Australian technology firm Raindrop has launched a platform aimed at easing the complexities of insurance policy comparison for brokers, underwriters, and claims professionals.
Officially rolled out in May 2025 following a testing phase with select users, the Darwin-based insurtech's tool enables side-by-side analysis of insurance documents using artificial intelligence.
The platform is built to assist professionals in reviewing and interpreting product disclosure statements (PDSs) and technical policy language by breaking down dense content into structured, searchable segments.
Users can review coverage details, exclusions, extensions, and definitions across policies more efficiently.
During its early access period, the system was applied to various lines, including cyber, business insurance, management liability, and strata. Raindrop’s AI engine has processed more than 600 documents, performing over 112 million semantic comparisons and extracting upwards of 6,000 relevant clauses.
Founder Jasmin Flori-Hess, who designed the platform based on personal experience dealing with insurance paperwork, said Raindrop addresses a widespread need.
“We built this platform as a neutral resource, developed hand-in-hand with industry professionals. Raindrop works closely with the industry to validate our content, making it a trustworthy tool for and from the industry itself,” she said.
The software structures policy details into thematic blocks and includes a digital assistant named Neptune, designed to support users by answering content-specific questions and guiding policy reviews in real-time.
The launch coincides with a broader uptick in generative AI adoption across the Australia and New Zealand region.
According to a study by Snowflake and Enterprise Strategy Group, 32% of ANZ firms have allocated more than a quarter of their tech budgets to generative AI initiatives – higher than the 25% global benchmark.
The report indicated these companies are seeing measurable outcomes. Respondents in the region reported a 44% return on investment from GenAI projects, compared with 41% globally. Key areas of focus include customer-facing applications aimed at enhancing service personalisation and engagement.
Despite enthusiasm, the transition to GenAI is not without obstacles. The survey found that 63% of ANZ organisations encountered higher-than-anticipated staffing costs, outpacing the global figure of 48%. Respondents also cited issues related to fragmented systems and the time required to organise and cleanse data.
Separately, a consumer survey conducted by GlobalData across multiple countries, including Australia and New Zealand, revealed mixed sentiments regarding AI in insurance. While users acknowledged improvements in responsiveness and efficiency – particularly via AI-powered chatbots – concerns over data privacy and algorithmic fairness remain prominent.
GlobalData’s lead insurance analyst, Beatriz Benito, said that while AI has clear potential in the sector, human interaction continues to play a critical role.
“Insurers must prioritise transparency in AI-driven decisions, particularly among those who perceive bias in the tools, such as providing negative claim outcomes. Some consumers will have data privacy concerns, while others will simply just prefer interacting with a human,” she said.
