Darwin-based tech start-up Raindrop is set to revolutionise the insurance sector with the development of an AI-powered platform which translates intricate policies into easy-to-understand language.
A team of insurance professionals and tech innovators formed Raindrop to read, understand and translate policies into simple language, saving brokers, underwriters and clients time and providing newfound clarity.
The project is supported by the CLP Government's innovation program, which provides grant funding and advice to help businesses commercialise their innovation.
Raindrop is co-located at The Array in Darwin City.
Minister for Trade, Business and Asian Relations Robyn Cahill said innovation provided the foundation for new businesses, new jobs and would help drive economic development.
"The Finocchiaro CLP Government promised 2025 would be a year of action, certainty, and security, and we're delivering by backing local businesses with targeted support to drive the commercialisation of innovation forward," she said.
"Raindrop is a fantastic example of local entrepreneurs developing a solution to a global issue and quickly translating complex insurance into easy-to-understand language.
"It's innovative businesses such as this which will help rebuild our economy, which is another promise of our government."
Jasmin Flori-Hess, CEO and Founder of Raindrop said: "People said we were crazy, but we knew the opportunity and the capability was in Darwin to build Raindrop. This is where Raindrop belonged. It's my home, and I saw incredible potential here."
"We wanted to be part of building the future of the Territory, by bringing cutting edge AI technology here," she said.
"The Array has been a game-changer for Raindrop. The community, the proximity to resources, and the safe, supportive environment are invaluable for a tech startup.
"We're committed to building a team of exceptional talent right here in the Territory. We're proving that you don't have to leave Darwin to pursue a fulfilling tech career, especially in AI."
Five Territory businesses will share in $136,734 in funding under the recent innovation program grant round. Other recipients include:
Sol Intelligent Classroom Solutions: An AI-powered platform designed to transform teaching and elevate student outcomes, particularly in supporting neuro diverse and traumatised youth.BioReef Marine Habitat Enhancement: An eco-engineered solution for marine habitat enhancement using upcycled waste materials offering cost effective, scalable deployment to address overfishing, habitat loss and reef degradation.Haneki: An innovative platform designed to solve the challenge of finding qualified casual staff and contractors for last minute shifts.AgriHub Co: An agritech platform that connects farmers, contractors and job seekers to help producers find the right services, hire equipment and recruit seasonal workers in one place.
Applications for the innovation program are now open and close 30 April 2025.
