Aon partners with InsurTech startup CoverWallet to offer digital insurance to commercial customers in Australia
Late last year, we wrote about CoverWallet when the insurtech startup launched a commercial insurance platform exclusively for insurance agents. The startup has experienced explosive growth through partnerships and collaborations with other company in the insurance vertical.
To further expand its services beyond the United States, Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced it has entered into a commercial partnership agreement with CoverWallet, to serve clients in Australia with plan to expand to additional geographies, including the United States.
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.
Founded in 2015 by Inaki Berenguer and Rashmi Melgiri, the New York-based CoverWallet offers range of insurance include general liability, workers’ compensation, commercial property, BOP, professional liability, E&O, medical malpractice, umbrella insurance, D&O, cyber liability, inland marine, EPLI, commercial auto, disability, health, and product and pollution liability. Its services are provided to firms in the administrative, agricultural, construction, consulting, contractor, education, finance, food, healthcare, management, manufacturing, mining, non-profit, scientific, and real estate industries.
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.”