Global companies line up to trial FGO’s ROSIE AI

Published at Feb 5, 2018, in Technology

Artificial intelligence systems known as Chatbots have been on the rise in the past 12 months, as businesses look to this new intelligence to improve customer experience.

Chatbots interact with users via messaging, text, or speech with the market expected to grow exponentially: according to Grand View Research, the market will be worth $1.23 billion by 2025 – a compounded annual growth rate (CAGR) of 24.3%.

One Australian company leading the way in the growth of AI, is Flamingo AI (ASX:FGO). The company has been busy over recent months assisting several global entities to trial the company’s virtual assistant ROSIE.

Flamingo AI says ROSIE is more than just a Chatbot. It is a ‘Cognitive Virtual Sales Assistant,’ utilising machine learning to observe and build on her knowledge.

The AI has been designed as a ‘journey assist’ platform, pre-configured with product information, applications, quotation questions, payment gateways, specific to the particular company that adopts the technology.

CUA is the most recent company to trial FGO’s solution.

The Brisbane-based banking-insurance outfit CUA is trialling ROSIE for three months from April on CUA’s health insurance products. Up to 1500 customers will deal with ROSIE as CUA seeks to gain a first-mover advantage within this industry.

On integrating the AI, CUA Health head Philip Fraser said, “If we’re not there and we’re not providing this technology ... then arguably somebody else will be the adopter of this technology.”

CUA is just the latest in a string of companies to trial ROSIE as the increased interest in ROSIE in the US and Australia quickly expands.

AMP and Chubb are also trialling Flamingo AI’s Cognitive Virtual Assistant platform.

“We are trialling the latest technology to ensure our interaction with customers through our online support platforms is best practice,” an AMP spokesman told The Australian Financial Review.

AMP’s support comes on the back of growing interest from the finance and insurance sectors with online loan provider DirectMoney also trialling the platform, with ROSIE to be used to guide customers through secured and unsecured personal loan applications.

In the US, FGO’s relationship with Nationwide is progressing well with the insurer’s customers now interacting with FGO’s virtual assistant platform for its Guaranteed Retirement Income product, with discussions in train to cater to other business divisions. Additionally, Flamingo AI has two other Fortune 100 US based insurers as clients and a strong sales pipeline in North America.

It should be noted however that this remains a speculative stock and investors should seek professional financial advice if considering this stock for your portfolio.

FGO CEO Dr Catriona Wallace is confident that ROSIE will have a big impact. Dr Wallace told Finfeed: “Artificial Intelligence is the fastest growing technology sector and we are well ahead of the market. We have developed our own IP and have proven business results, which a lot of our competitors have failed to do. On the back of a successful Capital Raise in December 2017, we are laser focused on sales and revenue generation.”

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