Bringing AI to Insurance: Why We Invested in Liberate

When we first met Liberate in early 2022 (thanks to Matt Mulvey and Jay Knafel for the introduction!), we knew right away that Amrish, Jason, and Ryan were building something different. They weren’t out to build an “InsurTech”. They were reimagining what it means to deliver AI to the enterprise, in one of the most complex, regulated industries in the world.

After several years of collaboration leading up to our Series A investment in 2024, and now our participation in Liberate’s Series B, it’s been incredibly rewarding to watch the team evolve from an idea to one of the fastest-growing enterprise AI solutions in insurance.

Why Insurance Needed a New Approach

For years, we’ve met founders eager to “rip and replace” legacy core systems like Guidewire, Applied Systems, or CCC. But those stories often followed a familiar and frustrating pattern:

• Spend 2–3 years landing the first enterprise customer.
• Spend another 1–2 years customizing the platform to that customer’s needs.
• Get trapped in “POC purgatory,” with every new carrier demanding something bespoke.

Even when their products were 10x better than incumbents, these startups struggled to overcome procurement inertia and multi-year “sunk cost” cycles. The outcome? Even after >$10B in venture capital investment, the insurance industry is still defined by persistently high friction FNOL, costly, human-centric policy acquisition & servicing functions and universally low NPS.

This fact pattern has led us to be highly selective in building our InsurTech SaaS / enabler portfolio (Snapsheet, Flueid, Diesta) — only investing in the very few businesses each cycle that have demonstrated (or we believe can demonstrate) capital efficient, multi-enterprise, product-market fit. We believe Liberate is one of these companies.

How Liberate Broke the Pattern

Instead of trying to replace software, Liberate replaces processes by deploying low- and no-code AI agents to automate the human activity that sits on top of legacy systems. Instead of targeting entrenched SaaS budgets, the Company focuses on variable workflow expenses.

That means:

• No “rip and replace.”
• No multi-month data migrations.
• No six-month professional services implementation.
• No ambiguous multi-quarter ROIs.

Liberate’s AI agents plug directly into existing systems carriers and brokers already use, and take over human workflows to deliver ❤0 day ROIs across the entire life cycle of insurance (new policy lead gen, policy servicing, claims intake). Liberate has won several of the largest insurance enterprises the U.S initially with their highly verticalized Voice AI solution (background noise balancing, extended multi-level calls, compliance-first orientation, deep CRM / core systems / business logic integration) and then going “beyond the call” with AI agents that automate next step workflows (e.g. posting into core systems, claims resolution) leveraging that same “in-flow” voice data

Rather than forcing carriers/brokers to undo decades of R&D investment in core systems, Liberate helps them unlock the potential of these internal systems by deploying AI agents a level above — without relying on humans. In doing this, Liberate enables carriers & brokers — for seemingly the first time — to truly modernize the revenue & cost building blocks of the industry .

A New Playbook for Enterprise AI

Liberate is building the blueprint for how AI changes the game when it comes to driving change in highly regulated, trillion-dollar industries, without fighting the system.

They’re creating a new model that:

• Targets payroll TAM, not SaaS TAM.
• Addresses both revenue and cost levers
• Focuses on full process replacement, not human augmentation.
• Differentiates based on deeply integrated & highly industry-specific workflows.

In doing so, Liberate is redefining the policy holder experience at some of the largest carriers & brokers in America. The Company’s unique approach helps enterprises bypass typical hurdles and finally move the needle on long-awaited functions like omni-channel FNOL, entirely automated policy holder intake, end-to-end policy holder servicing, rapid claims triage and more.

We’re proud to continue backing the Liberate team as they enter their next chapter, and are grateful for the continued partnership.