CoverWallet Unveils Digital Insurance Offering For Startups Backed By VCs

CoverWallet Unveils Digital Insurance Offering For Startups Backed By VCs

Digital insurance platform CoverWallet, an Aon company, has unveiled a new offering for growth companies that have received venture capital (VC) investments, according to a Monday (Aug. 3) announcement.

VC-backed firms can purchase and handle Employment Practices liability, Directors & Officers insurance (D&O) and Fiduciary coverage through the web with the management liability offering, according to the announcement.

“After launching CoverStartups two years ago, we saw the need for a better insurance experience and product for high-growth startups when it came to management liability, and especially D&O coverage,” CoverWallet CEO and Co-Founder Inaki Berenguer said in the announcement. “By continuing to take a customer-centric approach and harnessing new datasets, CoverWallet is able to deliver startups a faster, simpler and more convenient experience for buying and managing insurance.”

The offering is meant for seed to Series C firms and provides further options beyond those available on CoverStartups. It assigns investors tiers depending on their due diligence procedures and “track records” via an algorithm. As a result, upstarts receive a quicker application procedure and more exact coverage.

The management liability offering was created in conjunction with Boost. It comes in addition to the current insurance offerings of CoverStartups that encompass Worker’s Compensation, General Liability, Cyber Liability, Errors & Omissions, Professional Liability and Commercial Property and lets growth companies purchase and handle their insurance in a single location.

In November, Aon said it would acquire CoverWallet, which is geared toward small and medium-sized businesses (SMBs). The move would assist Aon in accessing the $200 billion digital insurance market in addition to using the CoverWallet technology to make client-forward programs to assist with the firm’s growth strategy as a whole.

At the time it was noted that CoverWallet would become a part of the New Ventures Group of Aon once the deal is complete. The group is an arm of Aon that is geared toward growing the firm’s reach.