Your car insurance salesman is now an AI bot connected to blockchain

Malta-based virtual assistant firm Vaiot has integrated IBM's Watson Assistant with the Cosmos blockchain to sell car insurance.

The new platform features an end-to-end sales process that does not require human assistance to complete the car insurance contracts.

The AI monitors the deal and automatically begins the insurance coverage once the payment goes through.

"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.

In September, Vaiot raised $5.9 million in a private sale, offering 30% of its VAI token to investors.

Last month, Vaiot received approval by the Malta Financial Services Authority as the first firm to offer a regulated digital asset in the form of its VAI token.

Malta is among the first countries to implement a comprehensive regulatory framework for initial coin offerings with blockchain assets being classed as either financial instruments, e-money, virtual tokens, or Virtual Financial Assets.

The sale will be offered under the Virtual Financial Assets Act and will be one of the first Initial Virtual Financial Assets Offerings.

Last month, IBM Watson was also incorporated into a digital health pass called IBM Watson Health.