Liberate’s Ryan Eldridge on Transforming Insurance with AI

In this episode of the Insurance Experience podcast, Amrish speaks with Ryan Eldridge, Co-founder and CTO of Liberate, about his journey in the insurance industry. Ryan shares how he transitioned from health to P&C insurance and what motivated him to choose this field. 

 

Ryan’s talking points include the transformative potential of AI in enhancing decision-making support and fraud detection, and the pressing need to improve customer experience, as highlighted by Ryan's own personal claims journey. He also offers an intriguing prediction about the future of shared vehicle ownership, which could significantly disrupt traditional insurance models. 

 

Topics discussed:

 

• The transformative potential of AI in enhancing decision-making support, fraud detection, and customer service within the insurance industry.
• The importance of improving customer experience, as highlighted by Ryan's personal journey through filing an insurance claim.
• How new technologies can introduce small changes that have a significant impact on the insurance sector.
• The drastic reduction in costs and time for building data science models in insurance over the past few years.
• Ryan's forward-thinking prediction about the shift towards shared vehicle ownership and its potential impact on traditional insurance models.
• The role of data engineering in building and validating fraud models, and how advancements have streamlined this process.
• The evolving role of decision support systems in various aspects of insurance, from underwriting to customer service.
• The broader implications of technology in accelerating industry growth and improving operational efficiency in insurance.