We launched CoverWallet back in 2016 to reinvent commercial insurance leveraging data science, beautiful design, and technology. And since then we have grown — tens of thousands of business customers and over 300 employees mainly in tech-related positions — and worked relentlessly to become the global leader in our category. As Jeff Bezos would put it, we worked long, intense and smart.
Today we are announcing that Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, with over 50,000 colleagues in 120 countries, has completed the acquisition of CoverWallet. Not only is Aon the leading company in our category, but I also heard a consistent message from everyone in the financial services industry: “Aon has a terrific leadership team. The best in the industry.” Market leadership with an incredible leadership team is a perfect recipe to continue growing and winning.
You’re going to hear a lot more from CoverWallet in the months to come, and we are enthusiastic about the future. I am very bullish in our insurance category. Today businesses around the globe are exposed to more and more risks (not only traditional property and liability risks, but also cyber crime, global tariffs, patent trolls, lawsuits of employees around discrimination or harassment, climate change, terrorism, board of directors liabilities, the list goes on). And businesses should have easy access to insurance products to mitigate those risks, so they can focus on growing their business and not on the downside of it.
Innovating in this category is quite simple: create personalized products that customers want easily accessible, with a white glove customer value proposition and customer service. The solution to do this efficiently is not adding more using insurance experts to solve the problem. It is the superpowers of Artificial Intelligence, Data Sets, Beautiful UX, and Software to replace what insurance experts (humans) do, but 24/7 with higher speed and precision to personalize, underwrite and distribute the products, with simple and convenient customer experience. And this is where we play and how we win and have an impact.
We will go to market as “CoverWallet, an Aon Company” and we will be part of Aon’s New Ventures Group, responsible for innovation around technology and new business models on a global scale. This is an opportunity to continue innovating and hyper growing, leveraging technology, data science, and beautiful design, but now at a much larger scale, with new products, and in new geographies and markets.
I really appreciate the support of so many people — investors, advisors, directors, employees, and partners — who have helped grow CoverWallet into what it is today. I am proud of what we have achieved, but even more excited about the future together with Aon.
ps. — Aon means One in Gaelic. Enjoy One, one of my favorite songs; a song about coming together as a team!