Introducing squeezed states of light into interferometers can increase the phase sensitivity of the device beyond the standard quantum limit (SQL). We discuss an SU(1,1) interferometer, where nonlinear optical elements replace the beam splitters in a Mach-Zehnder interferometer. A two-mode squeezed state of light is generated inside of such an interferometer. We talk about the phase sensitivities of an SU(1,1) interferometer with different detection schemes and their improvement over the SQL. We also discuss the concept of an optimal detection scheme for phase measurement in an interferometer. We describe a modification of the SU(1,1) interferometer which reduces the experimental complexities while giving the same phase sensitivity. We call the design a truncated SU(1,1) interferometer. We show our experimental results of 4 dB improvement in phase sensitivity over the SQL using a truncated SU(1,1) interferometer. We also compare the theoretical sensitivities of vacuum-seeded configurations of a conventional and a truncated SU(1,1) interferometer, and show our experimental results for the phase sensitivity of the truncated version. We explain the dependence of phase sensitivity on the measurement of squeezing. We talk about the methods to improve the measurement of squeezing in a 4-wave mixing experiment, and our efforts in implementing them. Finally, we mention our progress in measuring a big phase shift using an adaptive algorithm in the truncated SU(1,1) interferometer, and discuss the technicalities involved in big phase measurements.