Reserv, Inc. announced today that iFarm Underwriting has transitioned its entire UK agricultural claims handling to Reserv Claims Analysis LLC, the digital third-party administrator (TPA) arm of US-based Reserv, Inc.
Reserv enables near real-time claims payments. It uses next-generation automation technology and AI focused on bringing speed, advanced data science, and simplicity to the claims experience. Reserv has partnered with iFarm to digitize and transform its claims service.
CJ Przybyl, the co-founder, and CEO of Reserv, comments: “There is a better way to manage claims and we have built it. Reserv introduces a high level of automation, transforming the claims process and enabling a whole new level of data collection and reporting that has yet to exist elsewhere in the international markets. As well as achieving near real-time claims payments, Reserv’s technology combined with best-in-class customer service, creates a unique claims experience and provides real-time status, metrics, and reporting to everyone involved. We’re hugely excited to be bringing these benefits to disrupt the UK claims space, which is long overdue.”
Reserv successfully completed an $8M seed round led by Altai Ventures and Bain Capital Ventures in July this year. It aims to redesign the claims management process and scale quickly to meet customer demand in the UK. Reserv’s founder, CJ Przybyl has a history of driving radical claims innovation. He co-founded Snapsheet, where he spent over a decade creating the world’s first virtual claims process for auto losses. Snapsheet managed over 2.5 million claims and over $10B in indemnities, working with seven of the top 10 US P&C carriers.
Alun Roberts, Managing Director of iFarm Underwriting, comments: “The technology that Reserv brings to the table is going to change the standard of claims customer service and reporting in the UK. Thanks to Reserv’s technology we get more visibility into the entire claims process and proactive notifications. Our brokers and farming clients will benefit massively in terms of improved communication and speed of processing with near real-time claims payments.”
iFarm Underwriting’s agricultural book – which includes motor, property, and liability claims – was facing the challenges that many UK and EU carriers/MGAs face today when outsourcing claims to a TPA. Claim files are often handed off between multiple internal divisions with various unique systems while overburdened adjusters lacking a system-driven process and data and reporting jeopardize customer satisfaction and compliance.
Reserv’s philosophy is to maintain an automated and compliant core claims system and process that is highly configurable with no-code tools while also building unique modules to solve specific problems – and to make those modules commercially available to anyone. For the iFarm Underwriting launch, Reserv has already created a Bordereau automation and compliance tool and a dynamic remote document capture tool to simplify the process.
Alun Roberts continues: “We launched the sector’s first ever quote, buy and bind facility because brokers asked for it, and we back that up with a team that’s always available. Now, with Reserv, we’re introducing a frictionless claims process, because brokers asked for it. Our success has always been built on a commitment to listen to our brokers. We have grown into an award-winning MGA with a team of 26 in just seven years, working with over 170 brokers across the UK and writing over £20m GWP every year. We continue to break new boundaries and take the lead in developing market firsts for our brokers.”
Reserv is a digital-native TPA incubating next generation automation technology and AI focused on bringing speed, advanced data science, and simplicity to the experience of consumers, insurance adjusters, and carriers. There is a better way to manage claims and we are building it. http://www.reserv.com
About iFarm Underwriting
iFarm Underwriting is a specialist farm MGA, part of Rokstone, the Aventum group’s International Specialty (Re)Insurance MGA. Aventum is one of the world’s leading and fastest growing independent Specialty insurance groups, trading more than USD1.1bn GWP annually, with 14 offices globally. Through its international (Re)Insurance Broking arm Consilium, and its global MGA operation, Rokstone, it offers clients a range of specialist and niche solutions in all lines of Property & Casualty (re)insurance globally.