Artificial intelligence (AI) and machine-learning company Flamingo Ai (ASX: FGO) has extended the market traction of its analytics application LIBBY, after announcing a deal with Nationwide Mutual Insurance Company in the US.
LIBBY is Flamingo’s new product brought to market after in-market testing with companies in the financial services and telecommunications sector. The software’s core capability is the “automatic structuring of unstructured data” says Flamingo.
Flamingo has signed a Statement of Work (SoW) with Nationwide Mutual for the use of Flamingo Ai’s machine learning-based analytics and “self-organising library” product to analyse large and complex unstructured data sets “in one of its departments”.
Nationwide has confirmed it is also assessing LIBBY’s suitability for use across its broader business as an “unsupervised machine learning based analytics tool”, presumably, on a trial basis with Flamingo saying that its SoW contract is regarded as “not material” at this time.
“We are pleased to have secured this additional contract with Nationwide, a client we have been working with since 2015. Their continued interest and take-up of our new AI product through this SoW is particularly encouraging and bodes well for the future, and of course, material deployments. It is another very positive step with a large Fortune 100 company,” said Dr Catriona Wallace, chief executive officer of Flamingo Ai.
Flamingo and Nationwide have been engaged in a commercial relationship since 2015 with Flamingo operating under what’s known as a Master Services Agreement (MSA) with Nationwide since May 2016.
In 2017, Flamingo Ai successfully completed Nationwide’s highly rigorous security and data privacy audits and technology architecture reviews.
The achievement ensured the AI company obtained a further industry standard that could potentially provide significant commercial traction in future – a ‘SOC2Type 1 Certification’, an industry standard that provides the foundation for current and future engagements.
Flamingo has also reported that as well as its latest SoW with Nationwide, there is strong interest in the LIBBY product in the US and Asia Pacific from a number of existing and potential clients in the insurance, banking and investment sectors.
Talking to MAGGIE
One of Flamingo’s key development projects is MAGGIE, a “conversational Ai platform” that helps employees and customers access information quickly.
Some of the benefits Flamingo offers companies that implement MAGGIE is increased speed of employee’s responses to customer queries, significant reduction of email inquiries, a greater level of compliance in responses and the ability to keep information up to date quickly and easily.
Flamingo has declared a “high level of interest” in MAGGIE the Virtual Inquiry Assistant, with this quick-to-market AI solution now being promoted for trials and possible deployments to clients and prospects in the insurance, banking and investment sectors.
“As well, we are witnessing growing interest in the MAGGIE AI solution and we look forward to reporting on progress with trials and deployments as they are locked in. There is very positive momentum in our business development pipeline and we are very focused and committed to converting these opportunities into longer-term, revenue generating contracts.”