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 the success of its continued
penetration of the global insurance market, having signed a
prominent Canadian insurance company, Promutuel Insurance, through
its newly acquired subsidiary, Passworks. Promutuel Insurance is
one of the biggest damage insurers in Québec, with over 170 years
of history offering superior insurance coverage and customer
service for homes, auto, businesses, farms, and more.
Francisco Belo, CEO of
Passworks, states: “The synergies
we share between our two companies is the reason why Fobi’s
acquisition of Passworks is a key factor for strengthening the
company’s overall position as a leader in the mobile wallet space.
As a part of Fobi’s broader insurance strategy, our work with
Promutuel Insurance is helping bring Fobi’s established dominance
in the European insurance market back to their roots in
Canada.”
WALLET PASS POWERS CANADA’S FIRST DIGITAL INSURANCE
CERTIFICATE FOR THE AUTOMOTIVE INDUSTRY
Through the Passworks wallet pass technology, Promutuel
Insurance is the first insurance company in the Canadian market to
launch a digital-first solution for proof of auto insurance. The
digital insurance certificate enables motorists to possess and
easily carry proof of insurance on their mobile devices, proving
that they have the compulsory insurance required by law. In
particular, the wallet pass displays the insuree’s legal name,
policy ID, vehicle model, and VIN (vehicle identification number),
as well as the start and expiry dates for the provided insurance
coverage.
The Promutuel Insurance auto certificate is compatible with
various common application systems, such as iOS and Android, and is
automatically downloaded into the native Wallet app on Apple
devices. The wallet pass solution enables automatic updates of
displayed information whenever a modification is made to an
already-insured vehicle and can also be easily shared with
temporary drivers via text or email.
FOBI’S DOMINANCE IN EUROPEAN INSURANCE MARKET
TRANSCENDS TO INDUSTRY FOCUS CLOSE TO
HOME
Providing digital insurance solutions for four of the largest
global insurance companies, Fobi’s Wallet Pass technology, through
Passworks, will now expand the Company’s rapid scale and
significant market presence closer to home in North America. As a
part of Fobi’s larger global insurance strategy, the Company has
and will continue to effectively penetrate the insurance industry
across its flagship solutions for digital proof of insurance, as
well as through significant advancements via subsidiaries like
Passworks.
Rob Anson, CEO of
Fobi, states: “Our recent
acquisition of Passworks has already proven to be extremely
valuable for the Fobi brand, driving immediate benefit with the
expansion of our platforms and wallet pass technology at an even
greater scale. With Passworks landing a strong Canadian insurance
client in Promutuel Insurance, there is a lot of excitement and
momentum that we will continue to bring to the industry, especially
with our European dominance now spilling over into the insurance
market at home.”
To learn more about Passworks, please visit
https://passworks.io/.
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 Promutuel
InsurancePromutuel Insurance is
one of the biggest damage insurers in Québec. Renowned for its
financial stability, superior products, and outstanding customer
service, it boasts 2,100 employees serving 634,000 insured members.
Promutuel Insurance’s mission is to promote and provide insurance
products that meet the needs of its clients. It does this by
delivering outstanding, personalized service while fostering the
mutualist values that have guided it for 170 years.
About FobiFounded 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 |
|
Twitter: @ 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) accept responsibility for the adequacy or
accuracy of this release.
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