Accenture is helping Reserv to transform insurance claims processes with new investment in the firm. 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, according to the announcement.
Reserv delivers claims management solutions tailored for property and casualty (P&C) insurance companies across the US and UK. It leverages a combination of data warehousing, advanced analytics and generative artificial intelligence (AI) to automate back-end claims processes to enhance operational efficiency. This automation empowers claims professionals to prioritize accuracy and deliver better customer experience.
Using data to transform insurance claims processes
Reserv harnesses the power of AI and machine learning to analyze vast amounts of structured and unstructured data collected by insurers from legacy systems, customer interactions and third-party sources. By transforming this complex data into actionable insights, Reserv helps insurance carriers identify portfolio risk factors at a granular level. These insights enable faster decision-making, more agile risk management and the ability to deliver more competitive insurance pricing.
Accenture will work with Reserv to extend the company’s business model with supporting integration and configuration capabilities for global carriers with large and complex legacy datasets.
Reserv is also joining Accenture Ventures’ Project Spotlight – a vertical accelerator for data and AI companies. Project Spotlight offers extensive access to Accenture’s domain expertise and its enterprise clients, helping startups harness creativity and deliver on the promise of their technology.
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Insurance claims processes are “ripe for end-to-end reinvention”
“Insurance claims processing remains at the core of the customer promise and ripe for end-to-end reinvention and disruption,” said Kenneth Saldanha, senior managing director and Accenture’s North America insurance lead. “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.”
Reserv was built to help insurance carriers leverage modern technology and platforms to scale quickly while unlocking new data, added CJ Przybyl, CEO and co-founder of Reserv. “Working with Accenture strengthens our ability to scale that vision faster, while meeting the rigorous demands of today’s insurers.”
This week, process automation vendor Appian launched Connected Claims 2.0 to transform insurance processes with AI.
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