Canada-based data intelligence company Fobi AI has signed an annual licence agreement with Minubia regarding integrated digital insurance solution.
The move will enable providing integrated digital proof of insurance and claim management solution to the entire Caribbean region and parts of Latin America. The current implementation of the solution is limited to Curacao.
Under the terms of the deal, Fobi will earn revenue through an annual licencing fee and per pass fees.
According to the company, Fobi’s Passcreator now powers four of the top ten global insurance for digital proof of insurance.
Minubia CEO Renato Ignacio said: “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.
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“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.”
Minubia has developed a closed-loop system to offer digital proof of insurance solutions in the Caribbean.
The system integrates the entire claim process from the time of accident to the judicial system, provided the claim goes to court.
This integrated system accelerates the claim settlement process by reducing the entry of duplicate information in multiple systems multiple times. It is also said to enhance user experience and reduce costs for the government agencies by offering interoperability across systems.
Fobi CEO Rob Anson said: “Minubia 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.”