Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, and CoverWallet, the market-leading digital insurance company for small businesses, announced today that they have entered into a commercial agreement to serve clients in Australia. The parties are in the process of expanding this partnership to additional geographies, including the United States.
The current partnership 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 through Aon’s global capabilities and professional network. Aon will partner with CoverWallet around further technological advancements and client opportunities. A new Aon platform powered by CoverWallet launched in Australia this month.
“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.”
CoverWallet, based in New York City, is an insurance technology company with an industry-leading digital platform that serves the SME market and is licensed in all fifty U.S. states and Europe. CoverWallet has strategic partnerships with top insurance companies, which include Chubb, CNA, Starr, Guard, Zurich, Hiscox, Liberty Mutual, and The Hanover, among others. Founded in 2015 by technology entrepreneurs Inaki Berenguer and Rashmi Melgiri, the company has approximately 300 employees in New York City, Rochester, NY, and Spain.
“We are thrilled to now be working with the largest and most respected risk, retirement and health solutions provider in the world,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet. “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.”
In conjunction with this agreement, CoverWallet received a strategic investment from Aon. Further financial details were not disclosed. The investment from Aon will add to the $40 million CoverWallet had previously raised from investors. CoverWallet is backed by renowned investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, as well as leading global insurance companies such as Zurich Insurance Group and Starr Companies.