Automating Car Insurance with AI and Blockchain

In an exciting twist for car insurance, the Malta-based virtual assistant firm Vaiot is turning heads by combining IBM’s Watson Assistant with the Cosmos blockchain. Say goodbye to lengthy paperwork and hello to an automated platform that handles everything from start to finish without needing a human to intervene!

How the Magic Works: A Seamless Experience

The new platform employs a mobile app that interacts with customers through voice or text. It starts by asking a series of questions—sort of like a virtual insurance detective trying to match you with your perfect policy. Once the customer completes the questions, Watson makes tailored suggestions for insurance options.

Signing Made Simple

Once a customer decides on a policy, signing the contract is as easy as clicking a button. The agreement is then stored as a smart contract on the Cosmos SDK, using the Tendermint Protocol—think of it as saving your contract in a secure vault, but in the crypto universe!

AI Keeps an Eye on Your Contract

Adding a cherry on top, the AI doesn’t just vanish after the sale. It continues to monitor the deal, automatically commencing coverage as soon as the payment clears. It’s like having a digital guardian angel for your insurance policy.

An Unprecedented Approach in the Insurance Industry

While many providers have played around with voice assistants, Vaiot claims no one has yet offered a complete end-to-end solution for selling insurance. Christoph Surgowt, CEO of Vaiot, excitedly noted,

“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.”

Funding and Future Plans

In a bid to boost its innovative offering, Vaiot recently raised $5.9 million in a private sale of its VAI token, releasing 30% of its supply to eager investors. Surgowt ensures that these funds will help propel their transformation ambitions within the industry. The Malta Financial Services Authority has even given the thumbs up to Vaiot, making it the first company to offer a regulated digital asset in the form of its VAI token.

The Broader Context: Malta and Blockchain Regulation

Malta is pushing boundaries by being one of the first countries to establish a comprehensive framework for cryptocurrencies and Initial Coin Offerings (ICOs). The upcoming public sale will take place under the Virtual Financial Assets Act, marking it as one of the inaugural Initial Virtual Financial Assets Offerings in the region. The VAI token is positioned not only as a means of incentivizing users but also as a currency for transactions within the Vaiot ecosystem.

All in all, Vaiot seems to be on the brink of something big, promising a bold new world for the insurance sector—one where paperwork and tedious processes could soon be relics of the past. And if that wasn’t enough, IBM Watson has also been flexing its muscles in healthcare, showing that the fusion of AI and blockchain is only just warming up!