Insurtech Flamingo Ai will license its virtual assistant software to HSBC Australia under a three-year deal.

It will develop and deploy an assistant called MAGGIE for the bank’s FAQs and knowledge retrieval. The contract includes a monthly subscription and can be extended to five years.

CEO Catriona Wallace says the deal will not have a material impact on revenue or cash burn, but “validates our focus on products that are attracting strong market”.

The technology is “helping our clients drive efficiencies and improved customer experience”, she says.

Flamingo specialises in artificial intelligence for the insurance industry and has bases in Sydney and the US. Its work centres on cognitive virtual assistants, journey assist platforms and its unsupervised machine learning algorithms.

Founder Ms Wallace will move into a Chief Revenue Officer role next year to focus on income generation.