Floatbot
Overview
Floatbot is a company that specializes in providing AI-powered solutions for contact centers, insurance, banking, and debt collection industries. Their platform offers a range of products including voice and chat AI agents, real-time agent assist, and insurance claims automation, all powered by generative AI and large language models (LLMs). These solutions are designed to automate and streamline customer interactions, improve operational efficiency, and enhance customer satisfaction.
Industry: AI Solutions
Ideal Customer Profiles: Floatbot's ideal customers are enterprises in the insurance, banking, and debt collection industries, as well as contact centers and BPOs looking to automate customer interactions and improve efficiency through AI-powered solutions.
Website: floatbot.ai
LinkedIn: http://linkedin.com/company/floatbot
Twitter: http://twitter.com/floatbot
Products
Voice AI Agent
The Voice AI Agent is powered by VoiceGPT, a proprietary LLM, which enables human-like, context-aware conversations with low latency and high accuracy.
Features
Human-Sounding Voice
Description: The Voice AI Agent uses VoiceGPT to deliver natural and relatable voice interactions, making conversations more engaging and authentic.
Benefit: Users experience more natural and engaging interactions, improving customer satisfaction.
Low Latency
Description: The system provides responses with latency under one second, ensuring immediate assistance and seamless interactions.
Benefit: Reduces wait times and enhances the customer experience by providing quick responses.
Hybrid Workflow and LLM Integration
Description: Combines traditional bot workflows with LLM capabilities to trigger complex workflows and API calls, reducing errors in long conversations.
Benefit: Increases the accuracy and reliability of automated interactions.
Interruption Management
Description: The agent can handle interruptions such as background noise or sudden queries without losing context or providing incorrect responses.
Benefit: Ensures smooth and accurate conversations even in dynamic environments.
Multi-Lingual Support
Description: Supports over 150 languages, allowing for global customer engagement and accessibility.
Benefit: Expands reach and improves communication with a diverse customer base.
Chat AI Agent
The Chat AI Agent is an omnichannel solution that integrates with multiple digital channels, providing seamless and consistent customer interactions.
Features
Omnichannel Deployment
Description: Allows deployment across various digital channels like SMS, Facebook Messenger, WhatsApp, and more, ensuring consistent customer engagement.
Benefit: Increases customer reach and engagement by being available on preferred channels.
No-Code/Low-Code Platform
Description: Enables users to build and deploy chatbots without extensive coding knowledge, using a drag-and-drop interface.
Benefit: Reduces development time and costs, making it accessible for non-technical users.
RAG-Powered Cognitive Search
Description: The chatbot self-learns from unstructured data, eliminating the need for extensive manual training.
Benefit: Improves the accuracy and relevance of responses, enhancing user satisfaction.
Live Chat Fallback
Description: Automatically transfers complex inquiries to human agents, ensuring issues are resolved efficiently.
Benefit: Ensures high-quality customer service by combining AI efficiency with human expertise.
Multi-Language Support
Description: Supports multiple languages, allowing for communication in the customer's preferred language.
Benefit: Enhances customer satisfaction by providing personalized and accessible service.
AI Agent Assist
AI Agent Assist provides real-time guidance to human agents during customer interactions, enhancing productivity and compliance.
Features
Real-Time Suggestions
Description: Offers real-time suggestions and nudges to agents during interactions, helping them provide accurate and timely responses.
Benefit: Increases agent productivity and reduces average handling time.
Knowledgebase Optimization
Description: Optimizes and self-learns from unstructured data, providing agents with quick access to relevant information.
Benefit: Improves the speed and accuracy of information retrieval, enhancing customer service.
Compliance Monitoring
Description: Monitors and ensures compliance with regulatory requirements during interactions, reducing the risk of non-compliance.
Benefit: Protects the organization from regulatory penalties and enhances trust with customers.
Call Summarization
Description: Automatically summarizes calls, providing agents with a concise overview of interactions for follow-up actions.
Benefit: Saves time and ensures important details are captured for future reference.
Real-Time Analytics
Description: Provides detailed analytics on call performance, sentiment, and agent productivity, enabling data-driven decisions.
Benefit: Enhances operational efficiency and helps in identifying areas for improvement.
Insurance Claims Automation (LISA)
LISA automates the insurance claims process, reducing costs and improving efficiency with AI-driven FNOL submissions.
Features
Cost Reduction
Description: Automates the FNOL process, significantly reducing the cost per claim filed.
Benefit: Lowers operational costs and increases profitability for insurance companies.
Seamless Information Collection
Description: Streamlines the collection of necessary information from customers, ensuring a smooth and efficient claims process.
Benefit: Reduces errors and speeds up the claims process, enhancing customer satisfaction.
Real-Time Validation
Description: Performs real-time validation of claims details, identifying errors or missing information promptly.
Benefit: Ensures accuracy and completeness of claims submissions, reducing processing delays.
Multi-Channel FNOL Submission
Description: Allows customers to file claims through various channels, providing flexibility and convenience.
Benefit: Improves customer experience by offering multiple options for claims submission.
Interactive Customer Engagement
Description: Facilitates dynamic interactions with customers, providing updates and assistance throughout the claims process.
Benefit: Enhances customer satisfaction by keeping them informed and engaged.
Debt Collection Automation
The Debt Collection Automation solution uses AI to streamline and enhance the efficiency of debt recovery processes.
Features
Automated Debt Collection
Description: Utilizes AI agents to automate the debt collection process, improving efficiency and reducing costs.
Benefit: Increases recovery rates and reduces the need for manual intervention.
Multi-Lingual Support
Description: Supports multiple languages, allowing for communication in the debtor's preferred language.
Benefit: Enhances customer satisfaction and compliance by providing personalized service.
Interruption Management
Description: Handles interruptions and maintains context during conversations, ensuring accurate and relevant responses.
Benefit: Improves the quality of interactions and reduces errors.
Continuous Learning
Description: The system learns and adapts over time, improving its effectiveness and accuracy in handling debt collection.
Benefit: Enhances the system's ability to handle complex scenarios and improve recovery rates.
Cross-Channel Handoff
Description: Allows seamless transition between different communication channels, maintaining context and continuity.
Benefit: Provides a flexible and convenient experience for customers, improving engagement and satisfaction.
Quantitative Benefits
"Reduce costs by up to 70% by automating the following inbound calls to the Customer Center"
"Reduce Support cost by 80%"
"Reduce the Cost of Per Claims FNOL from $45 to <$5"
"Increase Adjuster's Efficiency by 40%"
"Increase CSAT by 80%"
"Increase Collection Rates by 60%"
"Increase Contact Center Agent productivity by 50%"
"With just one round of calls, we've successfully engaged 50% of our customers, boosting our collection rates."
"We aim to have Floatbot handle 50-60% of customer interactions before payment due dates."
"We were able to implement the solution 70% faster than other similar solutions I have worked with."
"With Floatbot, we will be able to push the same agent-assist bot to a customer-facing Chatbot or Voicebot for self-serve, reducing our effort by 60% for future self-serve deployments."
"In last 2 months, we were able to generate revenue of $400,000+ though Floatbot's Voicebot."
"At present, we are able to generate 20% of our total qualified leads through Voicebot."
"We aim to generate at least 80% of our total qualified leads through Floatbot's Voice AI platform, in next 3 months."
"100% Digital user onboarding achieved through chatbot."
"33% Of general and member user queries handled by chatbot."
"20% Customer queries deflected to chatbot from other channels."
"15% Reduction in AHT & Call Center operational costs."
"24% Deflection in customer queries with chatbot."
"12% Core Banking transactions are handled by chatbot within 1 year of launch."
"5+ Services accessible through WhatsApp Bot boosting its accessibility."
"3X Plus savings in operational costs (Commercial & Supply related)."
"Reduction in Average Handling Time (AHT)"
"Improvement in Outbound Call Efficiency"
"of Inbound/Outbound Call Automation"
"Reduction in Errors & Inaccuracies"
"Reduction in Call Abandonment Rates"
"NLP accuracy"
"Speech-to-text accuracy"
"NLP/NLU (ETE processing)"
"STT & TTS (ETE processing)"
"Overall call response time"
"150% Increase in digital sales"
"40% Reduction in support costs"
"80% Increase in CSAT score"
"40% Deflection in calls"
"90% Automation in customer queries"
"Automate up to 90% of customer queries and save up to 40% of customer support costs with conversational AI chatbots."
"Lightning-fast responses with an average response time of less than 100 milliseconds."
"Guaranteed minimum accuracy rate of 95%, ensuring precise and efficient query resolution."
"Increase Agent Productivity by up to 50%"
"Reduce AHT by 25% to 30%"
"Increase CSAT Score by 80%"
"Get a Boost in Customer Issue Resolution Rate by 70%"
"Enhance CX by 85%"
"Improve First-Time Right Resolutions by 60%"
"Achieve Real-Time Quality and Compliance Monitoring by up to 100%"
"Real-Time Analytics and Summarization, Saving Agents 10 Minutes Post-Call"
"Reduce the cost of Claims FNOL filing from $45 to <$5 per claim filed"
"Up to 90% Process Automation"
"80% Increase in Adjuster productivity"
"80% or 2x Increase CSAT Score"
"3x Faster Claims FNOL Filing"
"40% Reduction in Claims Support Operational Costs"
"80% to 90% Automation achieved in Claims FNOL Filing"
"Reduce Claims Cycle Time by 30%"
"Reduce Error Rates by 60%"
"Increase Adjuster Efficiency by 40%"
"Decrease Claims Leakage by up to 45%"
"Save 40+ Hours Per Adjuster, Per Month"
"Improve Claims Compliance Rate by 60%"
"This prevents up to 45% revenue leakage from over or underpayments."
"Automate up to 80% of Claims FNOL and Reduce the Cost to <$5"
"Increase in Digital Sales"
"Automation of Claims FNOL Filing & Support"
"Reduce Cost per Claim Filed in Claims FNOL"
"Reduction in Support Costs"
"Increase in Renewal Ratio"
"Automate 80% to 90% of claims FNOL filing"
"Reduce claims operational costs by 40%"
"Enhance premium volumes by 10-15%"
"Increase Operational Efficiency by 45%"
"75% Savings on call cost"
"70% Reduction in AHT"
"90% Automation of Customer Support"
"45% Surge in Collector Productivity with Automated Debt Management"
"60% Boost in Collection Rates through Strategic Automation"
"40% Reduction in errors related to compliance and data entry"
"50% Improvement in collection rates through timely and personalized communication"
Testimonials
"I've had the opportunity to explore many AI companies, and I can confidently say that Floatbot stands out as the most technologically impressive among them. I'm genuinely excited about the opportunity to collaborate with them in the future."
Ben Fagin, Chief Financial Officer at National Credit Management
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
"Using Floatbot for our pre-due renewal calls has been great. With just one round of calls, we've successfully engaged 50% of our customers, boosting our collection rates. Without Floatbot, we'd rely heavily on manpower at our call centers which increased operational costs. With Floatbot, we've not only streamlined our processes but also achieved considerable cost savings. We're planning to expand its capabilities by incorporating multiple regional languages and additional features. We aim to have Floatbot handle 50-60% of customer interactions before payment due dates."
Pinky Patwal, Deputy Manager at IndiaFirst Life Insurance
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
"As one of the senior leaders of our service provider organization, I am pleased to share how Floatbot's conversational AI products have transformed our ability to provide exceptional solutions to our customers. By leveraging their platform abilities, we have been able to seamlessly manage end-user interactions across multiple channels including phone, IVR, web chat, WhatsApp, and more."
Rinoo Rajesh, Digital Leader at Conneqt Business Solutions
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
"I have worked closely with the Floatbot team on deploying agent-assist. Floatbot platform exceeded my expectation in identifying the right knowledge article based on the provided inputs. Floatbot team was very responsive and fast in adopting new ideas, which is critical for any innovation-led transformation project. We were able to implement the solution 70% faster than other similar solutions I have worked with. In our deployment, we saw a significant improvement in the speed of accessing the correct answers by the users, thereby improving the efficiency and customer satisfaction. With Floatbot, we will be able to push the same agent-assist bot to a customer-facing Chatbot or Voicebot for self-serve, reducing our effort by 60% for future self-serve deployments."
Sandeep V, VP Digital Transformation at Large BPO organization
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
"We signed contract with Floatbot to automate outbound calls and to generate qualified leads. We are extremely pleased with Floatbot platform capabilities and their Voice AI technology. In last 2 months, we were able to generate revenue of $400,000+ though Floatbot's Voicebot. At present, we are able to generate 20% of our total qualified leads through Voicebot. We aim to generate at least 80% of our total qualified leads through Floatbot's Voice AI platform, in next 3 months. We got almost 24x7 support from Floatbot's team. I would highly recommend Floatbot to anyone looking for Voice AI to automate their contact center operations."
Erica F, Operations Manager
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
"Jimmy & Team has been an amazing support for us and Floatbot's capability of deploying the bots in Omni-channels along with its strong AI, helps our product to stand out from other competitors. We are not only seeing great interest from customers who are already using telemarketing and handling contact center but also companies who recognize the importance of digital transformation."
Amanda Lim, Strategic Alliances Leader
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
"A prominent Insurtech company in Singapore is generating 35% of their leads through our conversational AI"
Source: Conversational and Generative AI for Insurance | Floatbot.AI
Customer Stories
National Credit Management
Problem: Exploring AI companies for their business needs
Value Add: Floatbot stood out as the most technologically impressive AI company
Outcome: The Chief Financial Officer expressed excitement about future collaboration opportunities with Floatbot
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
IndiaFirst Life Insurance
Problem: Reliance on manpower at call centers for pre-due renewal calls, leading to increased operational costs
Value Add: Floatbot automated pre-due renewal calls, engaging 50% of customers with just one round of calls
Outcome: Boosted collection rates, achieved considerable cost savings, and streamlined processes. Planning to expand capabilities by incorporating multiple regional languages and additional features, aiming to have Floatbot handle 50-60% of customer interactions before payment due dates
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
Conneqt Business Solutions
Problem: Managing end-user interactions across multiple channels
Value Add: Floatbot's conversational AI products transformed their ability to provide exceptional solutions to customers
Outcome: Seamlessly managed end-user interactions across multiple channels including phone, IVR, web chat, WhatsApp, and more
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
Large BPO organization (NYSE listed)
Problem: Needed to improve efficiency in accessing correct answers for users
Value Add: Implemented Floatbot's agent-assist solution 70% faster than other similar solutions
Outcome: Significant improvement in the speed of accessing correct answers by users, improving efficiency and customer satisfaction. Ability to push the same agent-assist bot to a customer-facing Chatbot or Voicebot for self-serve, reducing effort by 60% for future self-serve deployments
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
National Bank of Fujairah
Problem: Needed to improve digital user onboarding
Value Add: Implemented chatbot for digital user onboarding
Outcome: Achieved 100% digital user onboarding through chatbot
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
DMCC
Problem: Handling general and member user queries
Value Add: Implemented chatbot to handle user queries
Outcome: 33% of general and member user queries are now handled by chatbot
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
Bank of India
Problem: High volume of customer queries across various channels
Value Add: Implemented chatbot to deflect customer queries
Outcome: 20% of customer queries deflected to chatbot from other channels
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
Taiwan-based multinational computer hardware and consumer electronics company
Problem: High AHT and Call Center operational costs
Value Add: Implemented Floatbot's solution (likely chatbot or AI-assisted support)
Outcome: 15% reduction in AHT & Call Center operational costs
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
Union Bank of India
Problem: High volume of customer queries
Value Add: Implemented chatbot to handle customer queries
Outcome: 24% deflection in customer queries with chatbot
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
NIC Asia Bank
Problem: Needed to handle core banking transactions more efficiently
Value Add: Implemented Floatbot's chatbot for core banking transactions
Outcome: Within one year of launch, 12% of core banking transactions are handled by chatbot
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
CESC
Problem: High operational costs related to Commercial & Supply
Value Add: Implemented Floatbot's solution (specific details not provided)
Outcome: 3X plus savings in operational costs (Commercial & Supply related)
Source: Build and Deploy GenAI Chat & Voice AI Agents | Floatbot.AI
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