Artificial intelligence company Flamingo AI (ASX: FGO) has announced its cognitive virtual assistant ROSIE is now in live evaluation with three clients in Australia and the United States, a phase which involves consumer interaction with the platform.
ROSIE, as well as Flamingo’s other platform MAGGIE, has been designed to facilitate online sales of complex financial products such as insurance policies and loans.
Combining chat, smart workflow, natural language processing and machine learning, the virtual assistants automatically guide customers through their online service or sales transactions. Flamingo alleges that this results in a more personalised, convenient and faster online experience, leading to increased sales.
One US-based client commenced an eight-week live evaluation at the start of this month and another client is in the final stages of deployment and user acceptance testing of the platform.
In Australia, the live evaluation phase is now being implemented for ASX-listed DirectMoney Limited, which will use ROSIE to guide customers through secured and unsecured personal loan applications.
Flamingo said this deployment was significant as it demonstrated the company’s expansion beyond the insurance sector to the wider financial services sector.
According to Flamingo, feedback from clients and their customers who have interacted with ROSIE have been “very positive”.
In addition, the company said it was in talks with two clients regarding progressing from live evaluation to monthly recurring revenue contracts.
US insurance company Nationwide is already at this contract stage, with Flamingo’s technology being used for Nationwide’s guaranteed retirement income product.
Asia Pacific region
Flamingo reported its paid trials with Australian financial services provider AMP and insurance firm CHUBB Asia Pacific were continuing with positive feedback being received.
In Singapore, the company signed a services agreement with MetLife Innovation Centre to provide its artificial intelligence technology in MetLife’s online direct business. The deployment is planned for early next year.
Last week, Flamingo announced it had successfully raised A$10 million via a share placement. Funds are expected to be used to accelerate sales and distribution of the Flamingo product suite in the United States, Australian and Asian markets.
“In addition, the placement will allow for further development of the machine learning platform, bringing several new products to market and the expansion of sales and support activities within the existing client base,” the company stated.
Flamingo shares were up 4.7% by close of trade on Monday.