NT-based insurtech Raindrop has closed an oversubscribed seed funding round, with 75% of funds coming from Darwin-based investors.

The business, founded last year, says it uses advanced technology to “transform intricate insurance language into clear, actionable insights”.

Its product includes standardisation, policy meaning analysis, visual comparisons and regulatory updates. 

CEO Jasmin Flori-Hess says the funding will speed the development and expansion of Raindrop’s technology.

“As a company rooted in the territory, we bring unique insights and a fresh perspective to the insurance industry, while contributing to the region’s growing reputation as a technology hub,” she said.

“With these resources, we can empower even more insurance professionals across Australia to unlock clear insights from complex policy language.

“As a benefit of faster policy understanding, focus can be shifted on building strong client relationships and growing business.”