Insurance broker Aon has completed the acquisition of CoverWallet, a digital insurance platform for small and medium-sized businesses.

Through this acquisition, which first announced in November last year, Aon hopes to expand its position in the commercial insurance market for smaller businesses.

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Furthermore, Aon intends to leverage CoverWallet’s data & analytics capabilities to further develop and scale digital client platforms.

CoverWallet will now become part of Aon’s New Venture Group.

Commenting on the deal, Aon CEO Greg Case said: “Since we announced this acquisition, we’ve grown even more excited by the opportunities we see to combine Aon’s expertise in data & analytics and global distribution with CoverWallet’s market-defining platform to create new sources of value for our clients.

“CoverWallet is a truly innovative organization and we’re ready to begin working together to strengthen and expand the application of their digital client experience.”

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.

CoverWallet CEO and co-founder InakiBerenguer said “This is an exciting day for CoverWallet as we bring our team together with Aon.

“With our technology and customer-centric focus, combined with the global leader in risk, retirement, and health solutions, we see tremendous opportunities to expand value for clients and deliver significant growth.