CoverWallet is an insurance company using analytics and technology to offer insurance premiums to small businesses that is headquartered in New York City, New York and was founded in 2016 by Inaki Berenguer and Rashmi Melgiri. Features offered by the CoverWallet insurance platform are automatic risk analysis, document management, benchmarking and data analytics, intelligent data driven risk and insurance assessments, coverage recommendations, peer risk comparisons and claims support. CoverWallet works with several insurance partners which include: Liberty Mutual, CNA, Starr Companies, Blackboard, Berkshire Hathaway Guard Insurance Company, AmTrust, Chubb, Progressive, Hiscox, Atlas, Employers, and Markers.
The company is offering small business insurance for general liability, workers compensation, business owners policy (BOP), commercial property, professional liability, commercial auto, umbrella insurance, errors & omissions (E&O), directors & officers (D&O), employment practices and liability insurance (ELPI), inland marine, product liability, special events, cyber liability, liquor liability, medical malpractice, ocean marine, health insurance, hired & non-owned auto, business interruption, equipment breakdown, garage liability, disability insurance, pollution liability, crime, employee benefits liability, fiduciary bond, surety bond, fidelity bond, and commercial package.
On November 17, 2016 CoverWallet announced raising $7.8 million in funding from Index Ventures, Highland Capital Partners, Two Sigma Ventures and Founder Collective, and John Buttrick. At the time of announcing their series A funding CoverWallet also announced that the former CEO of Goji and executive vice president of Commerce Insurance, Jim Ermilio, will become the president of insurance of CoverWallet.
The CEO and co-founder of CoverWallet made the following statement regarding the companies series A funding round:
We are very excited to welcome Union Square Ventures, Index Ventures and executives who have a proven track record in building online brands that reinvent entire markets. Buying and managing insurance feels analog and painful. With CoverWallet, we are building a customer-centric online product that is both beautiful and intuitive. We are reinventing how small businesses get insurance, saving time and money.
On October 12, 2017 CoverWallet announced raising $18.5 million in series B funding from Foundation Capital (lead investor), Union Square Ventures, Index Ventures, CV Starr, and Two Sigma Ventures. The company also announced Charles Moldow, a partner at Foundation Capital, will join the CoverWallet board of directors. The CEO and co-founder of CoverWallet made the following public statement regarding the company's series B funding round:
We're thrilled to welcome Foundation Capital and Charles Moldow to the CoverWallet family. They share our assessment of the insurance industry as being inefficient and unloved by customers. Not a recipe for success. Today, there exists a unique opportunity to reinvent it by focusing on the CoverWallet principles of simplification and transparency, leveraging analytics, and, ultimately reducing friction. We are on a mission to use technology to democratize hassle-free access to business insurance.
Aon plc, a global professional services firm providing a range of risk, retirement and health solutions, announces that it has entered into a definitive agreement to acquire CoverWallet, a digital insurance platform for small and medium-sized businesses.
Earlier this year, CoverWallet and Aon announced an initial commercial partnership, launched a pilot in Australia which later expanded to the U.S, and worked together to build additional pilot programs in the U.S.