FOBI AI Inc., 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 Minubia, 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 follows 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 Minubia through an annual license fee and per pass fees.
Minubia 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. Minubia 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.