Fobi AI Inc. signs $ 300,000 annual license with world’s largest insurance company to provide digital proof of insurance for Europe

The company said it “earns revenue from this agreement through annual license fees as well as license fees per Wallet pass issued, generating recurring monthly revenue.”

Fobi AI (TSX-V: FOBI, ​​OTCQB: FOBIF) Inc, which provides real-time data analytics using artificial intelligence, revealed it has signed an annual license of $ 300,000 with automatic renewal with the one of the world’s leading insurance providers.

“Fobi derives revenue from this agreement through an annual license fee as well as a license fee per Wallet pass issued, generating monthly recurring revenue,” the company said.

Fobi’s Wallet pass platform will now allow the insurance provider to issue digital proof of insurance pass for motor insurance and general insurance in five European countries. The use of Wallet Passes for digital proof of insurance by global insurance companies is very advanced, and with this agreement, Fobi is now powering three of the world’s 10 largest insurance providers with their Passcreator pass platform. Wallet.

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“Using the Wallet pass’s digital proof of insurance provides a great customer experience,” the company said. In the event of an accident, instead of looking for papers that may or may not be in the glove box, drivers can simply withdraw their Wallet passes to exchange information.

“By scanning the QR code on the pass with their phone’s camera, their information can be automatically sent to their insurance company to speed up claims processing,” the firm added.

The new customer selected Fobi and “structured an automatic renewal clause” in the contract because he found that other solutions on the market simply did not offer the features and functionality as well as customer service and customization. provided by Fobi. Additionally, Fobi is EU General Data Protection Regulation (GDPR) compliant and manages the customer’s pass Wallet platform on Google Cloud.

“Three different business units within this client have already built API integrations with the Fobi Wallet pass platform, which shows that they are firmly committed to this platform for the long term,” said the Vancouver-based data intelligence firm.

“Fobi’s Passcreator Wallet pass platform is the perfect solution for digital proof of insurance, which is why we are so happy to announce this agreement,” said Fobi Managing Director David Sporer in a statement. “This provides a great customer experience, but it’s also incredibly easy for insurance companies to manage passes, with the ability to turn passes on and off remotely and use them to communicate with their customers. customers, providing information about other services that may be of interest.

The global insurance market is expected to grow nearly 13% from 2020 to 2021, reaching more than US $ 5.5 trillion as it recovers from the global pandemic, according to a recent report from Statista. Following the growth of 2021, the insurance industry is projected to grow at a compound rate of 6% to reach US $ 6.4 trillion in 2025.

“This is a large and growing market that Fobi already owns a large part of and plans to grow, especially in North America where insurance companies have been slower to digitally transform, which is an excellent opportunity for the adoption of the Fobi Wallet pass technology. “the company said.

Meanwhile, Fobi Founding CEO Rob Anson said, “This agreement solidifies our global position as a leading provider of digital wallet passes with three of the world’s 10 largest insurance companies now leveraging of Fobi to provide digital and verified proof of insurance.

“Our goal for 2022 will be to continue to grow and expand our scale with the aim of consolidating our position as the leading provider of Wallet passes for the insurance industry,” he added.

Contact author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive


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Justin D. O'Neill