Aussie Tech Firm Launches AI Tool to Transform Policy Analysis
Australian insurtech company Raindrop has introduced a new platform that simplifies insurance policy comparison for brokers, underwriters, and claims professionals. Launched officially in May 2025 after a testing phase, this Darwin-based platform uses artificial intelligence to enable side-by-side analysis of insurance documents, making the review process faster and more accurate.
AI Tool Simplifies Insurance Policy Review
The platform assists users by breaking down complex product disclosure statements (PDSs) and technical policy language into structured, searchable segments. This setup allows professionals to efficiently compare coverage details, exclusions, extensions, and definitions across multiple policies.
During early access, the tool was tested on various insurance lines, including cyber, business insurance, management liability, and strata. Raindrop’s AI engine has processed more than 600 documents, executing over 112 million semantic comparisons and extracting more than 6,000 relevant clauses.
Founder Jasmin Flori-Hess, who developed the platform from her own experience with insurance paperwork, explained that Raindrop was created as a neutral resource. The company collaborates closely with industry professionals to validate content, ensuring the tool is reliable and trusted by those who use it.
The software organizes policy details into thematic blocks and features a digital assistant named Neptune. Neptune supports users by answering specific questions and guiding them through policy reviews in real-time.
Rising Generative AI Adoption in Australia and New Zealand
Raindrop’s launch comes amid a noticeable increase in generative AI spending among businesses in Australia and New Zealand. A study by Snowflake and Enterprise Strategy Group found that 32% of ANZ companies allocate more than 25% of their tech budgets to generative AI projects, exceeding the global average of 25%.
These firms report tangible benefits, with a 44% return on investment from GenAI initiatives compared to 41% globally. The main focus areas include customer-facing applications that enhance service personalization and engagement.
Challenges in GenAI Implementation and Consumer Sentiment
Despite positive trends, challenges remain. The survey highlighted that 63% of ANZ organisations faced higher-than-expected staffing costs, compared to 48% worldwide. Organisations also struggled with fragmented systems and the time needed for data cleansing and organisation.
Consumer attitudes towards AI in insurance are mixed. A separate survey by GlobalData across Australia, New Zealand, and other countries showed that while AI-powered chatbots improve responsiveness and efficiency, concerns around data privacy and algorithmic fairness persist.
Beatriz Benito, GlobalData’s lead insurance analyst, stressed the importance of transparency in AI-driven decisions. Insurers must address perceptions of bias, especially when AI influences claim outcomes. Additionally, some consumers prefer human interaction over automated systems due to privacy concerns or personal preference.
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