Nationwide extends relationship with Flamingo AI
Flamingo Ai has announced that the Company has signed a new six month retained engagement with Nationwide for the use of Flamingo Ai’s machine learning based analytics capability, LIBBY.
In November 2017, Flamingo Ai went live with an Intelligent Assistant engagement for the Guaranteed Retirement Income product (“GRIN”), including a Monthly Recurring Revenue (MRR) arrangement. Nationwide has recently reviewed its GRIN direct-to-consumer sales model and has decided to discontinue this marketing approach. Consequently, Flamingo Ai’s MRR engagement for the GRIN product has ceased, although the contract has been paid out to the end of June 2019. This deployment of Flamingo Ai’s technology with the GRIN product generated a significant amount of knowledge for Nationwide, creating great interest within Nationwide to extend its relationship with Flamingo Ai into a new commercial agreement.
As such, Flamingo Ai is pleased to announce that it has signed a new six-month retained engagement commencing April 2019. The contract value of this engagement is significantly larger than that billed under the GRIN project and is the largest contract the Company has had to-date. Although the contract is of significant commercial importance to the Company, the revenue from the new contract itself will not have a material impact on the Company’s cash burn.
Under this new paid engagement, Flamingo Ai will build a proprietary Life & Annuities machine learning based “Brain” (a continuation of the Brain built with GRIN), and grant Nationwide a license to the underlying Flamingo Ai platform for the six month contract period, with the right to deploy additional machine learning products to directly solve Nationwide challenges which include a need to:
- improve customer experience
- increase efficiencies
- improve sales and service journeys
- improve the knowledge of Nationwide employees;
- and increase Nationwide’s knowledge and experience with Unsupervised Machine Learning and AI road mapping
The engagement will include a Data Science as a Service (previously known as LIBBY) analysis of large volumes of unstructured data (the second LIBBY project in Nationwide, in addition to the one announced in December 2018), and the deployment of an Intelligent FAQ & Knowledge Retrieval Assistant (previously known as MAGGIE). This engagement then has the potential, but not certainty, to extend into other applications and divisions within Nationwide, and beyond the six-month period.