Chatto I can help you with some misguided understanding. Finance...

Chatto

I can help you with some misguided understanding. Finance companies creating their own labs in recent years has yes been about harnessing innovation within and taking ideas from staff on opportunities to improve the customer experience. But that is where you misunderstand how they foster and create tangible solutions for innovation. As most labs strategy is to work with fintech start ups with venture capital set up for this. You quoted IAG's Firemark who I have had dealings with and their lab based out of Singapore aims to work with Asian based fintech start-ups. Flamingo is no different as it is part of the Stone and Chalk Fintech lab hub which is one of Australia's largest fintech hubs at 50 Bridge Street in AMP building. You should visit this as incredibly impressive as are the Stone and Chalk guys who have met and dealt with.

You see most Corporates have got out of the cottage industry of customised development as long shown flawed approach as opposed to buying off the shelf industry solutions which is what Flamingo offers for the insurance sector. As a Service offerings is one of the hottest trends in IT alongside AI, and Flamingo offer the classic as a service offering that can be readily integrated into existing corporates enterprise environment and architecture (read hoops Flamingo went through for Nationwide implementation created a competitive advantage cf other entrants).

You see Finance companies want to focus on their core competencies and not non core activities like developing and continuing to develop chat bot AI software.

But thanks for your thoughts, and hope you have learned a little more from those who also have deep relationships and experience with AI in both Finance and Corporate spaces.