The artificial intelligence and data intelligence industries are both expected to bring about considerable growth over the course of the coming years. Hence, it is perhaps not a surprise that more and more investors are now looking for options in those spaces.
One of the companies which could be worth tracking is Fobi AI Inc (FOBI.V) (OTC:FOBIF), which is a leader in its industry and is best known for harnessing the power of data intelligence and artificial intelligence to bring about digital transformation.
The company announced yesterday that it had continued to make great strides in its quest to penetrate the insurance market. It announced that it had signed up the well-known Canadian insurance company Promutuel Insurance by way of Passworks, a subsidiary that Fobi had acquired recently.
It was a major new milestone for Fobi considering the fact that Promutuel Insurance is one of the biggest damage insurers in Quebec and has a history that stretches back 170 years. The Chief Executive Officer of Passworks, Francisco Belo, stated that the two companies shared significant synergies, and that made the acquisition of Passworks by Fobi a possibility. Passworks would help Fobi in establishing its position and dominance in the Canadian market and it would match its dominance of the Canadian market.
At this point in time Passworks is best known for its wallet pass technology. Promutuel Insurance would deploy the power of that technology to offer to launch a digital-first solution for proof of auto insurance in the Canadian market. That would make Promutuel Insurance the first insurance company to offer such an insurance service. It should be noted that the auto certificate offered by Promutuel Insurance is compatible with most of the application systems which are available in the market such as Android and iOS.