InsurTech 100 company CoverWallet has extended a commercial agreement with Aon to service clients in Australia.
The two companies are in the process of expanding their partnership to other geographies, including the US.
Under the current agreement, Aon gains access to the $100bn SME digital insurance market, while CoverWallet is able to increase its reach into new channels and geographies via Aon’s network.
Aon will also partner with CoverWallet for further technological advancements and client opportunities. A new Aon platform, powered by CoverWallet, launched earlier this month in Australia.
As part of the renewed partnership, Aon is deploying a strategic investment into CoverWallet – the size of this was not specified. The capital will add to the $40m previously raised by the InsurTech from investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, and Zurich Insurance Group.
Founded in 2015, CoverWallet provides businesses with a variety of insurance products including general liability worker compensation, business owner’s policy, cyber liability, commercial property, commercial auto, and umbrella insurance policies, and others. Based in New York, the company provides businesses with a small digital wallet which holds all their policies, rates and claims.
CoverWallet CEO and co-founder Inaki Berenguer said, “We are thrilled to now be working with the largest and most respected risk, retirement and health solutions provider in the world.
“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.”
Earlier in the year, CoverWallet formed a deal with Zurich Insurance to release its SME insurance cover in Switzerland.
