Scout InsurTech Interview with ContractScope

InsureScope, the flagship product of ContractScope, is transforming how professionals navigate contract analysis. Backed by real-world legal and business expertise, InsureScope uses advanced AI to help insurance professionals review multiple complex policies and quickly identify key clauses and risks. Chris Luiz sat down with ContractScope Co-Founder and CEO Lydia Floyd, to learn how InsureScope is making a lasting impact on the industry.

Who are your clients?

We focus on insurance professionals who work in the commercial lines, those who sell or manage commercial policies and who care deeply about the details that affect coverage and client outcomes. These are people who really pay attention to policy language and want to get it right for their clients. They represent both our current users and the prospective customers we see as a strong fit.

What does your product do?

We’ve built an AI-powered tool that helps insurance professionals review, compare and sell insurance policies more efficiently. Our platform speeds up the process of finding relevant terms and allows users to quickly compare policies side by side. We also surface expert guidance directly in the workflow, which leads to faster and more thorough reviews with the ability to easily scale knowledge across teams. Ultimately, our product is about helping professionals make better decisions, save time and close more business.

How much capital have you raised?

So far, we’ve raised capital primarily through grants and have been bootstrapping. We've done well with non-dilutive funding sources, and we’re now actively raising our pre-seed round.

Was the company born from within or outside the industry?

We started from within the industry. As attorneys, my co-founders and I have spent years reviewing complex contracts, including insurance policies, and we’ve seen firsthand how painful that process can be. In 2022, I noticed AI tools were emerging for legal research and review, but nothing existed for insurance contracts. That’s when we launched ContractScope. Our first insurance customer loved what we built for legal contracts and asked if we could do the same for insurance policies. InsureScope was born from that conversation.

What growth metrics have you accomplished over the last 12 months?

Over the past year, we’ve generated revenue with our initial platform and earned recognition in both the captive insurance and legal spaces as AI and contract review experts. We’ve presented at several conferences and developed the InsureScope platform, which is now ready for beta launch. We already have a group of early users lined up and ready to onboard in the coming weeks.

Within your domain, what is the current challenge that the industry is facing?

Commercial insurance represents a $450 billion annual market, yet the policy review process is still largely manual. Comparing lengthy, complex insurance contracts is slow, error-prone and mentally exhausting. Insurance professionals are expected to catch subtle differences and interpret nuanced language across documents that are dozens of pages long. That’s simply not scalable. What drives us is the opportunity to change that. We want to bring clarity, speed and confidence to the review process through better tools. We’re seeing a major shift happening right now where firms that fail to adopt smarter technology are going to struggle to keep up.

How does InsurScope take a unique approach to providing value?

What sets us apart is our team’s deep expertise. Between the three founders, we bring over 60 years of combined experience reviewing contracts, representing insurance clients and litigating these issues. Hiring that level of expertise isn’t feasible for most firms, so we’ve embedded it directly into the product. When someone uses our platform, they see our insights as they review. 

On top of that, we allow users to add their own knowledge, so experienced brokers can share tips and best practices with junior staff. That means faster onboarding, better reviews and ultimately better client service. We've also built in true side-by-side comparisons, so users can quickly see how clauses vary across policies, even if the differences are subtle but important. It's a better, smarter way to review policies, and we deliver it with a white-glove approach.

What inspired the team to start this company?

It started with my own experience. I used to spend hours at night reading contracts in complete silence because even the smallest interruption meant I had to start over. It was exhausting. I knew there had to be a better way. What’s worse is that many people don’t review these contracts at all. They either trust someone else or skim it, and that leads to real risk. If you’re in a commercial setting, the law expects you to know what you’ve signed. So, we wanted to build a tool that empowers people to understand these documents fully, without spending endless hours. That’s where the idea for ContractScope, and later InsureScope, came from. We believed technology could fix this, and now it can.

Can you share any goals for the next 12 months?

We are in the process of launching our beta version now and learning from our early users. We will refine the product based on their feedback and make sure it’s solving real problems. From there, we’ll continue to commercialize, grow our customer base and hit our ARR targets by the end of the year. Everything we’re doing is aimed at making insurance policy review faster, smarter and more impactful for professionals in the space.

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