Aon plc , a global professional services firm providing a broad range of risk, retirement and health solutions, announced in January 2020 that it has completed the firm’s acquisition of CoverWallet, a digital insurance platform for small and medium-sized businesses. Plans for the acquisition were announced in November 2019.
This move follows an earlier commercial agreement to serve Australian clients in May 2019. That partnership provided Aon with additional access to the growing 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’s current acquisition aims to expand its position further in the fast-growing commercial insurance market for smaller businesses, leveraging CoverWallet’s technology and data & analytics capabilities to develop and scale digital client solutions.
Greg Case, CEO of Aon explained that his company was excited by the prospects of combining their expertise in data & analytics and global distribution with CoverWallet’s innovative platform to create new sources of value for their clients.
CoverWallet joins the growing portfolio of Aon’s New Ventures Group, formed in 2018, which functions as a growth-stage capability focused on delivering new sources of value to clients that expand Aon’s addressable market.
As a part of the New Ventures Group, Aon will utilize the power of its enterprise to accelerate the growth of CoverWallet’s core business, while applying CoverWallet’s data & analytics capabilities and technology to strengthen the digital client experience for the firm’s existing clients. Moving forward, CoverWallet will go to
Inaki Berenguer, CEO and Co-Founder of CoverWallet, expressed optimism at the collaboration between his company’s technology and customer-centric focus with Aon’s standing in risk, retirement and health solutions.