Three Bermudian-based insurers have participated in a $20 million Series A financing round in support of New York-headquartered Reserv, the AI-driven insurance claims processing insurtech.

This latest funding round was co-led by Altai Ventures and Bain Capital Ventures with participation from island-based Convex Group, Axis Capital and Arch Capital Group.

Other participants included 8VC, Outpost Ventures and Anthemis Ventures.

The company said the financing will be used to expand its generative AI claims data analysis tools.

With Reserv, the company said, customers are seeing a sustained reduction in cycle times for property claims and auto claims in the magnitude of 1.6 times to 2.6 times, and this funding will enable the company to extend these results to additional customers.

Reserv said it helps managing general agents and insurance carriers improve claims handling and increase data availability for greater efficiency and accuracy.

The company provides a data advantage for managing general agent and carrier partners with claim files leveraging AI-generated insights that alert claims leaders and underwriters of anomalies immediately as they are identified.

“Insurance carriers are realising that a (third party administrator) using modern technology can deliver outsized benefits relative to TPA incumbents burdened by legacy home-grown software,” said CJ Przybyl, co-founder and CEO of Reserv.

“We are enabling the best talent in the industry to focus on the customer experience while leveraging AI to ensure a consistent and scalable organisation.”

MGAs and carriers are leveraging the data benefits of Reserv for claim handling needs as well as for analysing open or historical claim files, the company said.

Matt Harris, partner at Bain Capital Ventures said: “Reserv is one of the fastest growing insurtech start-ups we have seen at this stage – they are an example of launching a start-up at the right time, in the right space, with the right partners, and with the right team.”