Fobi Scales Digital Insurance to North America Through Passworks Acquisition

The signing of Canadian insurance company Promutuel Insurance strengthens Fobi’s presence close to home in the North American market.

VANCOUVER, BC, June 06, 2023 (GLOBE NEWSWIRE) -- 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.