Virtual assistant company from Malta Vaiot reportedly finalized IBM’s Watson Assistant integration with the Cosmos blockchain, in a bid to get insurance contracts done, without the need of human interaction.
Specifically, the new platform reportedly comes with an end-to-end sales process, which can function at zero human interference, to finalize contracts for car insurance.
The mobile app will reportedly use voice or texts to work with clients, firstly to find answers for a range of inquiries that look to determine and recommend the most suitable options.
When signing is done, the contract will be safely kept on the Cosmos SDK as smart contracts, underpinned by the Tendermint Protocol. The AI will run supervision for the deal, and will initiate the insurance coverage instantly, as soon as payment is finalized.
Despite numerous providers having conducted experiments with voice assistants to support the selling process, none has reportedly been able to achieve an end-to-end status for their solutions, to cover the actual sales process.
“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.”
In September this year, Vaiot successfully secured $5.9 million via a private sale, offering 30% (120,000,000) of its VAI token to investors. The acquired money will be directed to working on delivering a product that can transform how businesses conduct their processes”, with a shift of focus on using blockchain for assistance in legal processes.