QBE Ventures has led a $US16 million ($24 million) funding round for third-party administrator Reserv.

The insurer plans to use the start-up’s claims services and the pair will also explore complex claims areas “ripe for reinvention in the US market”.  

“We’ve been looking for an end-to-end insight engine to deliver better claims outcomes for QBE customers and partners,” QBE North America chief claims officer Todd Greeley said. “Reserv stood out with its modern claims platform built by, and for, claims professionals.

“We’re looking forward to bringing our industry expertise and capabilities together to lead the market.”

Reserv employs more than 500 people and has more than 100 clients, and it has raised more than $US41 million ($62 million). Other investors include Bain Capital Ventures and Flourish Ventures. 

“We are excited to partner with QBE to expand our global footprint and proposition,” CEO CJ Przybyl said.

“Technology and development tools have advanced rapidly since we started Reserv three years ago. We are fortunate to have a unique software stack, data model and scaled operating model that is enabling us to substantially outpace the incumbent [third-party administrator] and software platform providers.  

“Our software is now becoming the gold standard in claims for some of the world’s largest carriers.”

QBE Ventures CEO James Orchard says Reserv’s deployment of AI across claims management is “outstanding”.

“Together, we are accelerating a future where claims are faster, smarter and more reportable than ever before,” he said.