CoverWallet

About CoverWallet

CoverWallet operates as a digital insurance platform specifically designed for small and medium-sized businesses. The company was established in 2015 by Iñaki Berenguer and Rashmi Melgiri and is headquartered in New York. The founders' journey began after they personally witnessed the challenges businesses encounter when managing insurance. Berenguer, a serial entrepreneur with a background in engineering and an MBA from MIT, had previously founded and sold two other tech companies, Pixable and Contactive. This experience, combined with Melgiri's, informed their mission to simplify the commercial insurance process.

The firm functions as an online insurance broker, allowing businesses to obtain and manage various insurance policies through a single, streamlined process. Its business model is centered on providing a customer-centric platform that utilizes data analytics and technology to offer a simplified insurance experience. CoverWallet earns revenue by acting as a broker, connecting small businesses with a wide array of insurance products from its partner carriers, which include major names like Chubb, AIG, and Liberty Mutual. The platform is free for users to get quotes, with the company receiving commissions from the insurance providers upon policy purchase.

CoverWallet's core service is an online marketplace where businesses can apply for, receive quotes for, and purchase a comprehensive range of commercial insurance policies. These include general liability, workers' compensation, commercial auto, professional liability, and cyber liability insurance, among others. A key feature is the 'My Wallet' digital tool, which allows clients to manage their policies, access insurance certificates, and initiate claims in one centralized location. The platform aims to replace the traditionally cumbersome, paper-based insurance application process, which can take days, with a digital experience that delivers quotes in minutes. A significant milestone for the company was its acquisition by Aon, a global professional services firm, which was announced in November 2019 and completed in January 2020. Following the acquisition, CoverWallet became part of Aon's New Ventures Group, operating as 'CoverWallet, an Aon company', to expand its digital capabilities and market reach.