Why We Invested in Reserv

At Flourish, we back entrepreneurs rebuilding foundational financial services infrastructure to deliver better outcomes for users, businesses, and the broader economy. Our newest investment in Reserv—a tech-enabled third-party administrator (TPA) transforming insurance claims processing—is a powerful example of how data-driven solutions can address critical pain points and unlock innovation in a sector long held back by legacy systems.

We are proud to lead Reserv’s $25 million Series B, an oversubscribed round that brings the company’s total funding to $55 million. Returning investors Bain Capital Ventures, Altai Ventures, 8VC, and Convex also participated, alongside new strategic investor Accenture Ventures. We’re thrilled to support the Reserv team as they set a new standard for best-in-class claims processing in the U.S.  and UK property and casualty (P&C) market and beyond.

Claims Processing: The Moment of Truth in Insurance

In 2024, the US P&C market hit a significant milestone, exceeding $1 trillion in direct written premium for the first time ever. This massive sector touches on virtually every aspect of our lives, from auto insurance to workers' compensation and general business liability.  

Yet despite its importance, core elements of the insurance experience remain frustratingly out of date. Claims processing is Exhibit A. Today’s claims journey is often anything but smooth, with policyholders facing limited transparency and lengthy delays, and NPS scores as alarmingly low as negative 65.

For insurers, the stakes are high to get claims right. But they face a perfect storm of challenges:  rising claim volumes, ever-mounting cost pressures, and significant talent shortages. They are also saddled with outmoded in-house systems and/or legacy TPAs that have struggled to adopt next-generation technology. This leads to poor customer experiences and operational inefficiencies—while also hampering carriers’ ability to leverage claims data for smarter underwriting and risk management, and MGAs’ capacity to innovate and scale.

In this context, we see an urgent need—and a significant opportunity—for modernization.

Enter Reserv: A Tech-Enabled Claims Engine

Every year, millions of Americans file insurance claims—and too often, they’re met with delays, confusion, and poor service. Reserv is changing that. With a powerful combination of cutting-edge technology and operational expertise, Reserv is building a better future for insurance claims.

As a full-service, tech-enabled TPA, the company combines modern software architecture and cutting-edge AI with a high-performing in-house team of adjusters to deliver a dramatically improved experience. Reserv uses AI not only to mine and synthesize data for faster and improved outcomes, but also to augment internal business operations, positioning the company at the forefront of AI applications in the insurance sector. 

Led by CEO CJ Przybyl and COO Martha Dreiling—both seasoned operators with deep domain experience—Reserv brings a first-principles approach to rebuilding the claims stack. CJ brings rich experience from his time scaling Snapsheet, while Martha has built and led operations teams at OnDeck, Attune, and Rhino. They’ve assembled an outstanding executive team and secured backing from strategic investors and advisors with deep insurtech experience. We are excited to work alongside a team that combines operational excellence with a strong sense of purpose.

Together, the Reserv team has created a cloud-based, API-enabled platform that digitizes every aspect of the claims process. Reserv’s automated rollover technology ingests data from legacy TPAs and maps it automatically to their platform—cutting migration timelines from over 9 months to under two weeks. This enables real-time visibility and structured reconciliation of unstructured data such as emails and file notes, with financial accuracy down to the penny.

Reserv applies the same modern, tech-native philosophy across its infrastructure—from HR to compliance—ensuring scalable, accurate, and efficient operations. The company’s flexible tech stack integrates with a wide range of vendors, including multiple large language model (LLM) providers, to deliver tailored, high-accuracy claims solutions.

And the results speak for themselves. Reserv’s CSAT scores have been above 94 each of the past six months, a profound improvement over the status quo, including a meaningful reduction in time from First Notice of Loss to the time of first payment. In addition, Reserve’s insurance partners gain real-time insights into performance metrics, reserve management, and underwriting.

Exceptional Traction, Triple-Digit YoY Revenue Growth 

Founded in 2022, Reserv has quickly emerged as the leader of the next-generation TPAs, growing to more than 350 employees across the United States and the United Kingdom. The company supports over 80 MGA clients and 20 carriers/captives across nearly all P&C lines, including commercial auto, business owners’ policy, general liability, professional lines, and medical malpractice.

Reserv has achieved triple-digit year-over-year revenue growth for two consecutive years. In recognition of its momentum, Reserv was named one of CB Insights’ Top 50 Most Promising Insurtechs of 2024 and awarded “Best Newcomer” by the British Insurance Awards. The company has also been appointed a Delegated Claims Administrator (DCA) by Lloyd’s of London.

Looking Ahead

In many ways, Reserv is still just getting started. The Series B funding will allow the team to deepen its presence across P&C lines, expand into additional insurance products, and grow its distribution through partnerships with fronting carriers, brokers, and captive managers.

The capital will also be used to build enhanced claims automation models, accelerate integrations, and develop new non-claims modules that leverage the vast dataset of Reserv’s TPA operations—bringing demonstrable improvements to both claimant experiences and adjuster productivity.

At Flourish, we invest in companies modernizing infrastructure to improve the financial services system for the better. This includes category leaders across the banking and insurance stack, including fraud detection (Alloy, Spade), embedded finance (Unit), payments (Skipify), compliance (Hummingbird), debt management (Clerkie), and digital banking (Mantl). We also support incredible insurance innovators, including Kin ($1B+ valuation focused on home insurance) and Vellum (insurance data analytics).  

Reserv is our bet on modernizing claims. It fits squarely in our infrastructure thesis—using technology to fix critical bottlenecks and make financial services work better for everyone. We’re backing companies that deliver both commercial success and systemic improvement.

In Reserv, we see a team and a platform that can do just that—delivering better outcomes for policyholders today while laying the foundation for a more resilient, responsive insurance system tomorrow.

We’re honored to be a part of what comes next.