Fobi AI Signs $440,000 License Renewal with Leading Global Insurance Provider To Deliver Digital Proof Of Insurance For Europe
January 23 2024 - 7:00AM
Fobi AI Inc. (FOBI:TSXV) (FOBIF: OTCQB) (the
“Company” or “Fobi”), an industry leader in harnessing AI and data
intelligence to enable digital transformation, is pleased to
announce that Fobi has signed a two-year license renewal with one
of the world's leading insurance providers, further to the
Company’s press release dated January 5, 2022.
Fobi will earn 440,000
CAD in revenue from this deal through a one-time, upfront payment
from the insurance provider in which the effective date of renewal
was October 1, 2023. A majority of the disclosed revenue amount is
receivable, however, the remaining revenue is projected and the
actual amount may vary. This revenue will be recognized throughout
the 24-month term in accordance with standard IFRS policies in
which the Company will recognize revenues each quarter over the
duration or term of the contract.
Rob Anson, CEO of Fobi AI, states: “This
two-year deal not only solidifies our position as a leading digital
wallet pass provider as we power four of the world’s largest
insurance companies, but also gives us tremendous confidence as we
continue to lock down global enterprise clients.”
FOBI WALLET PASS
POWERS DIGITAL PROOF OF INSURANCE FOR FOUR OF THE TOP TEN LARGEST
GLOBAL INSURANCE COMPANIES
Fobi continues to significantly grow its position and scale
across the insurance industry, now encompassing over 22 insurance
clients that cover a total of 40+ brands to date.
Fobi’s Wallet Pass platform enables the insurance provider to
issue digital proof of insurance passes for its various service
offerings across five countries in Europe and now supports North
American expansion.
With the convenience of a mobile phone, digital proof of
insurance enables a seamless customer experience for drivers and
law enforcement officers alike. Instead of rummaging through
physical wallets and glove compartments for the paperwork needed
when an accident happens, drivers can simply open their wallet
passes to exchange information. Smartphone cameras can also be used
to scan the pass’ QR code, and the drivers’ information is then
automatically sent to their insurance company to speed up claims
processing.
FOBI CHOSEN FOR INDUSTRY-LEADING EXPERIENCE, TOP
SERVICE, & GDPR COMPLIANCE
The insurance client specifically chose Fobi to provide its
service for many different purposes, all of which are also reasons
why they structured an auto-renewal of their contract. The company
recognized that Fobi’s distinct combination of features and
functionality, customization, and customer service was highly
differentiated from any other solution in the market. In addition,
Fobi’s GDPR compliance and the fact that the client’s Wallet Pass
platform operates on a dedicated instance in the Google Cloud was a
key contributor to the company’s decision, given the insurance
industry’s critical requirements of data privacy, protection, and
compliance.
”Fobi’s Passcreator Wallet Pass platform is becoming the
industry standard for digital proof of insurance, which is why we
are so pleased to announce this two-year renewal,” said
David Sporer, Managing Director of Passcreator.
“Digital proof of insurance makes for a great customer experience
but is also incredibly easy for insurance companies to manage.
Insurers gain the ability to turn passes on and off remotely and
can additionally use them to directly communicate with their
customers about renewals or complementary services that may be of
interest.”
This press release is available on the Fobi website.
To download the Fobi Investor Experience Wallet Pass to get
enhanced access to investor information about Fobi, please visit
our Investor Experience page.
About Fobi AIFounded in 2017 in Vancouver,
Canada, Fobi is a leading AI and data intelligence company that
provides businesses with real-time applications to digitally
transform and future-proof their organizations. Fobi enables
businesses to action, leverage, and monetize their customer data by
powering personalized and data-driven customer experiences, and
drives digital sustainability by eliminating the need for paper and
reducing unnecessary plastic waste at scale.
Fobi works with some of the largest global organizations across
retail & CPG, insurance, sports & entertainment, casino
gaming, and more. Fobi is a recognized technology and data
intelligence leader across North America and Europe, and is the
largest data aggregator in Canada's hospitality & tourism
industry.
For more information, please contact:
Fobi AI Inc. |
|
Fobi Website: www.fobi.ai |
Rob Anson, CEO |
|
Facebook: @Fobiinc |
T: +1 877-754-5336 Ext. 3 |
|
X: @Fobi_inc |
E: ir@fobi.ai |
|
LinkedIn: @Fobiinc |
This news release contains certain statements that constitute
forward-looking statements or information, including statements
regarding Fobi's business and technology; the ability of Fobi to
engage with industry participants to achieve its goals; the
development of Fobi's technology; and the viability of Fobi's
business model. Such forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Fobi's
control, including the impact of general economic conditions,
industry conditions, competition from other industry participants,
stock market volatility, and the ability to access sufficient
capital from internal and external sources. Although Fobi believes
that the expectations in its forward-looking statements are
reasonable, they are based on factors and assumptions concerning
future events which may prove to be inaccurate. Those factors and
assumptions are based upon currently available information. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, and other factors that could influence actual
results or events and cause actual results or events to differ
materially from those stated, anticipated, or implied in the
forward-looking statements. As such, readers are cautioned not to
place undue reliance on the forward-looking statements, as no
assurance can be provided as to future results, levels of activity,
or achievements. The forward-looking statements contained in this
news release are made as of the date of this news release and,
except as required by applicable law, Fobi does not undertake any
obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement. Trading in the securities of Fobi should be
considered highly speculative. There can be no assurance that Fobi
will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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