Flamingo AI updates market on ROSIE contract momentum
With an increased focus on the US and Australian uptake of ROSIE, Flamingo AI Limited’s (ASX:FGO) cognitive virtual assistant, the company have provided an update on the most recent developments regarding its contract pipeline.
ROSIE is now in live evaluation with three clients in the US and Australia, a phase which involves consumer interaction with the platform.
In regards to its US clients, all are moving through advanced stages of deployment of the ROSIE platform, including one client in an eight-week live evaluation and another in the final stages of deployment and User Acceptance Testing (UAT). Once these evaluations are complete, FGO will provide a further update expected late in the first quarter of 2018.
The company’s relationship with Nationwide is progressing, with the insurer’s customers now interacting with FGO’s Virtual Assistant platform for its Guaranteed Retirement Income product.
Nationwide has also engaged FGO to present at its Executive Officer’s Summit in Ohio, and discussions are now in train with other divisions of the Nationwide business.
In regards to domestic markets, FGO has progressed through security review, integration and UAT in its paid trial with DirectMoney Ltd (ASX:DM1). As part of DirectMoney’s live evaluation, ROSIE will be used to guide customers through secured and unsecured personal loan applications.
This development with DirectMoney demonstrates FGO’s ability to expand the platform beyond the insurance sector, to be applied more broadly in financial services.
A paid trial continues with major Australian client AMP, as well as CHUBB Asia Pacific, with feedback so far all being very positive.
Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
In terms of FGO’s Asian market penetration, the company has signed a services agreement with the MetLife Innovation Centre Pte Ltd in Singapore.
The agreement stipulates a fee paid by Metlife to complete a collaborative process of determining use cases and business opportunities for FGO’s Artificial Intelligence in MetLife’s online direct business. Deployment of the platform is expected in early 2018.
FGO’s CEO, Dr Catriona Wallace, spoke at the Pacific Insurance (PIC) Conference on 22 November generating additional interest from Asian insurance companies.
According to the company, feedback across the board has been highly positive to date, and the company is in discussions with several clients relating to a shift from live evaluation to Monthly Recurring Revenue arrangements.
Further, FGO continues to build its strong sales pipeline across all three regions. It was a key participant in the AI World Conference, which attracted over 2500 delegates in Boston (11-13 December). The company anticipates its attendance at the conference will result in a further boost to its client base in the US.
FGO remains in a supportive partnership with the US-based Clarion Group, which has historically been an excellent source of sale and contract leads for FGO. Wallace conducted several sales meetings with Clarion representatives during a trip to the US this month, with the company also announcing it would be expanding its sales teams in both the US and Asia Pacific.
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