Darwin insurtech Raindrop has officially launched its AI-powered platform that translates complex insurance policies into simple language. 

After successful testing with brokers, underwriters and insurers, it says the full-feature platform is now available to insurance professionals nationwide.

Users can search, compare and analyse policy documents side by side, cutting down the hours spent reading dense product disclosure statements, helped by standardisation, policy meaning analysis, visual comparison and regulatory updates.  

Raindrop founder and CEO Jasmin Flori-Hess, who previously spent a decade at UBS in Zurich, says interpreting insurance policy language is complex.

“Despite my professional background, it took me 15 hours to thoroughly analyse our eight existing policies. Discussions with brokers and industry peers confirmed this challenge was widespread, underscoring the critical need for a more intuitive solution,” she said.

The insurtech says it wants to be “an indispensable tool for insurance professionals worldwide. We aim to be the go-to platform for policy analysis, comparison and communication.” 

Raindrop hopes to as much as halve the time brokers typically spend reading and interpreting policy documents, potentially freeing 30 hours a month.

It has so far analysed hundreds of cyber, business, management liability and strata policies, extracting more than 6000 clauses across elements such as cover, exclusions, extensions and definitions.  

Its AI engine identifies patterns and differences across policies, helping translate complex terms and revealing subtle differences in policy language and intent, with users able to search for specific clauses and filter by policy feature.

Raindrop closed an oversubscribed seed funding round late last year and recently won a NT government innovation grant.