CoverWallet

CoverWallet aims to provide a concierge-style service for small business to manage their insurance cover requirements.

The service uses a mix of data analysis and technology to provide everything from risk analysis and assessment to coverage recommendations and claim assistance. Small businesses can contact consultants in a number of ways including phone, email or online chat to receive advice on what kinds of insurance they require and obtain quotes.

Once cover has been taken out, policies can be managed within CoverWallet, with access to rates and peer comparisons as well as documentation and claims assistance. It also launched CoverStartups, an insurance resources and purchasing platform serving high-growth companies.

Backed by Union Square Ventures, Founder Collective and Two Sigma Ventures, among others, CoverWallet is actively disrupting the $100 Billion small business insurance market. The startup won Best Insurtech Solution from the Benzinga Awards in 2017 and, in the same year, was named as “One of the Most Entrepreneurial Companies in America” by Entrepreneur Magazine.

According to the Insurance Times, CoverWallet boasted a revenue growth of 800% and have plans to penetrate the UK business insurance market in the future.

In November 2018, the company revealed it would be collaborating with the Tobin Centre for Executive Education of St John's University on a series of InsurTech thought leadership initiatives. The following year, the company would launch an online platform for small and medium-enterprise insurance in Switzerland, in collaboration with major global insurer, Zurich.

Last, the insurer revealed another strategic tie-up in 2019 - this time, a commercial agreement with Aon to serve SMEs' insurance needs. Although initially starting in Australia, both companies plan to expand the service to additional countries, including the U.S. The partnership provides Aon with additional access to the $100 billion SME digital insurance market.

In November 2019 global insurance broker Aon announced it was to acquire CoverWallet for an undisclosed amount. At the time of acquisition, CoverWallet had over 300 employees, with offices in NYC and Rochester, NY, and Spain. It had also raised a total of $40m of investment.

In August 2020, CoverWallet announced a new digital insurance product for VC-backed startups, enabling them to instantly buy and manager D&O insurance, Employment Practices Liability and Fiduciary coverage online.