Professional services company Aon plc has apparently made it to the headlines for having forged a commercial agreement with market-leading digital insurance firm CoverWallet. If reports are to be believed, the contract has been signed to serve clients in Australia. Additionally, it is being speculated that both the companies plan to expand the partnership to other regions worldwide, pivotal among them being, the United States.
Liam Caffrey, Global Chief Executive at Aon Affinity, has been quoted stating that CoverWallet’s data science and technology capabilities have helped revolutionize the domain of insurance, specifically for SMEs. The company is thrilled to forge a relationship with CoverWallet and further liaison on client engagements, Caffrey added.
Echoing similar sentiments, Inaki Berenguer, Co-Founder & CEO, CoverWallet, claimed that the digital insurance company is delighted to join hands with Aon, presently the largest risk, health, and retirement solutions provider globally. Establishing a collaboration with the firm will bring in substantial credibility and experience along with a strategic thought process, that is suitably aligned with CoverWallet’s approach, Berenguer said, adding that the agreement would also help fast-track the progress of the company and expand its consumer base.
As per sources familiar with the knowledge of the matter, the partnership would deliver Aon with additional access to the SME digital insurance market, touted to be a part of the 100-billion-dollar business cosmos. Additionally, the deal is anticipated to enable CoverWallet to expand its reach into other regions and channels via Aon’s professional network.
Reliable sources further affirm that CoverWallet has already received an investment from Aon. It has been speculated that this capital will add to the USD 40 million that CoverWallet had already raised via funding rounds sponsored by investors such as Index Ventures, Starr Companies, Foundation Capital, Two Sigma, Union Square Ventures, etc.
No further financial details have been revealed by either of the parties.
Incidentally, a new Aon platform, driven by CoverWallet, was launched in Australia recently.