Fobi Signs Agreement With INSight To Provide Integrated Digital Insurance Solution To The Caribbean & Latin America

Vancouver, B.C. – July 7^th, 2022 – FOBI AI Inc. (TSXV: FOBI, OTCQB: FOBIF) (the "Company" or "FOBI"), a leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce that it has signed an annual license with INSight, one of the leading digital proof of insurance providers to insurance companies in the Caribbean, to expand their integrated digital proof of insurance and claim management solution from the current implementation in Curacao, to the entire Caribbean region and parts of Latin America.  This announcement follow on the heels of the recent Passcreator by Fobi successes in the Insurance industry, with several high profile wins over the past 2 quarters. Passcreator by Fobi now powers four of the top ten insurance companies in the world for digital proof of insurance. Fobi earns revenue from this deal with INSights through an annual license fee and per pass fees.  

 INSIGHTS IS A LEADING PROVIDER OF DIGITAL PROOF OF INSURANCE SOLUTIONS IN THE CARIBBEAN

INSight is one of the leading providers of digital proof of insurance solutions in the Caribbean, and has achieved this by creating a “closed-loop” system that integrates claims processing from the time of the accident, through to the police reports, and then ultimately to the judicial system if the claim goes to court.  This expedited claim adjudication process reduces the need to input the same information into multiple systems multiple times, improving the user experience, and driving efficiencies and cost reductions for the governmental bodies through providing interoperability across systems. INSight has layered this integration on top of the Passcreator by Fobi platform to deliver a new and more innovative solution to the marketplace, which has been received very positively. This solution also greatly reduces the amount of paper generated through the entire claims and adjudication process, which provides a significant benefit to the environment and reduces the carbon footprint of the insurance companies and the government.

INSight CEO Renato Ignacio stated, “Proof of insurance is the most important document when it comes to insurance claims. We have developed a standard that enables insurance companies to switch to digital proof of insurance in a matter of days. We use Passcreator to create and issue passes, as this platform provides us with the right tools, and which enables us to deliver a future-proofed digital solution by way of providing a seamless user experience and an automated claims adjudication and management process.”

 Fobi CEO Rob Anson stated, "INSight is exactly the kind of partner we want to do business with.  Not only do they have a great customer base in the Caribbean, they have layered on innovation to our digital proof of insurance solution by connecting into the Police & the Judicial systems back end to automate and seamlessly connect the entire insurance claim ecosystem.  This also has implications for connecting into Healthcare as well.  And now expanding our partnership out across the Caribbean and into Latin America will drive even more revenue for Fobi and Minubia.”

 This Press Release Is Available on the Fobi website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion and Management Engagement.

ABOUT INSight

INSight aims to be your number one source for all Digital Innovations in the Insurance Industry. We're dedicated to providing you with solutions and services that will increase productivity, with a focus on innovation, sustainability and customer service. We're working to turn our passion for Insurance into disruptive and sustainable solutions that benefit the whole industry.

About Fobi

Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.

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