Leading Insurer Awards Verint $4.5 Million Contract for AI-Powered Bots
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On Fri, 2 Aug, 4:06 PM UTC
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Leading Insurer Awards Verint $4.5 Million Contract to Deploy AI-Powered Bots
Verint (NASDAQ: VRNT), The CX Automation Company, today announced that a leading insurance company awarded Verint a $4.5 million contract over three years. They will use the Verint bots to increase CX automation and deliver AI business outcomes across their contact center of 3,000 agents. The insurer is looking to increase agent capacity and elevate CX across three business units. They will deploy multiple AI-powered Verint bots including the Exact Transcription Bot, Knowledge Automation Bot, Coaching Bot, Interaction Wrap Up Bot and Data Insights Bot. These bots will initially be deployed across 600 agents in one business unit with plans to extend to the other business units and remaining agents in the near future. The insurer expects Verint's solution to pay for itself in under six months and increase the usage volume of the AI-powered bots over time. "AI is reshaping the insurance landscape and creating new opportunities to increase CX automation now," says Verint's Jaime Meritt, chief product officer. "Around the world, insurance brands are leveraging Verint's AI-powered bots and reporting strong AI business outcomes, creating more capacity in the contact center and elevating the customer experience." Verint (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world's most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise. Verint, The CX Automation Company, is proud to be Certified by Great Place To Work. Learn more at Verint.com. This press release contains "forward-looking statements," including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ. VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.
[2]
Verint : Leading Insurer Awards Verint $4.5 Million Contract to Deploy AI-Powered Bots
Verint (NASDAQ: VRNT), The CX Automation Company, today announced that a leading insurance company awarded Verint a $4.5 million contract over three years. They will use the Verint bots to increase CX automation and deliver AI business outcomes across their contact center of 3,000 agents. The insurer is looking to increase agent capacity and elevate CX across three business units. They will deploy multiple AI-powered Verint bots including the Exact Transcription Bot, Knowledge Automation Bot, Coaching Bot, Interaction Wrap Up Bot and Data Insights Bot. These bots will initially be deployed across 600 agents in one business unit with plans to extend to the other business units and remaining agents in the near future. The insurer expects Verint's solution to pay for itself in under six months and increase the usage volume of the AI-powered bots over time. "AI is reshaping the insurance landscape and creating new opportunities to increase CX automation now," says Verint's Jaime Meritt, chief product officer. "Around the world, insurance brands are leveraging Verint's AI-powered bots and reporting strong AI business outcomes, creating more capacity in the contact center and elevating the customer experience." Verint (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world's most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise. Verint, The CX Automation Company, is proud to be Certified by Great Place To Work. Learn more at Verint.com. This press release contains "forward-looking statements," including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ. VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.
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Verint Systems Inc. has secured a $4.5 million contract with a major insurance company to implement AI-powered bots, aiming to enhance customer service and operational efficiency.
Verint Secures Major Contract with Insurance Giant
Verint Systems Inc., a global leader in customer engagement solutions, has announced a significant milestone in its business operations. The company has been awarded a $4.5 million contract by a leading insurance provider to deploy its advanced AI-powered bots 1. This development marks a substantial step forward in the integration of artificial intelligence within the insurance sector.
AI-Powered Bots: Revolutionizing Customer Service
The core of this multi-million dollar agreement revolves around Verint's cutting-edge AI-powered bots. These sophisticated tools are designed to transform customer interactions and streamline operational processes. By leveraging artificial intelligence, the bots are expected to handle a wide range of customer inquiries and tasks, potentially reducing the workload on human agents and improving response times 2.
Enhancing Operational Efficiency
One of the primary goals of this implementation is to significantly boost operational efficiency within the insurance company. The AI-powered bots are capable of managing routine queries, processing claims, and providing instant information to customers. This automation is expected to free up human resources for more complex tasks, ultimately leading to improved service quality and reduced operational costs 1.
Market Impact and Future Prospects
This substantial contract not only represents a significant revenue boost for Verint but also solidifies its position as a leading provider of AI-driven customer engagement solutions. The deal may serve as a benchmark for other insurance companies and financial institutions looking to modernize their customer service operations 2.
Implementation and Timeline
While specific details about the implementation timeline have not been disclosed, projects of this scale typically involve a phased rollout. This approach allows for thorough testing and optimization of the AI bots before full-scale deployment. The insurance company is likely to work closely with Verint's team to ensure a smooth integration of the new technology into their existing systems 1.
Reference
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