Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc, which provides real-time data analytics through artificial intelligence, revealed that it has signed a $300,000 annual license with an auto-renewal with one of the world's leading insurance providers.
“Fobi earns revenue from this deal through an annual license fee as well a license fee per Wallet pass issued, generating monthly recurring revenue,” said the company.
Fobi’s Wallet pass platform will now enable the insurance provider to issue digital proof of insurance passes for both auto insurance and general insurance across five countries in Europe. The utilization of Wallet passes for digital proof of insurance by global insurance companies is very advanced, and with this deal, Fobi is now powering three of the top 10 global insurance providers with their Passcreator Wallet pass platform.
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“The utilization of the Wallet pass digital proof of insurance makes for a great customer experience,” said the company. In case of an accident, instead of fumbling for the paperwork that may or may not be in the glove compartment, drivers can simply pull up their Wallet passes to exchange information.
“By scanning the QR code on the pass with the camera on their phone, their information can automatically be sent to their insurance company to speed up claims processing,” added the firm.
The new client selected Fobi, and “structured an auto-renewal” clause in the contract, because it found other solutions in the market simply did not offer the features and functionality together with the customer service and customization that Fobi provides. Moreover, Fobi is EU General Data Protection Regulation (GDPR) compliant and runs the client’s Wallet pass platform on Google Cloud.
“Three different business units within this client have already built API integrations with the Fobi Wallet pass platform showing that they are firmly committed to this platform for the long term,” said the Vancouver-based data intelligence company.
”Fobi’s Passcreator Wallet pass platform is the perfect solution for digital proof of insurance, which is why we are so pleased to announce this deal,” Fobi managing director David Sporer said in a statement. “It makes for a great customer experience, however it’s also incredibly easy for the insurance companies to manage the passes, with the ability to turn passes off and on remotely and to use them to communicate to their customers, providing information on other services that may be of interest.”
The global insurance market is forecast to grow by nearly 13% from 2020 to 2021, touching over US$5.5 trillion as it recovers from the global pandemic, according to a recent Statista report. Following the growth in 2021, it is forecast that the insurance industry will grow at a compound rate of 6% to touch US$6.4 trillion in 2025.
“This is a significant and growing market that Fobi already owns quite a bit of and plans to expand, especially in North America where insurance firms have been slower to digitally transform, which makes for a great opportunity for the adoption of the Fobi Wallet pass technology,” said the company.
Meanwhile, Fobi founder CEO Rob Anson said: “This deal solidifies our global position as a leading digital wallet pass provider with three of the top 10 largest insurance companies in the world now leveraging Fobi to deliver a digital and verified proof of insurance.”
“Our focus for 2022 will be to continue to expand and continue to grow our scale with the goal of solidifying our position as the leading Wallet pass provider for the insurance industry,” he added.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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