Aon has announced that it has entered into a definitive agreement to acquire CoverWallet, the leading digital insurance platform for small and medium-sized businesses.
“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 Greg Case, CEO of Aon. “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.”
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.
Post-close, CoverWallet will join the growing portfolio of Aon’s New Ventures Group. “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 Inaki Berenguer, CEO and Co-Founder of CoverWallet. “Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.”
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.