FLAMINGO SETS SIGHTS ON US BACKED BY $23M ASX DEBUT

FLAMINGO SETS SIGHTS ON US BACKED BY $23M ASX DEBUT

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.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How P2C can help retailers maintain brand loyalty amid the supply chain crisis
Partner Content
With the ongoing supply chain crisis expected to continue throughout 2022, retailers ar...
Productsup
Advertisement

Related Stories

ACTU claims free test request "reasonable", but employer body deems strike threats inappropriate

ACTU claims free test request "reasonable", but employer body deems strike threats inappropriate

With workplaces nationally fighting fires across multiple fronts as...

Consumer confidence drops to lowest level since October 2020

Consumer confidence drops to lowest level since October 2020

Consumer confidence usually rises in January, but not this year as ...

Brian Hartzer-helmed fintech Beforepay dives 42 per cent on ASX debut

Brian Hartzer-helmed fintech Beforepay dives 42 per cent on ASX debut

Today’s debut of ‘Pay on Demand’ platform Beforep...

Bod to launch UK clinical trial into medicinal cannabis efficacy on long COVID

Bod to launch UK clinical trial into medicinal cannabis efficacy on long COVID

With an estimated 1.3 million people in the United Kingdom sufferin...