Reserv Announces $125 Million Series C Financing Led by KKR to Accelerate AI-Driven Transformation of Insurance Claims

Reserv Inc. (“Reserv”), the parent company of Reserv Claims Analysis, LLC – the Property and Casualty (P&C) Insurance industry’s largest AI-native third-party administrator (“TPA”) – and Reserv Technologies, LLC – a claims intelligence provider –  announced a $125 million Series C funding round led by KKR, with participation from existing investors including Bain Capital Ventures and Flourish Ventures, as well as select strategic partners and clients.

Founded in 2022, Reserv provides TPA services and technology to nearly 200 insurers, corporate captives, MGAs, and brokers. The company has achieved strong commercial traction, with annual recurring revenue (ARR) reaching $100 million and rapid year-on-year growth as it scales its platform.

With over 500 claims adjusters on staff, Reserv has more than doubled its claims processing capacity every year while continuing to improve claims outcomes, provide data transparency, and innovate new technology solutions for its client partners. The investment from funds and accounts managed by KKR is expected to help Reserv continue to more than double its claim capacity every year from 500,000 annual complex claims capacity today to 30 million in the next four years, which means creating enough capacity to service and automate a significant portion of the P&C industry across non-field-based commercial claims.

“We started this company to prove how seamless claims processing could be if technology wasn’t the bottleneck – with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organization,” said CJ Przybyl, co-founder and CEO. “Reserv has now reached a scale – in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities – where we can automate even the most complex claims. This enables an adjuster-led, empathetic experience, with every ‘i’ dotted and ‘t’ crossed with the support of AI and built on an infinitely scalable, purpose-built platform and flexible tech stack.”

“What Reserv has done from an AI and operational perspective to deliver faster and better quality outcomes for its customers is truly differentiated in the market,” said Patrick Devine, Partner at KKR. “We’re excited to partner with this high-calibre management team, which has the rare combination of innovation, agility, and operational sophistication to rapidly scale to meet customer needs and deliver differentiated outcomes compared to legacy claims handling approaches,” added Elliot Bell, Principal at KKR.

“After scaling York Risk Services into one of the nation’s largest TPAs, I’ve seen virtually every claims model the industry has produced,” said Rick Taketa, Board Member and former CEO of York Risk Services. “What Reserv has built is genuinely different—AI-driven capabilities that go beyond automation to meaningfully improve outcomes for claimants and customers alike. KKR’s investment reflects what I’ve seen firsthand: this is a company positioned to lead the next phase of innovation in claims, with its most significant impact still ahead.”

The Reserv Glance™ claims platform enables customers to migrate any size of historical and open claims into a centralized database. It then uses fully explainable AI to analyze and act on critical claims, while scaling human and automated workflows quickly. This enables customers to phase out legacy claims systems and operations in a matter of weeks. Clients can choose how much automation they want to apply — from automated handling of simpler claims to more supported approaches for complex cases. Reserv operates in a “post-AI” environment, where the latest AI tools are immediately production-ready and integrated into the platform. The emphasis shifts from building standalone tools to supporting adjuster and insurer teams as they adapt their processes to this pace of innovation.

The investment will be made primarily through KKR’s Next Generation Technology Growth strategy, which builds on the firm’s established track record in technology investing, and leverages KKR’s institutional knowledge from investing extensively across the insurance value chain.

Reserv was advised by Paul Hastings as legal adviser. KKR was advised by Gibson Dunn as legal adviser.

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