CoverWallet, the digital insurance platform for small and medium-sized businesses, has been acquired by Aon, the global professional services firm providing a broad range of risk, retirement and health solutions. Terms of the transaction were not disclosed and the deal is expected to complete in early 2020. “We started CoverWallet to reinvent commercial insurance. By building our customer-centric platform and leveraging advanced data science, beautiful design, and state-of-the-art technology, we have been able to simplify insurance,” said Inaki Berenguer, CEO and Cofounder of CoverWallet. “Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale.”
We started CoverWallet to reinvent commercial insurance. By building our customer-centric platform and leveraging advanced data science, beautiful design, and state-of-the-art technology, we have been able to simplify insurance. Aon’s shared vision means we can continue pushing the boundaries of innovation into new markets and new products at a greater scale. – Inaki Berenguer, CEO and Co-Founder of CoverWallet
Founded in 2015 by Berenguer and Rashmi Melgiri, CoverWallet had raised a total of $28.3M in funding and backers for the company include Index Ventures, Foundation Capital, Highland Capital Partners, Founder Collective, Union Square Ventures, Two Sigma Ventures, Adeyemi Ajao, Augusta Investments LLC (Urizen), FortRoss Ventures, Alfonso Villanueva, Zurich Insurance Group, Starr Companies, and C.V. Starr & Co. CoverWallet will join Aon’s New Venture Group.
“We are excited to combine Aon’s expertise in data and 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’s culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience.”
We are excited to combine Aon’s expertise in data and analytics and global distribution with CoverWallet’s market-defining platform to create new sources of value for our clients. CoverWallet’s culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience. – Greg Case, CEO of Aon