Oleg Ilichev began with a simple question: What have been the best performing insurtech startups to date and what made them successful? His conclusion was that the industry's winners had largely been technology-enabled incumbents. That led to an even more compelling question: Why hadn't anyone built a tech-first claims third-party administrator? To Oleg, claims represented the single most important function in insurance, yet it had remained one of the industry's most overlooked opportunities.


What began as curiosity soon became conviction. After ten months of solitary user research, continuous refinement, and countless late nights, Reserv, the first AI-native third-party administrator purpose-built for the insurance industry, was born.


To bring the vision to life, Oleg assembled an exceptional founding group alongside Bain Capital Ventures, Accelerant, and Runyon. The group recruited CJ Przybyl to join as co-founder and CEO after CJ had built Snapsheet from the ground up, scaled it to hundreds of employees serving more than 100 insurance carriers, and raised over $100 million in venture capital. Martha Dreiling joined as Chief Operating Officer and later became a co-founder, bringing decades of experience building and scaling operations at some of the most demanding organizations in financial services.


Reserv's first claim involved a cow that had eaten an acorn squash a memorable beginning that quickly became proof of concept. From there, the company expanded across numerous lines of business, winning some of the industry's most sophisticated customers, including one of the nation's largest self-insured organizations, where it displaced the leading legacy TPA. Today, Reserv has grown to more than $100 million in annual recurring revenue with a team of over 700 employees. In May 2026, the company announced a $125 million Series C financing led by KKR one of the largest growth financings ever completed in the claims insurtech sector.