Darwin insurtech Raindrop has won an NT government innovation grant.

The territory’s Business Innovation Program provides start-ups with up to $30,000 and help from an adviser. 

Raindrop, which closed an oversubscribed seed funding round late last year, has developed an AI-powered platform that translates complex insurance policies into easy-to-understand language. 

It aims to save time for brokers, underwriters and clients, and provide clarity. The tool includes standardisation, policy meaning analysis, visual comparisons and regulatory updates. 

“Raindrop is a fantastic example of local entrepreneurs developing a solution to a global issue,” NT Business Minister Robyn Cahill said. 

“It is innovative businesses such as this that will help rebuild our economy.” 

Raindrop founder and CEO Jasmin Flori-Hess, who previously spent a decade at UBS in Zurich, says the insurtech is “proving that you don't have to leave Darwin to pursue a fulfilling tech career, especially in AI. 

“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.”