Global professional services firm Aon and US-based digital insurance company CoverWallet launched a digital platform for small and medium enterprises (SMEs) in Australia.
CoverWallet, which is an insurance technology company headquartered in New York City, has also received an undisclosed investment from Aon. The insurtech company created a digital platform that serves the small and medium enterprise (SME) market and is licensed in all the US states and Europe.
Aon and the insurance technology firm intend to extend their partnership to more geographies, including the US.
Aon Affinity global CEO Liam Caffrey said: “CoverWallet’s innovative data science and technology capabilities are helping to reinvent the insurance industry, particularly in the SME market.
“We are excited to partner with their team and collaborate on client engagements in this fast-growing segment.”
The partnership is expected to give Aon further access to the small and medium enterprise digital insurance market segment. For the insurtech company, the partnership will help expand its presence into new channels and geographies through the global capabilities and professional network of Aon.
The companies will work around further technological advancements and client opportunities.
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.”
Last month, the insurtech company partnered with Swiss insurance giant Zurich Insurance to launch an online insurance platform for SMEs in Switzerland.
Powered by CoverWallet, the insurance platform will provide insurance policies from Zurich Insurance. Through the platform, SMEs can learn about the types of coverage they require, receive real-time quotes, buy insurance and handle their policies online.
In December 2018, the insurtech company launched CoverWallet for Agents, a dedicated platform for commercial insurance designed to serve insurance agents. The technology platform gives a fast, simple and efficient way to agents to offer commercial insurance to businesses, with a single point of entry to access top carriers for various types of policies.