Aon invests in insurtech CoverWallet, unveils commercial partnership for SMEs
Re/insurance broker Aon has entered into a commercial partnership with insurtech start-up CoverWallet, an online platform helping small businesses to understand, buy and manage insurance, in Australia.
Aon will partner with CoverWallet around technological advancements and client opportunities. It is launching a new platform in Australia this month, and in the process of expanding their partnership to additional geographies including the US.
The agreement provides Aon with additional access to the growing $100 billion small and medium enterprise (SME) digital insurance market segment, while allowing CoverWallet to expand its reach into new channels and geographies.
Additionally, Aon has made a strategic investment in CoverWallet, adding to its previously raised $40 million from investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, as well as global insurance companies such as Zurich Insurance Group and Starr Companies.
New York-based CoverWallet has strategic partnerships with top insurance companies, including Chubb, CNA, Starr, Guard, Zurich, Hiscox, Liberty Mutual, and The Hanover, among others.
"CoverWallet's innovative data science and technology capabilities are helping to reinvent the insurance industry, particularly in the SME market," said Liam Caffrey, global CEO, Aon Affinity. "We are excited to partner with their team and collaborate on client engagements in this fast-growing segment."
Inaki Berenguer, CEO and co-founder of CoverWallet, commented: "We are thrilled to now be working with the largest and most respected risk, retirement and health solutions provider in the world. Partnering with Aon brings a wealth of experience, credibility, and strategic thinking that complements our approach, and it helps accelerate our growth even faster, enabling us to reach and delight more customers."
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