Founders Everywhere: Kyle Geoghan and Patrick Daly
Kyle Geoghan and Patrick Daly are the co-founders of Indemn, a startup using Large Language Models to make learning about and purchasing insurance a natural conversation.
Welcome to Founders Everywhere, where we highlight the incredible people behind the companies we’ve backed at Everywhere Ventures, a global pre-seed fund supported by a community of 500 founders and operators.
Have you ever thought “there must be another way!” when dealing with insurance? Despite trillions spent annually and nearly everyone needing to buy some kind of coverage, access to digitally-native and engaging experiences in insurance is rare. Indemn’s conversational insurance platform allows customers to learn about, configure, and purchase insurance through an intuitive interface powered by cutting-edge AI. By combining AI, insurance expertise, and APIs, Indemn is building a next generation customer experience for personal and small business insurance. They’re partnering with top carriers to deliver conversational access for the best digital insurance programs.
Co-founders Kyle Geoghan and Patrick Daly seeded the idea for Indemn in 2019 while flatmates in New York City. Kyle, CEO, is a third generation insurance agent turned Insurtech builder with experience developing web forms for small businesses at CoverWallet (acquired by Aon). Patrick, CTO is originally from Australia and has spent 10+ years in San Francisco & New York scaling startups as a full stack developer and AI engineer. Kyle was working to get more people to buy insurance online and Patrick was building advertising tech and AI applications. They were in the habit of trading books and startup ideas and got really deep into the customer experience challenges around insurance. Together they recognized the limitations in the current digital insurance paradigm, and when they gained access to GPT-3 in early 2020, they knew a revolution was coming and they set out to transform the insurance industry.
What’s Indemn’s North Star?
We’re making insurance a conversation. We review every conversation and we want to know:
Did the customer get the best possible answers to their questions?
Were they able to configure the coverage that’s best for them?
Was the process easy and intuitive?
We’re extremely data driven and focused on improving conversion at each step in the funnel. Every new feature that improves customer satisfaction is another win for us.
Why is Indemn going to win?
We have so much momentum right now, it’s hard to envision a scenario where we don’t keep growing and building useful language models in insurance. We have a massive head-start, with several years of developing conversational solutions for some of the toughest challenges in online product distribution. In addition, we’ve already developed a novel Reinforcement Learning from Human Feedback (RLHF) process, making every new customer interaction an opportunity to improve the model and extend our lead. We’re seeing off-the-charts improvements in customer experience metrics compared to traditional insurance platforms.
We have the ideal blend of insurance expertise and conversational AI abilities to pioneer this industry shift. Since the launch of ChatGPT, executives at every major insurance company are trying to understand how this technology will affect them. We believe Large Language Models and Generative AI will transform thousands of workflows in insurance and beyond, and we’re fortunate to have proof of success for a primary, revenue generating, use-case. We’ve built a platform to deliver insurance products through natural conversation and by licensing our technology to insurance carriers, we’re able to scale quickly and solve a major customer experience problem the incumbents have always had.
Tell us about some recent milestone Indemn crushed.
On the model building side we recently launched several new conversational insurance assistants, an agent copilot, and secured key carrier partnerships.
This year we started embedding Indemn insurance into the operations of other businesses, extending our language models out to dozens of partners who generated insurance sales. They’re providing rave reviews and the channel is growing every month.
Our most recent month was the best conversion result to date, with nearly 1 in 4 users purchasing coverage from our AI.
Where do you see Indemn expanding its efforts in the next few years?
We’re expanding into many more policy lines and extending our language models out to additional communications channels including text, email, and phone based interactions.
We’re building a copilot for agents and insurance service pros. We’re excited to extend our models to enable great minds in insurance to do even better work for their customers.
We see a future where collaboration between humans and AI will be as big of a space as AI systems themselves. We're investing in both outcomes with the platform we're building.
What makes you a unique founder?
Patrick: I think of my most unique strength as the ability to visualize and bring together many different components into an integrated system.
Kyle: I’ve read hundreds of science and history books and I try to bring in that knowledge of history and evolution as key anchors for making the right decision.
Fun Fact:
Patrick: I like to make sculptures and would do more of it time permitting.
Kyle: I once purchased a motorcycle in Vietnam and rode it from one end of the country to the other.
Check out Kyle Goeghan on the Venture Everywhere podcast on Apple & Spotify and check out all our past episodes here.
