Global insurance broker Aon is partnering with digital insurance platform CoverWallet to serve clients in Australia.
The parties also said they are in the process of expanding this partnership to additional geographies, including the United States.
The Aon platform run by CoverWallet launched in Australia this month.
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 network. Aon does business in 120 countries.
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 including Union Square Ventures, Index Ventures, Two Sigma, and Foundation Capital, as well as Zurich Insurance Group and Starr Companies.
“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.
CoverWallet, based in New York City, is an insurance technology company with a digital platform that serves the SME market and is licensed in all 50 U.S. states and Europe. CoverWallet has strategic partnerships with major insurance companies including Chubb, CNA, Starr, Guard, Zurich, Hiscox, Liberty Mutual, and The Hanover, among others.
The CoverWallet platform provides users with real-time quoting, underwriting, binding, billing and servicing capabilities.
Founded in 2015 by technology entrepreneurs Inaki Berenguer and Rashmi Melgiri, the company has approximately 300 employees in New York City, Rochester, N.Y., and Spain.
“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,” said Berenguer, CEO of CoverWallet.
CoverWallet began last year offering its platform and markets to other agencies as well to businesses including accountants, real estate brokers and lenders that wish to sell its policies from its insurers.
The Hanover Group was the first carrier to use the CoverWallet platform in the U.S., providing it to agents for its emerging micro-small commercial business. Zurich, which became a minority stakeholder last June, uses it to sell its policies directly to small businesses in Spain. Insurer CV Starr was an early investor and is also a minority shareholder in CoverWallet.
Coverages offered by CoverWallet include general liability, workers’ compensation, business owners, commercial property, professional liability, cyber liability, product liability, liquor liability, umbrella, errors & omissions, employment practices, garage liability, inland marine, commercial auto, and directors and officers. They are targeted at various industries including construction, manufacturing, healthcare, real estate, retail, agriculture, finance, insurance education, consulting, professional services, sports, nonprofits, transportation, wholesale and technology.
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