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Key Flamingo client CUA reaffirms focus on digital banking
3 minute read
One of Flamingo AI’s (ASX:FGO) most prominent clients, CUA Group, will continue to invest in innovation and delivering digital banking initiatives with a human touch, off the back of its strong lending, retail deposit and member growth revealed last week.
FGO and CUA Health (a subsidiary of CUA) entered into a strategic agreement in December 2017. Under the agreement, CUA Health deployed FGO’s virtual assistant technology onto its platforms.
The paid trial was expected to run over several months, with FGO’s machine learning and AI to facilitate members through to the point of sale across CUA Health’s platforms.
CUA CEO Rob Goudswaard attributed the company’s strong FY18 performance to continued investment in digital client side initiatives.
“We rolled out a refreshed CUA Health mobile app, and also launched three new lower cost hospital cover products this year. Our new hospital and extras package, aimed at first time buyers and young people, has a bonus feature to top up any gap on the first few claims.
“Finally, we entered into a collaboration with fintech Flamingo AI and recently began a pilot of its chatbot “SAM” in our CUA Health insurance business. This is not a replacement for our human service team, but should boost the number of new policies taken out via digital channels,” he concluded.
CUA, which is Australia’s largest credit union, reached $1 billion in members’ funds for the first time in FY18, an increase of $56.8 million.
In addition, it recorded net growth in banking members of 20,008 people, taking its total banking membership to 473,130 – eclipsing last year’s record net member growth. CUA now contributes to the financial wellbeing of more than 515,000 Australians, through its banking, health, motor and home insurance products and services.
“The continued strong performance of our CUA Health insurance business is creating more opportunities for us to look at how we return value to members and innovate to provide a better member experience and improve our efficiency, both of which will put downward pressure on costs,” Goudswaard continued.
“Affordability is the biggest issue facing the health insurance sector but I’m pleased to report that this year, we passed on our lowest average premium increase in almost two decades.”
CUA Health insured 75,134 Australians as at 30 June 2018, which saw CUA Health recently ranked third by Roy Morgan on their customer satisfaction ratings for health insurers.
It should be noted that it is early stages in this partnership and investors should seek professional financial advice for further information if considering this stock for their portfolio.
CUA’s strong report bodes well for FGO, which last week appointed industry renowned Tony Coorey as its incoming CTO.
About Flamingo AI
Flamingo AI Limited is an ASX listed company with offices in Sydney and New York. FGO is a software as a service company (SaaS) specialising in the Machine Learning sector. It provides Cognitive virtual assistant platforms designed for enterprises selling products online.
You may read more about FGO here.