CJ Przybyl, Co-founder & CEO: Reserv: Redefining Claims Outsourcing With Modern Technology (309)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 30 June 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Reserv’s proposition is to help MGAs and carriers improve claims handling and increase data availability, making claim information available through multiple large language model (LLM) tools feeding automated workflows. After our successful May Evening Event hosted in collaboration with Reserv, Robin Merttens caught up with CEO CJ Przybyl and discussed the technology behind Reserv, including the integration of generative AI and modern data infrastructure, as well as the company's growth and expansion plans in the UK and Europe. Key talking points include: Origins of Reserv and CJ’s experience co-founding Snapsheet Noticing an opportunity for start-up and established MGAs Building and scaling Reserv - the success story Why the UK market is unique for TPAs First job out of university - defining a trajectory Ensuring underwriting and claims are more conjoined and reactive The ideal balance in a claims adjuster's world between what the machines do and what the humans do Dissatisfaction to digitisation - looking ahead to the future Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe what legacy issues surrounds few large TPAs and why this may leave some customers dissatisfied. Specify in what ways generative AI can alleviate processes claims Identify how underwriting and claims can be more conjoined If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 309 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	A lot of the TPA's carrier systems are restricted on even like the type of data they can export,
0:05.5	even in a border road, but otherwise, right? So the systems weren't built to be so free and fluid
0:11.2	with information. Ours has the opposite issue. We literally have some clients where we have an
0:16.1	real-time data feed, which is then they have to learn how to deal with it. Real time is not always the real
0:22.0	best idea. Underwriters aren't usually changing their models real time. So they just need
0:28.3	aggregate reflections of data, whatever can impact their model. So we actually spend a decent
0:32.9	amount of time with the underwriters talking about the data that we can provide them and then slowly
0:38.9	migrating towards how they would use it effectively for their models.
0:51.2	Good morning, good evening, wherever you are. What an exciting week here in London. The sun has been shining for three days. How long was that going to last? And we had our biggest event ever on Tuesday night. Over 300 people joined us to hear about SmartFollow, algorithmic underwriting and a whole lot more here in London. And a few weeks ago, we also had another really good event thanks to Reserve.
1:15.1	And we're really impressed with what C.J. Prispole and his colleagues at Reserve are doing in the area of claims and automation. Now, it's not his first success. So you're going to hear
1:19.3	a bit more about that. And keep a lookout for what we've got going on at INSEC with www.
1:24.1	www.instech.com for one more event this year or one more event this summer, I should say,
1:28.7	and then back again in September. Thanks also for all of you that have been telling us your
1:32.6	regular listeners to the podcast. We know we've got thousands of people listening to us,
1:36.3	but we don't know who you are unless you tell us, so that keeps us going.
1:39.1	Robin Mertens is your Instech guy today, so that's going to be it from me.
1:57.8	So it's Intentech podcast time again, and I've got with me today, CJ principal, whose name I have terrible trouble with, which is why we all call him CJ, and I'm going to call him CJ throughout all this.
2:02.4	CJ, welcome.
2:03.3	Thank you for having me, excited to be here.
2:05.2	Now, you're the CEO of Reserve.
2:07.6	Before we go any further, tell us a little bit about what Reserve is.
2:11.3	Yeah, Reserve is a tech-enabled third-party administrator, so we process pretty much any P&C claim non-workers comp. So we're tech-enabled,
	...

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