Verint Wins $4 Million Deal Including Four AI-Powered Bots

Rhea-AI Summary

Verint (NASDAQ: VRNT), known for CX automation, has secured a $4 million deal with a regional healthcare insurer to replace a 10-year incumbent's applications with Verint's AI-powered solutions.

The contract includes deploying the Verint Open Platform and four AI bots: Data Insights Bot, Interaction Wrap Up Bot, Coaching Bot, and Quality Bot.

This initiative aims to modernize the insurer's contact centers and enhance CX automation. The agreement is part of Verint's fiscal first-quarter roadmap and is a 36-month Bundled SaaS booking.

Positive

• $4 million deal increases Verint's revenue.
• Contract duration of 36 months ensures long-term engagement.
• Deployment of four AI-powered bots could lead to better customer satisfaction.
• Replacing a 10-year incumbent indicates a significant competitive advantage.
• Part of fiscal first-quarter roadmap, suggesting strategic planning.

Negative

• High expectations on AI-powered bots performance could lead to pressure.
• Transition from a long-term incumbent may face resistance or challenges.

Insights

Financial Analyst

Verint securing a $4 million deal with a regional healthcare insurer is notable for several reasons. Firstly, replacing a 10-year incumbent indicates Verint's competitive edge and strong value proposition. This successful bid underlines the company's technological capabilities and client trust, essential for long-term growth.

The deal being part of Verint's fiscal first quarter roadmap suggests that such contracts are important to their revenue strategy. With a 36-month term, this recurring revenue boosts financial stability and provides visibility into future earnings.

Retail investors should consider the potential for steady income and the opportunity to outpace competitors, reflecting positively on Verint's market position and technological advancements. However, it is vital to monitor how effectively Verint can deliver on promises, ensuring continuous customer satisfaction and recurring engagements.

Tech Expert

This deal involves deploying four AI-powered bots within the insurer’s operations, specifically the Data Insights Bot, Interaction Wrap Up Bot, Coaching Bot and Quality Bot. Each bot plays a unique role in enhancing operational efficiency:

• The Data Insights Bot likely collects and analyzes vast amounts of data, providing actionable insights that can improve decision-making processes.
• The Interaction Wrap Up Bot automates post-interaction processes, saving time and reducing errors.
• The Coaching Bot may assist in employee training and development through personalized coaching, increasing workforce competency.
• The Quality Bot ensures adherence to compliance and quality standards, critical in healthcare.

For investors, these advancements highlight Verint's commitment to innovation and the practical application of AI in business processes. The use of AI can significantly reduce operational costs and improve service quality, reinforcing the company’s capability to drive transformation across industries.

Market Research Analyst

The announcement emphasizes the trend of increased demand for CX automation within the healthcare industry. Verint's success in securing this deal reflects a broader market shift towards enhanced customer experience through technology. As more companies seek to modernize their contact centers, Verint's Open Platform stands out by offering flexibility and scalability.

This move also showcases the rising importance of behavioral data hubs that allow organizations to gain deeper insights into customer behavior and preferences. For investors, this indicates a strong growth potential in Verint's target markets, especially if they can replicate such wins with other insurers or in different sectors.

However, the competitive landscape must be watched closely, as other tech companies are also advancing in AI-driven solutions. Verint's ability to maintain and expand its technological lead will be important for sustained growth.

Regional Healthcare Insurer to Replace Incumbent and Benefit from AI Business Outcomes

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The CX Automation Company™, announced today a leading regional healthcare insurer has selected Verint to deploy AI business outcomes, now.

The insurer chose the Verint Open Platform to replace several applications deployed by a 10-year incumbent provider and, at the same time, expand AI business outcomes through the open platform using the behavioral data hub and four AI-powered bots including the Data Insights Bot, Interaction Wrap Up Bot, Coaching Bot and Quality Bot.

“Brands are choosing the Verint Open Platform to modernize their contact centers and at the same time increase CX automation with an AI-powered platform,” says Verint’s Steve Seger, America’s chief revenue officer. “This win highlights our ability to help customers quickly introduce CX automation capabilities to transform their business.”

The win was on Verint’s fiscal first quarter roadmap and is recorded as a Bundled SaaS booking with a 36-month term.

Visit Verint Open Platform to learn more.

About Verint

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603013104/en/

Media Relations

Sue Huss

sue.huss@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

 

Source: Verint

FAQ

What is the value of the deal Verint secured with the regional healthcare insurer?

The value of the deal is $4 million.

Which company is replacing the 10-year incumbent provider for the regional healthcare insurer's applications?

Verint is replacing the 10-year incumbent provider.

What specific AI-powered bots are included in the Verint deal?

The deal includes the Data Insights Bot, Interaction Wrap Up Bot, Coaching Bot, and Quality Bot.

What is the term length of the Bundled SaaS booking with the regional healthcare insurer?

The term length is 36 months.

How does Verint aim to enhance the regional healthcare insurer's operations?

Verint aims to enhance operations by modernizing contact centers and increasing CX automation through its AI-powered platform.