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Accenture has invested in Reserv, a tech-enabled insurance claims processing company focused on the US and UK markets. The cash injection formed part of
the start-up’s recently completed $25 million Series B funding round. The stake was taken by Accenture Ventures whose Project Spotlight, a vertical accelerator for data and AI companies, Reserv will also join.
Founded in 2022, Reserv is seeking to shake up the insurance third-party administration (TPA) business process management arena with offerings which leverage modern technologies, such as agentic AI, automated communications, to improve performance and reporting. The company’s automated rollover technology, for example, is able to ingest data from legacy TPAs and incumbent systems and map it to the Reserv platform. This can reduce the typical data migration timeline from over 9 months to under two weeks.
The business has grown quickly achieving triple-digit yoy revenue growth for two consecutive years. Reserv now employs 350+ personnel in the United States and United Kingdom and supports more than 80 Managing General Agent clients and 20 carriers across nearly all property and casualty lines of business.
After several quieter years and viewed as ripe for technology-led disruption, the TPA BPO arena is again attracting increased interest from the top tier service providers. Two months ago, Wipro UK secured a ten-year life and pension business administration contract worth £500m with Phoenix Group (see here). As a part of the deal, the offshore heavyweight will assume management of the core policy administration ALPHA platform, modernising it with AI, automation, cloud, and digital technologies.
Accompanying the news of the Reserv investment was a separate announcement that Accenture Ventures is expanding its technical, commercial, and strategic support for high-potential AI startups. In collaboration with NVIDIA Inception, the new engagement initiative will provide participants with market intelligence, technical workshops, enterprise workflow knowledge and exposure to real-world business environments. It aims to facilitate the development of breakthrough ideas into scalable enterprise solutions.
Posted by: Duncan Aitchison at 08:47
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