“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.”
Project Spotlight provides extensive access “to Accenture’s domain expertise and its enterprise clients, helping startups harness creativity and deliver on the promise of their technology.”
Terms of the investment were “not disclosed.”
