The Company Malta-based company Vaiot has integrated IBM’s Watson Assistant into the Cosmos blockchain to sell auto insurance.
The new platform has a comprehensive sales process that does not require human assistance to get auto insurance contracts. The mobile app interacts with customers via voice or text and first asks a series of questions to identify and suggest insurance options.
Once signed, the contract is saved in the Cosmos SDK in the form of a smart contract supported by the Tendermint protocol. The AI monitors the deal and automatically starts insurance coverage once payment has been made.
Although several vendors have experimented with voice assistants to aid the sales process, the announcement states that none have been able to offer the service as an end-to-end solution that encompasses the actual sales process.. Christoph Surgowt, CEO of Vaiot, stated:
“The possibilities that AI offers in cloud and blockchain technologies enable companies in the insurance and InsurTech sectors to digitize and improve their current processes. We are confident that our solutions will drive this change.”
IBM Watson is an AI computer system that can answer questions in natural language and was developed in the IBM DeepQA project. The system was named after the founder and first CEO of IBM, Thomas J. Watson.
In September, Vaiot raised $ 5.9 million in a private sale and offered investors 30% (120,000,000) of its VAI token.. Surgowt stated that the funds will be used to “deliver a product that can transform the way companies run their processes” The company will focus on using blockchain technology to support legal processes.
Last month, Vaiot received approval from the Malta Financial Services Agency (MFSA) as the first company to offer a digital asset that is expressed using its VAI token. The company also plans to conduct a public sale later this year that will give investors 2% (8,000,000) of the VAI token offering.
Malta is one of the first countries to apply a broad legal framework for offering Coin Refunds (ICOs), where assets within a blockchain are classified as financial instruments, electronic money, virtual tokens, or virtual financial assets (VFAs).. The sale is offered under the Virtual Financial Assets Act (VFAA) and is one of the earliest initial offers for Virtual Financial Assets (IVFAO).
The VAI token is used to encourage users to use Vaiot solutions expressed in a program of rewards and payment for goods and services offered under the program.
Last month, IBM Watson also joined a digital health pass called IBM Watson Health. The blockchain-based solution is designed to help organizations enable individuals to return to work or school amid the pandemic.