Cognitive Virtual Assistants Case Studies & Use Cases

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1 Challenge 2018 Solution Benefits xx xx 1. xx Cognitive Virtual Assistants Case Studies & Use Cases

2 The Machine Learning Solution Flamingo AI solves the problem of low online sales conversion rates & high cost of customer service Based in NYC and Sydney Flamingo AI is an Enterprise SaaS company in the Artificial Intelligence (AI) & Machine Learning sector within the Conversational Commerce and Cognitive Virtual Assistant field. Flamingo AI's Virtual Assistants are MAGGIE & ROSIE. Flamingo AI is also one of global IT Analyst firm Gartner s Cool Vendors.

3 Flamingo AI's Cognitive Virtual Assistant (CVA) capability provides three distinct levels of value for our Clients 1. Commercial Metrics: Improved commercial metrics such as increased sales conversion rates, customer experience and efficiency. 2. Unique Data Sets: The creation of unique data sets and insights, based on the CVA acting as a real time sensing mechanism for customer experience. Previously unknown Insights are generated related to customer behaviour, product, process and pricing. Rosie 3. AI as an Asset: The client specific Machine Learning Brain becomes an expert knowledge and retrieval system. The Brain is able to be repurposed for other products or functions of the organization. Multiple product or functional brains aggregate up into a MegaBrain which provides the organization a distinct competitive advantage. Looks great, thanks for this Rosie!

4 Our Virtual Assistants MAGGIE is excellent at answering the many questions customers have when they arrive at a website or product page. She can even connect to Twitter, power Facebook Messenger or interact with other message or voice interfaces. MAGGIE typically sits at the top of the sales funnel and not only qualifies leads but also seeks out and generates leads. ROSIE is brilliant at guiding customers through sales, on-boarding, claims, and service enquiries - similar to those that call centers handle. When in sales, ROSIE works to guide customers through research, quotation, application and payment. When in claims and service, ROSIE can guide customers to achieve their goal such as solve a problem, make a change, lodge a claim.

5 Some of Flamingo AI s Clients

6 Customer Lifecycle Flamingo AI Virtual Assistants Deployments Needs & Requirements Quotation Application Binding Policy & Payment Onboarding Service Claim Wealth Management Life Insurance Retirement Product Auto Insurance Pet Insurance Pet Insurance Pet Insurance Advertisers Employee Benefits Superannuation & Life Travel Insurance SMB Banking Travel Insurance Loan Personal Loan Health Insurance Retail Commercial

7 Case study: Virtual On-boarding Assistant Fortune 100 US-based insurer Challenge Solution Benefits P&C product had high customer attrition rate 40% churn in first 60 days - Client campaign to new customers Virtual Assistant (VA) used to onboard new customers: guided customers through what they were covered for, not covered for, how to make a claim, and other services the Insurer provided Used to up-sell and cross-sell customers who realized they had bought the incorrect product 1. The On-boarding Journey achieved an intentional customer retention rate of 9.3/10 likelihood to stay for another 12 months 2. Actual retention rate 20% increase as measured against control group 3. Projected call reduction 30% to call center 4. NPS increase from benchmark of 35 to 58 (23 point increase) 5. Overall customer satisfaction rating of 90/ Employees rated their overall experience working alongside the VA as 83/ % of all customers were unaware of which policy they had bought until being onboarded 8. 25% of all customers realized they had bought the incorrect product

8 Case study: Virtual Post Insurance Claim Assistant USA Fortune 100 Insurer Challenge Solution Benefits To reduce customer attrition in P&C product after customer makes a claim and does not receive a benefit - current attrition rate 28% Client campaign to customers who had made a claim and not received a benefit Virtual Post-Claim Assistant was used to interact with disengaged customers and guide them through why they did not receive a benefit and presented other points of value of the company to encourage remaining a customer 1. The Virtual Post-Claim Assistant achieved an intentional customer retention rate of 9.1/10 likelihood to stay for another 12 months 2. Actual retention rate was a 20% improvement as measured against control group 3. NPS increase from benchmark of 35 to 70 (35 point increase) 4. Overall customer satisfaction rating of 90/100

9 Case study: Virtual Employee Benefits Insurance Assistant (B2B) US based Fortune 100 Insurer Challenge Solution Benefits Requirement to improve Small to Medium Business customer online quotation rates for Employee Benefits Insurance products. Current online sales conversion rate of 1% Customers searched and landed on client website which had tile noting Would you like to be guided through your Quotation Experience? Virtual Quotation Assistant used to guide customers through to get a quotation across a 5 product package and then to be handed to an offline sales person 1. The Virtual Quotation Assistant achieved a 32% quotation rate 2. Quotation abandon rate was reduced from 70% to 30%

10 Case study: Virtual Wealth Management Assistant Australia Challenge Solution Benefits Wealth Management company wanting to go direct to customers rather than through Advisors Requirement to improve needs and requirements assessments to offline sales conversion rates High Net Worth customers Client campaign to prospective customers Virtual Assistant used to assess needs and requirements from High Net Worth customers Available to customers after hours 1. 32% of customers who interacted with the Virtual Assistant converted to having an offline consultation with a sales person 2. A further 26% requested further information on Wealth Management products

11 Case study: Virtual Retirement Product Assistant ASX 100 Insurer Australia Challenge Solution Benefits Requirement to improve low online quotation and application conversion rates for Retirement and Life Insurance product Customers commence interactions with Virtual Assistant on product home page Customer guided through their full online application process 1. 32% of customers who interacted with the Virtual Assistant completed the application 2. A unique data set created that enabled the company to improve the product, online webforms and processes

12 Case study: Virtual Life Insurance Assistant Fortune 100 Insurer US Challenge Solution Benefits Requirement to improve low online sales conversion rates for Life Insurance product Google ads drive customers to the Virtual Assistant and customer were guided through their full Life Insurance Quotation then passed into a 3 rd party Application system 1. 40% of customers who interacted with the Virtual Assistant completed the quotation 2. A unique data set created that enabled the company to improve the product, online webforms and processes

13 Case study: Virtual Insurance Renewal Assistant US based Fortune 100 Insurer Challenge Solution Benefits Requirement to improve customer renewal rates for P&C product at end of year one Client campaign to customers at day 306 Virtual Renewal Assistant used to review previous year s experience and then plan ensuing year s policy with the view to converting customers to renew their policy in the correct product 1. The Virtual Renewal Assistant achieved an intentional customer retention rate of 9.2/10 likelihood to stay for another 12 months 2. Actual renewal rate 90% 3. NPS increase from benchmark of 35 to 71 (36 point increase) 4. Overall customer satisfaction rating of 90/ Employees working alongside the Virtual Assistant rated their overall experience as 83/100

14 Case study: Virtual Advertiser Assistant (B2B) New York News Publisher US Challenge Solution Benefits Requirement to better understand needs and requirements of Advertisers; need to test proposed new digital solutions and assess interest from business customers Virtual Assistant used to guide business customers through their needs and requirements related to advertising packages and other services Also used to test bundles of new products and customer interest and price points 1. Data and Insights report generated which was used by the Board to set Product Strategy 2. Affordable alternative to market research. Real-time market sensing mechanism

15 Current Client Implementations 1. Cognitive Virtual Assistant - Direct to Customer Retirement product sales - USA 2. Cognitive Virtual Assistant - Direct to Customer Retirement product post sales service -USA 3. Cognitive Virtual Assistant Auto Insurance sales - USA 4. Cognitive Virtual Assistant Personal Loan Sales - Australia 5. Cognitive Virtual Assistant Superannuation and Life Insurance Sales Australia 6. Cognitive Virtual Assistant Health Insurance Application Australia 7. Cognitive Virtual Assistant Travel Insurance Application Australia/Asia Pacific 8. Cognitive Virtual Assistant Life Insurance Application Asia Pacific

16 Flamingo AI s Product Suite CUSTOMER EXPERIENCE JOURNEYS INQUIRE QUOTE APPLY PURCHASE ONBOARD CLAIM SERVICE MAGGIE - FAQ BOT MAGGIE -VIRTUAL ENQUIRY ASSISTANT ROSIE - VIRTUAL SALES ASSISTANT ROSIE - VIRTUAL SERVICE ASSISTANT ROSIE - VIRTUAL AGENT ASSISTANT FLAMINGO AI CUSTOMER JOURNEY PLATFORM JOURNEY ASSIST

17 Omni-channel Approach Needs & Requirements Quotation & Application Bind & Payment Onboarding Service Claim

18 COGNITIVE VIRTUAL ASSISTANTS ADDRESS TELEPHONE 300 Park Avenue, 12th Floor, New York, NYC, York Street, Level 5 Sydney, NSW 2000 hello@flamingo.io US Au