SoundHound AI and Apivia Courtage deploy agentic AI for insurance services

SANTA CLARA/FRANCE - SoundHound AI, Inc. (NASDAQ:SOUN), a rapidly growing AI technology company with 137% year-over-year revenue growth according to InvestingPro data, and Apivia Courtage, part of AEMA Group, announced Wednesday a partnership to implement agentic AI technology in Apivia’s contact centers using SoundHound’s Amelia 7 platform.

The collaboration, which began in 2023, has already yielded a 20% productivity increase at Apivia Courtage’s contact center, according to a press release statement. The AI system has handled thousands of calls related to medical expense reimbursement and insurance guarantee information. This successful implementation has contributed to SoundHound’s impressive market performance, with InvestingPro data showing a remarkable 289% return over the past year. InvestingPro subscribers have access to 12 additional key insights about SOUN’s growth potential.

The new implementation of Amelia 7 will enable the insurance company to process customer queries with AI agents capable of reasoning and performing complex tasks. Specific functions include identity verification, answering contract questions, updating personal information, calculating financial impacts of insurance contract changes, and scheduling meetings with human advisors.

Apivia Courtage is showcasing the pilot demo to delegates at Reavie in Cannes, France between October 8-10.

"Thanks to Amelia 7 Agentic AI, we are deploying a multi-service platform to ensure our clients have seamless and innovative experiences," said Emmanuelle Nguyen, CEO of Apivia Courtage.

The Amelia 7 platform operates across multiple communication channels including chat, text, and voice, utilizing SoundHound’s speech recognition technology. The system is designed to understand natural language and provide appropriate responses.

The deployment represents part of Apivia Courtage’s digital transformation strategy, allowing the company to redirect human resources toward higher-value customer interactions while enabling self-service options for routine inquiries. With a strong current ratio of 4.84 and gross profit margins of 40.5%, InvestingPro analysis suggests SoundHound AI maintains a solid financial position to support its growth initiatives, though current market valuation exceeds InvestingPro’s Fair Value estimate. For detailed valuation metrics and comprehensive analysis, investors can access the full Pro Research Report, available for over 1,400 US stocks.

In other recent news, SoundHound AI has announced its acquisition of Interactions, a company specializing in AI for customer service, for approximately $60 million in cash, with additional payments possible based on revenue milestones. This acquisition aims to enhance SoundHound’s capabilities in conversational AI technology and is expected to immediately boost its operating profitability. Additionally, SoundHound AI has partnered with Red Lobster to implement AI-powered phone ordering across all its restaurant locations, streamlining order processing and customer inquiries. In a related development, DA Davidson has raised its price target for SoundHound AI to $17 from $15, maintaining a Buy rating following the acquisition announcement.

SoundHound AI is also expanding its presence in the healthcare sector through a collaboration with Primary Health Solutions to deploy an AI-powered patient engagement platform. This platform, named "Denise," will allow patients to manage appointments via speech or text, improving efficiency and reducing patient hold times. Moreover, SoundHound AI’s Chat AI Automotive voice assistant has been launched in select Jeep vehicles across Europe, offering drivers enhanced interactive capabilities. These recent developments highlight SoundHound AI’s strategic moves to strengthen its market position and broaden its application of AI technologies across various industries.

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