Insurance broker Aon has agreed to acquire digital insurance platform CoverWallet for an undisclosed amount.
Upon deal completion in the first quarter of next year, CoverWallet will operate as CoverWallet, an Aon company. The company will join the New Ventures Group of Aon.
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CoverWallet was founded by Inaki Berenguer and Rashmi Melgiri in 2015. The company has staff headcount of over 300 who are employed in engineering, digital marketing, data science, business intelligence, operations, and design roles.
The company is present in New York City, Rochester, New York as well as Spain.
Aon CEO Greg Case said: “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.”
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By GlobalDataBerenguer added: “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.”
Last month, Aon confirmed the move of its parent company’s jurisdiction of incorporation to Ireland from Britain due to Brexit.
