Flamingo Ai Launches World’s First Out-of-the-Box Cognitive Virtual Assistant For Auto Insurance

Flamingo Ai, the Artificial Intelligence and Machine Learning company and provider of Cognitive Virtual Assistant and Knowledge Analysis, Management and Retrieval technologies, has announced the launch of MAGGIE for Auto Insurance, a Cognitive Virtual Inquiry Assistant that assists customers and employees with inquires related to auto insurance.

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MAGGIE for auto insurance is set to play a significant role in powering both customer and employee interactions between the auto insurer and its customers. Pre-seeded with auto insurance knowledge and natural language text-based conversations and over 1200 auto insurance Frequently Asked Questions (FAQs) and paraphrases, MAGGIE for Auto Insurance can be deployed within hours to days and easily configured to an organisation’s specific product and processes, without the need for technologists.

Flamingo Ai’s unique Machine Learning algorithms enable MAGGIE to rapidly learn from every interaction, becoming smarter and smarter, as well as providing analytics and deep insight into customer experience.

The automotive sector has entered a phase of significant disruption and change, strongly influenced by the prevalence of smart cars, the lack of engagement of younger demographics and the imminent arrival of the autonomous or driverless car. These changes are predicted to have a major impact on the auto insurance sector with analysts (KPMG, 2018) estimating that the auto insurance industry could shrink to less than 40% its current size over the next 25 years. It is predicted that the driverless car revolution will profoundly impact the $198 billion auto insurance industry, the $100 billion parking industry, and the $300 billion auto-aftermarket business (engine parts, repairs) (KPMG, 2018).

Currently, auto insurers are racing to position themselves in the market by re-imagining what constitutes auto insurance and how it is sold and serviced. With auto insurance being around 30 per cent of total annual premiums for many insurers, the land grab for auto insurance is on. Indeed, insurers will race to shore up customers at the same time as reducing operational costs in order to maintain margins.

MAGGIE’s benefits include improved customer and employee experience, improved efficiency, 24/7 customer service, real-time insights into customer and employee requirements, a reduction in call time, improved sales conversion and the deflection of calls from the contact centre. Additionally, delivering the true value of AI, MAGGIE enables the diversion of human capital into higher order tasks.

MAGGIE for auto insurance can be used in three ways:

MAGGIE Inquiry Assistant: engages website customers, answering their questions and guiding them to start a quote, make a claim or other action
MAGGIE Form Assistant: appears at various points on a webform, when a customer needs to ask questions reducing the likelihood that they will abandon and increasing their likelihood to buy
MAGGIE for Knowledge: provides employees with easy access to auto insurance knowledge in order to service customers quickly and accurately without the need for a Subject Matter Expert.

Dr Catriona Wallace, CEO and Founder of Flamingo Ai, said, “We are excited to launch MAGGIE for Auto Insurance in an industry undergoing rapid disruption. Based on the unique algorithms and data sets Flamingo Ai has developed for auto insurance, MAGGIE should assist organisations realise a greater than 90 per cent resolution on first inquiry, a 30-point improvement in Net Promoter Score, zero wait times and a 30 per cent improvement in employee efficiency. The overall aim is to drive a better customer experience and increase operational efficiency to help auto insurers move into the new AI driven world.”

MAGGIE for Auto Insurance joins Flamingo Ai’s product suite which currently includes ROSIE the Virtual Sales Assistant, RILEY the Virtual Service Assistant and in late stage development is MAGGIE the Knowledge Assistant and LIBBY, the Self-Organising Library, a Machine Learning based Business Analytics application used for automating the structuring of unstructured data.

Full product sheets for MAGGIE for Auto Insurance can be found through the Flamingo Ai website here:
https://flamingo.ai/maggie-for-auto-insurance/

ABOUT Flamingo AI

Flamingo AI (ASX: FGO) is an Australian listed company based in Sydney and New York. In the Machine Learning sector, Flamingo AI is a SaaS company, providing unique machine learning based Cognitive Virtual Assistants, ROSIE and MAGGIE, that large Financial Services companies deploy to improve online sales conversion rates and improve customer service efficiency. Flamingo AI also provides LIBBY (short for self-organising library) a platform that analyses large volumes of unstructured and conversational based text, as well as the ‘Brain’, the machine learning engine that other tech companies can use to power their customer interactions. Flamingo is one of IT Analyst Gartner’s ‘Cool Vendors’ and clients include large financial services firms. www.flamingo.ai