Professional services company Aon has announced it’s going to acquire CoverWallet, a digital insurance platform that caters to small and medium-sized businesses (SMBs).
The move will help Aon get access to the $200 billion digital insurance market, as well as the ability to use CoverWallet’s platform to create client-forward initiatives to help with the company’s overall growth strategy.
“We are excited to combine Aon's expertise in data and analytics and global distribution with CoverWallet's market-defining platform to create new sources of value for our clients," said Aon CEO Greg Case. “CoverWallet's culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience.”
Once the deal is complete, CoverWallet will be a part of Aon’s New Ventures Group, which is an arm of Aon that focuses on expanding the company’s reach.
“CoverWallet will apply its data and analytics capabilities, technology, and operational expertise to the broader Aon digital client experience, while also working closely with leadership across Aon's geographies and global solution lines to accelerate the growth of CoverWallet's core business,” Aon said in the release.
The New Ventures Group was formed in 2018 and works to bring customer solutions to its clients.
“We started CoverWallet to reinvent commercial insurance. By building our customer-centric platform and leveraging advanced data science, beautiful design, and state-of-the-art technology, we have been able to simplify insurance,” said CoverWallet CEO and Co-Founder Inaki Berenguer. “Aon's shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.”
CoverWallet was founded in 2015, and it has over 300 employees in all of its departments, which include engineering, digital marketing, data science, business intelligence, design and operations. The company has three offices in New York State and one in Spain.