Malta firm integrates AI bot and blockchain that sells car insurance. Malta-based virtual assistant firm Vaiot has merged IBM’s Watson Assistant with the Cosmos blockchain to sell car insurance.
The new platform features an end-to-end sales mechanism that does not need the help of humans to complete car insurance contracts. Via voice or text, the mobile app communicates with clients, initially asking a series of questions to define and recommend insurance choices.
Once signed, the contract is stored on the Cosmos SDK in the form of a smart contract. It is underpinned by the Tendermint Protocol. The AI monitors the deal and automatically begins the insurance coverage once the payment goes through.
Although multiple providers have experimented with voice assistants to aid in the selling process, the announcement claims that none have been able to offer the service as an end-to-end solution which includes the actual sales process. Vaiot’s CEO Christoph Surgowt stated “The opportunities that come with AI on cloud and blockchain technologies allow companies from the insurance and InsurTech sectors to digitize and improve their current processes, and we are confident our solutions will jumpstart 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 was named after IBM’s founder and first CEO, Thomas J. Watson.
Malta is among the first countries to implement a comprehensive regulatory framework for initial coin offerings (ICOs). Blockchain assets are classed as either financial instruments, e-money, virtual tokens, or Virtual Financial Assets (VFAs). The sale will be offered under the Virtual Financial Assets Act (VFAA) and will be one of the first Initial Virtual Financial Assets Offerings (IVFAOs).
[image: Michal Ampula]