Insurance companies and self-insured companies often outsource their claims to third-party administrators (TPAs) which provide a host of operational services. Until recently, the $399.3 billion global third party administrator market has been operating with legacy tools and approaches that have been practically untouched for decades — resulting in a slow, costly delivery process.
Over the last several years, Accelerant has experienced significant global business growth, expanding its platform and offerings to its MGA Members, risk exchange insurers, reinsurers, investors and policyholders. With a commitment to innovation, customer-centricity, and disruption in the insurance industry, it was essential for the team to find partners that help enhance customer experiences through faster claims processing and third-party administration.
Enter Reserv, a digitally-native TPA platform that leverages modern systems and creates cutting-edge solutions to optimize any P&C claim. From complex data ingestion to automated coverage decisioning and dynamic customer experiences, Reserv’s off-the-shelf technology provides real-time status, metrics, and reporting.
Data is at the heart of Accelerant’s ability to deliver superior service to its stakeholders, with a proprietary platform that enables live analysis, insights, and decision-making at every step of a Member’s journey. Reserv leverages AI and machine learning to offer MGAs more granular data about what is driving risk in their portfolio, helping them underwrite more profitably. Reserv’s technology digitizes the claim experience — from FNOL to bordereaux reporting — to improve the experience for policy holders, claimants and MGAs. Their model is an elegant alternative to traditionally costly claims systems, and the no-code configurability allows for quick changes to workflows, communications, and assignments.
“The partnership with Accelerant has been instrumental, allowing both of our organizations to concentrate on areas of expertise while fostering innovation and building our businesses,” says CJ Przybyl, Co-founder and CEO of Reserv.
The collaboration between Accelerant and Reserv has benefited multiple levels of customers within the insurance value chain. Consumers experience a more seamless claims process, transmitting information and receiving prompt settlement offers or resolutions. Member MGAs agents, insurers, reinsurers, investors and capacity providers are equipped with actionable insights, enabling them to provide intelligent responses, reduce uncertainty, and gain access to detailed claim data, aiding in better decisions.
Accelerant’s partnership has allowed Reserv to launch multiple new lines of business, expanding its product offerings and achieving a more diverse and sophisticated model.
One example is LEAP, a Member MGA that arranges coverage for residential landlords, and provides product offerings for a variety of tenant-related issues such as students not paying their rent to landlords. This situation is usually a “small claim” but happens often and requires significant paperwork. Using the technology provided by Reserv, LEAP has been able to add automation to the process for streamlining these claims with better success rates.
Accelerant’s risk exchange that serves all participants in the ecosystem, in tandem with Reserv’s shared vision for a transformative approach to claims processing, has resulted in enhanced customer experiences and a diverse product portfolio. As Accelerant continues its growth trajectory, the partnership with Reserv will undoubtedly play a crucial role in shaping the future of the company and the insurance industry as a whole.
Chelsea Perkins, Group Head of Claims at Accelerant, said, “The successful partnership between Accelerant and Reserv exemplifies our mutual commitment to innovation and disruption in the insurance industry, while ensuring we serve every stakeholder in the claims ecosystem.”