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Malta-based startup Vaiot has launched a series of Intelligent Virtual Assistants (IVAs) for the insurance industry, based on IBM’s Watson tech.
The IVAs can be used to purchase car insurance, negotiate insurance policies, and get answers to questions like expected mileage and registration numbers.
IVAs use machine learning to understand spoken requests and generate a response, so customers can interact with a computer system without having to make selections in any menus.
“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,” said Christoph Surgowt, CEO of Vaiot.
With Watson Assistant on IBM Cloud, Vaoit’s IVAs allow insurance and insuretech companies to create intelligent sales and customer service channels.
The assistants can be accessed through a mobile app using a speech interface. The IVAs then will capture the customer information needed to prepare a personalized insurance product in the form of an intelligent contract.
Vaiot, which raised $6 million in seed funding earlier in 2020, developed the IVAs in collaboration with IBM Services. The approach combines AI and blockchain to create digital services tied to secure legal agreements.
“Advancements in AI, automation, and hybrid cloud are helping enterprises around the world achieve new levels of efficiency and customer satisfaction,” said, Paweł Raczyński, global technology services leader at IBM Poland and Baltics. “IBM is working with Vaiot to bring together IBM Services’ industry expertise with IBM Watson’s cutting-edge natural language processing capabilities to deliver new solutions that provide a seamless customer experience.”