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Vaiot, a Malta-based virtual assistant firm, has integrated IBM’s Watson Assistant with the Cosmos blockchain to sell auto insurance.
The new platform features an end-to-end sales process that requires no human assistance to complete auto insurance contracts. The mobile app interacts with customers via voice or text, initially asking a series of questions to identify and suggest insurance options.
Once signed, the contract is stored on Cosmos SDK in the form of a smart contract, supported by the Tendermint protocol. The artificial intelligence monitors the deal and automatically initiates insurance coverage once the payment has been made.
Although multiple vendors have experimented with voice assistants to help with the sales process, the announcement states that none have been able to offer the service as an end-to-end solution that includes the actual sales process. Vaiot CEO Christoph Surgowt said:
“The opportunities offered by cloud artificial intelligence and blockchain technologies enable companies in the insurance and InsurTech sectors to digitize and improve their current processes and we are confident that our solutions will ignite this transformation.”
IBM Watson is an AI computer system capable of answering questions posed in natural language, developed in IBM’s DeepQA project. The system is named after IBM’s founder and first CEO, Thomas J. Watson.
In September, Vaiot raised $ 5.9 million in a private sale, offering 30% (120,000,000) of its VAI token to investors. Surgowt explained that the funds will be used to help “deliver a product that can transform the way companies conduct their processes,” with the company focusing on using blockchain to aid in legal processes.
Last month, Vaiot received approval from the Malta Financial Services Authority (MFSA) as the first company to offer a regulated digital asset in the form of a VAI token. The company also plans to organize a public sale by the end of the year offering investors 2% (8,000,000) of the VAI token supply.
Malta is among the first countries to implement a comprehensive regulatory framework for Initial Coin Offerings (ICOs) with blockchain assets classified as financial instruments, e-money, virtual tokens or virtual financial assets (VFA). The sale will be offered under the Virtual Financial Assets Act (VFAA) and will be one of the first Initial Virtual Assets Offerings (IVFAO).
The VAI token will be used to incentivize users to use Vaiot’s solutions in the form of a rewards and payment program for goods and services offered within the program.
Last month, IBM Watson was also incorporated into a digital health pass called IBM Watson Health. The blockchain-based solution is designed to help organizations enable people to return to work or school in the midst of the pandemic.
