Catriona Wallace, Flamingo Founder and CEO, ready to reshape the way financial service firms view their entire online selling eco-system.
17th November 2016, Flamingo, which has developed an Intelligent Guided Customer Experience solution for organisations with complex online financial products, has listed on the local market today with plans to aggressively expand its reach into the US and other markets.
Flamingo fuses web-chat, web-forms and machine learning to guide customers through complex decision making into quotation and payment.
Company founder and CEO Catriona Wallace said the platform has been designed from the ground up to tackle the widespread problems facing global financial services firms such as low online conversion rates and poor customer retention.
"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. The reason for this is customers are experiencing decision-making fatigue and simply move on,” she said.
“Our system can actually guides customers through complex decision-making into quotation and payment seamlessly, this increases online conversation rates and can make a tangible difference to the bottom line of the companies we are working with”
Flamingo, which was acquired by ASX listed Cre8tek in June, raised $3 million in an oversubscribed capital rising lead by Otsana Capital and has listed today with a market capitalisation of $23 million under the code ASX: CR8.
After an intense six-month listing process where no stone was left unturned, Wallace can now divert her attention back to driving the business through their next growth phase.
“It’s been an incredible journey. It was very rigorous, beyond what I could’ve imagined, but I’m very excited to shift my focus to driving the business into this next phase of growth as we expand rapidly” she said.
The Company is due to go live with a significant implementation for existing Fortune 100 client Nationwide Insurance, and today announced to the market they have successfully signed a Proof of Technology contract with another leading US based global insurance group, also a Fortune 100 company.
Wallace said the company currently 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.”
With a commercial team based in New York, Flamingo also resides within Sydney’s high profile Fintech hub Stone & Chalk, and will become the first company to list on the ASX under its roof.
Since its inception, Stone & Chalk has had great support from Australia’s major financial services companies and also the NSW Government.
"It's very exciting to see one of the nation’s leading Fintechs being acquired and located back in Australia, while at the same time still enjoying significant traction in the US market,” said NSW Minister for Small Business, John Barilaro.
“Flamingo is proof that the start-up eco-system in Australia can produce successful and unique companies which operate competitively on a global stage.”
For further information, investor or media enquires, please contact:
Michael Wills – Flamingo
Cre8tek (ASX: CR8) is a listed company that invests in pioneering technology solutions, with a particular focus on software marketing solutions, application software, communication software, SaaS, online social networking services, and security and encryption. Cre8tek acquired Global Agenda Technologies Pty Ltd (Agenda) in November 2015 and recently acquired high profile Australian Fintech business Flamingo Customer Experience Inc. in June 2016.
Flamingo is an innovative SaaS company, which has developed a customer experience automation platform (Flamingo Platform) designed for selling complex financial products online. The Flamingo Platform aims to turn a website's visitors – those that are looking for complex financial products - into customers. This is achieved by guiding them online from page view to purchase, on both mobile and desktop devices.