Accenture (ACN) has invested, through Accenture Ventures, in Reserv, an insurance claims processing company.
According to the company, the investment will also enable the two companies to collaborate on solutions that increase accuracy and efficiency throughout the claims ecosystem, helping underwriters and claims professionals deliver better outcomes and service experiences for claimants.
Terms of the investment were not disclosed.
As a third-party administrator (TPA), Reserv provides claims services for property & casualty (P&C) insurers across the United States and the U.K. Reserv's services use data warehouse, analytics, and generative AI capabilities to automate background processes and increase agility, allowing claims professionals to focus on accuracy and improving customer experience.
Kenneth Saldanha, senior managing director and Accenture's North America Insurance lead, said: "Insurance claims processing remains at the core of the customer promise and ripe for end-to-end reinvention and disruption. Reserv's AI-native servicing platform empowers insurers to act on more granular claims data for greater efficiency and accuracy, enabling faster claim processing and better customer experience. The feedback loop to risk selection drives greater resilience and more competitive pricing in the market."
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