FLAMINGO SETS SIGHTS ON US BACKED BY $23M ASX DEBUT
Written on the 17 November 2016
SYDNEY fintech Flamingo has made its debut on the ASX under Cre8tek's $23 million reinstatement to the market.
The listed technology solutions company acquired Flamingo last June, before raising $3 million in an oversubscribed capital raising led by Otsana Capital and relisting under the ticker CR8.
Flamingo has developed an Intelligent Guided Customer Experience solution for organisations with complex financial products online.
The system combines web-chat, web forms and machine learning to support customers through the transaction, leading to higher engagement.
The company also has an office in New York to support aggressive expansion plans in the US and other markets.
Flamingo founder and CEO Catriona Wallace (pictured) says the platform was designed with low conversion rates and poor customer retention in mind.
"The average quote-to-sales conversion in the American insurance industry is between 15 and 20 per cent for the call centres, but online that falls to 1 to 3 per cent," Wallace says.
"The reason for this is customers are experiencing decision-making fatigue and simply move on.
"Our system can actually guide customers through complex decision-making into quotation and payment seamlessly, this increases online conversion rates and can make a tangible difference to the bottom line of the companies we are working with."
Flamingo is due to go live with a significant implementation for existing Fortune 100 client Nationwide Insurance, and has also announced a Proof of Technology contract with another leading US-based global insurance group.
Wallace says the company has a substantial sales pipeline in the US with interest also building strongly in the Australian market.
"Significant efforts are being made to prioritise and convert our current opportunities, with the US market a key focus for the business, particularly with insurance companies, and it's fantastic to see interest in Australia increasing as this market becomes more open to innovation," she says.
Cre8tek shares are trading at 0.04c apiece.