Specialist agricultural MGA iFarm Underwriting has tapped Reserv Claims Analysis to handle its UK agricultural claims. Reserv Claims Analysis is the digital third-party administrator (TPA) arm of US-based Reserv, Inc.
According to Reserv, iFarm Underwriting’s agricultural book – which includes motor, property and liability claims – was facing the challenges that many European carriers and MGAs are facing today when outsourcing claims to a TPA. In these situations, claim files are often handed off between multiple internal divisions with various unique systems. Meanwhile, overburdened adjusters lack a system-driven process, which jeopardises customer satisfaction and compliance, Reserv said.
By transitioning to Reserv’s system, iFarm’s claims payments can be made in real time. It uses AI and automation technology to digitally transform the claims experience.
“There is a better way to manage claims and we have built it,” said CJ Przybyl, co-founder and CEO of Reserv. “Reserv introduces a high level of automation, transforming the claims process and enabling a whole new level of data collection and reporting that has yet to exist elsewhere in the international markets. We’re hugely excited to be bringing these benefits to disrupt the UK claims space, which is long overdue.”
In July, Reserv completed a US$8 million seed round led by Altai Ventures and Bain Capital Ventures. The firm’s stated goal is to redesign the claims management process and scale quickly to meet customer demand in the UK.
“We launched the sector’s first ever quote, buy and bind facility because brokers asked for it, and we back that up with a team that’s always available,” said Alun Roberts, managing director of iFarm Underwriting. “Now, with Reserv, we’re introducing a frictionless claims process, because brokers asked for it. Our success has always been built on a commitment to listen to our brokers. We have grown into an award-winning MGA with a team of 26 in just seven years, working with over 170 brokers across the UK and writing over £20 million GWP every year. We continue to break new boundaries and take the lead in developing market firsts for our brokers.”