PowerBand Solutions (TSXV: PBX) this morning announced that it has entered into a memorandum of understanding with that of global insurance provider Allianz Partners. The MOU outlines an arrangement for Allianz to sell specialty insurance products on the DRIVRZ platform.

The MOU specifically outlines an arrangement between PowerBand, partner D&P Holdings, and Allianz whereby they will jointly market a range of finance and insurance products on the platform. Marketing for such products is slated to begin early in the second quarter of 2021 for both US and Canadian markets.

Combined, the parties are to offer automotive specialty insurance products targeting EV’s, passenger cars, light commercial vehicles, motorbikes, and trucks. Such specialty products include targeting direct and indirect commercial and consumer lending and leasing, consumer to consumer transactions, auctions, imports, dealerships and more. Furthermore, the companies will look to jointly expand lease financing facilities, first in North America and then globally.

“Allianz Partners is a global player, offering automotive insurance and finance products and services for electric and non-electric vehicles. This is one of the most important achievements yet for DRIVRZ. Allianz Partners understands and supports our vision to offer a virtual marketplace to buy, sell, trade, lease and insure electric and non-electric vehicles.”

Kelly Jennings, CEO of PowerBand Solutions

PowerBand Solutions last traded at $1.36 on the TSX Venture.

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