Boost.ai: Transforming customer relationships with digital advisors and conversational AI
Boost.ai is a Scandinavian software company that specializes in conversational artificial intelligence (AI). With tireless dedication to machine learning, they have developed the world’s most complete software for building, implementing and operating virtual assistants powered by their market-leading conversational AI. With pre-trained knowledge of banking, insurance, pensions, and other related applications, including thousands of pre-made “out-of-the-box” customer intents, Boost.ai offers a solution that helps customers achieve a high level of accuracy even from a cold start. The technology is available for both on-premise deployments, as well as cloud-based software as a service (SaaS) that is accessible from any web browser.
Conversational AI platforms are so sophisticated the technology may slash business expenses by as much as $8 billion by 2022 Juniper Research forecasts. Boost.ai is facilitating this disruption with deep industry and technical knowledge demonstrated with global banks, financial institutions, and insurance industry customers including Santander, Intrum, DNB, Nordea and Telenor. In addition, Accenture, KPMG, Deloitte, Capgemini and many of the world’s most respected management consulting and professional services firms have partnered with Boost.ai to help clients improve their performance and create sustainable value for their customers using conversational AI.
Boost.ai conversational AI’s unique ability to understand the end user’s questions and accurately interpret them into actionable outcomes, means it can be used to both navigate and comprehend real give-and-take interactions. Especially in complex use cases such as banking and insurance, this ability to hold a human-like conversation dramatically streamlines frontline customer interactions.
Boost.ai has proven thanks to its leading technology, user-friendly software and ability to eliminate customer interaction pain points with artificial intelligence, it is able to meet the tough demands placed on it by a tech-savvy Nordic marketplace, ensuring that every project delivers well beyond expectations.
DNB, one of the biggest banks in the Nordics, automated 51% of their chat traffic in just 6 months. The remaining 49% are seamlessly forwarded to human advisors, in the same chat window, creating a supercharged customer experience where wait times are a thing of the past
How does it work?
Boost.ai virtual agents employ natural language processing (NLP) algorithms and their unique automated semantic understanding (ASU™) to achieve complex, purpose-driven conversations.
Automatic Semantic Understanding, Keep the conversation going
Understanding what words are considered important and, crucially, when they are important, is an essential part of what makes their algorithm unique. It’s changing the way their clients interact with their customers in a big way.
With a multi-level hierarchy that can process several thousand customer interactions simultaneously, Boost.ai’s software is user-friendly and compatible with existing CRM and enterprise systems. It complies with Nordic data privacy mandates, in addition to the GDPR, which are some of the world’s most stringent regulations.
Why we selected Boost.ai for DIA Amsterdam
Boost.ai offers groundbreaking technology that lets insurance companies automate and enhance even the most advanced customer interactions. Automate claims handling, eliminate wait times and revolutionary customer interactions with purpose-driven conversational insurance. Conversational AI can significantly improve customer experience.
Who is Boost.ai?
A privately held Norwegian software company founded in 2016, Boost.ai is the brainchild of Lars Ropeid Selsås, Henry Vaage Iversen and Hadle Ropeid Selsås, who wanted to develop a completely new means of automating complex, purpose-driven conversations.
In the summer of 2016, boost.ai’s three co-founders, Lars, Henry, and Hadle, were presented with a challenge: a large Norwegian bank wanted them to deliver a virtual agent that could outperform all other options available on the market at the time. The benchmark they set for themselves was against a certain US vendor the bank had been researching that specialized in chatbots for banking, making for an ambitious task indeed, but one that the trio believed was eminently achievable. In fact, in only two months they had built a chatbot that was easily on-par with their benchmark, and by the three-month mark had far surpassed it, creating a far more advanced conversational AI that could future-proof their business for years to come.
The team’s dedication to the project impressed their banking client so much that they signed a contract with them on the spot. In addition to implementing their conversational AI across their entire digital platform, they also recognized the trio’s potential as a major investment opportunity. This lead to the bank opening a seed funding round, and ultimately purchasing a small equity share, helping to kickstart what we know today as boost.ai.
Boost.ai has rapidly expanded to become the leading provider of AI-driven virtual agents in Europe, and successfully launched the world’s first virtual agent network (VAN) making it possible for multiple, separate virtual agents to communicate with users from a within single chat window.
In February 2018, a Series A funding round was led by a Norwegian venture capital firm, injecting US$5 million into boost.ai, helping to set the company up for its next phase. With offices recently established in Los Angeles, and over 90 clients in Northern Europe, the company is making its entrance into new markets, expanding its virtual assistant network, and supporting a burgeoning new AI Trainer profession.
The humble beginning has blossomed, and the company is now a technological force with huge ambitions that is ready to go toe-to-toe with the US tech giants. The guiding philosophy is to strive every day to make the clients succeed with online customer interaction. This win-win attitude will be the guiding star that will win the global market and make boost.ai the first Norwegian unicorn.
“We will always push the boundaries of what can be achieved with conversational artificial intelligence.” Lars Selsås, Founder and CEO of boost.ai