{"id":17585,"date":"2019-11-20T14:12:50","date_gmt":"2019-11-20T19:12:50","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=62683"},"modified":"2019-11-20T14:12:50","modified_gmt":"2019-11-20T19:12:50","slug":"aon-to-acquire-coverwallet-the-leading-digital-insurance-platform-for-small-and-medium-sized-businesses","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/11\/20\/aon-to-acquire-coverwallet-the-leading-digital-insurance-platform-for-small-and-medium-sized-businesses\/","title":{"rendered":"Aon to acquire CoverWallet, the leading digital insurance platform for small and medium-sized businesses"},"content":{"rendered":"

Aon will accelerate growth of CoverWallet\u2019s core offerings and apply underlying technology to broader digital client experience platform<\/h3>\n

Acquisition combines Aon\u2019s industry-leading investment in data and analytics with CoverWallet\u2019s advanced technology to create new sources of value for clients<\/em><\/h4>\n

London, UK (Nov. 20, 2019) \u2013 Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today that it has entered into a definitive agreement to acquire CoverWallet, the leading digital insurance platform for small and medium-sized businesses.<\/p>\n

The acquisition provides Aon with additional access to the fast-growing, $200+ billion premium digital insurance market for small and medium-sized businesses, as well as the opportunity to leverage CoverWallet\u2019s platform to develop and scale innovative digital client experiences that support the firm\u2019s Aon United growth strategy.<\/p>\n

\u201cWe are excited to combine Aon\u2019s expertise in data and analytics and global distribution with CoverWallet\u2019s market-defining platform to create new sources of value for our clients,\u201d said Greg Case, CEO of Aon. \u201cCoverWallet\u2019s 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.\u201d<\/p>\n

Post-close, CoverWallet will join the growing portfolio of Aon\u2019s New Ventures Group, which functions as a growth-stage capability focused on delivering new sources of value to clients that expand Aon\u2019s addressable market. As part of the New Ventures Group portfolio, 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\u2019s geographies and global solution lines to accelerate the growth of CoverWallet\u2019s core business. Formed in 2018, Aon\u2019s New Ventures Group has experienced significant growth in its first year having developed an innovative portfolio of new client solutions, including Aon\u2019s Intellectual Property Solutions and Public Sector Partnership offering.<\/p>\n

\u201cWe 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,\u201d said Inaki Berenguer, CEO and Co-Founder of CoverWallet. \u201cAon\u2019s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.\u201d<\/p>\n

Founded in 2015 by technology entrepreneurs Inaki Berenguer and Rashmi Melgiri, CoverWallet has more than 300 employees across engineering, digital marketing, data science, business intelligence, design, and operations, with offices in New York City, Rochester, NY, and Spain. CoverWallet also maintains many strategic partnerships with top insurance companies, including Chubb, CNA, Progressive, Starr, AIG, Zurich, The Hanover, Hiscox, Liberty Mutual, and AmTrust, among others. Earlier this year, CoverWallet and Aon announced an initial commercial partnership, launched a pilot in Australia which later expanded to the U.S, and worked together to build additional pilot programs in the U.S.<\/p>\n

The transaction is expected to close during the first quarter of 2020, after which the CoverWallet organization will go to market as CoverWallet, an Aon company.<\/p>\n

About CoverWallet<\/strong><\/h4>\n

CoverWallet is the leading tech company reinventing the multi-billion dollar commercial insurance market for businesses. Based in New York and launched in 2016, it has received more than $40 million in funding from renowned investors including Union Square Ventures, Index Ventures, Two Sigma, and Foundation Capital, as well as Zurich Insurance Group and Starr Companies. Powered by deep analytics, thoughtful design, and state-of-the-art technology, CoverWallet makes it easy to understand, buy, and manage business insurance online. For more information, visit www.coverwallet.com<\/a>.<\/p>\n

About Aon<\/strong><\/h4>\n

Aon plc (NYSE:AON) <\/em> is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. For more information, visit www.aon.com<\/a>.<\/p>\n

SOURCE: Aon plc<\/em><\/p>\n

Tags: Acquisition<\/a>, Aon<\/a>, CoverWallet<\/a>, Digital Insurance<\/a>, platform<\/a>Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aon will accelerate growth of CoverWallet\u2019s core offerings and apply underlying technology to broader digital client experience platform Acquisition combines Aon\u2019s industry-leading investment in data and analytics with CoverWallet\u2019s advanced technology to create new...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17585"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17585"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17585\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}