The acquisition advances Aon's data and analytics capabilities and further enables the firm to develop and scale digital client solutions
Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today that it has completed the firm’s acquisition of CoverWallet, the leading digital insurance platform for small and medium-sized businesses.
With the acquisition, Aon will expand its position in the fast-growing commercial insurance market for smaller businesses, while leveraging CoverWallet’s technology and data & analytics capabilities to develop and scale digital client solutions.
“Since we announced this acquisition, we’ve grown even more excited by the opportunities we see to combine Aon’s expertise in data & 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 is a truly innovative organization and we’re ready to begin working together to strengthen and expand the application of their digital client experience.”
CoverWallet joins the growing portfolio of Aon’s New Ventures Group, 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 market as CoverWallet, an Aon company.
“This is an exciting day for CoverWallet as we bring our team together with Aon,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet. “With our technology and customer-centric focus, combined with the global leader in risk, retirement, and health solutions, we see tremendous opportunities to expand value for clients and deliver significant growth.”
Source: Company Press Release