Aon snaps up CoverWallet, a digital insurance platform for SMEs

Aon | November 20, 2019

Global insurance brokerage and professional services firm Aon has entered into a definitive agreement to acquire CoverWallet, a US-domiciled digital insurance platform for small and medium-sized enterprises (SME). The deal gives Aon access to the fast-growing, $200+ billion premium digital insurance market for SMEs. The brokerage giant will also be able to leverage CoverWallet’s platform to develop and scale innovative digital client experiences that support the Aon United growth strategy. “We’re excited to combine Aon’s expertise in data and analytics and global distribution with CoverWallet’s market-defining platform to create new sources of value for our clients,” said Greg Case, CEO of Aon. “CoverWallet’s culture of innovation is transforming the insurance landscape, and together we have the opportunity to further strengthen and expand the application of their digital client experience.”

Spotlight

Zurich Insurance chairman Michel Liès knows that digitalization is shaking up his industry. In part one of the Newsmaker interview, the insurance veteran goes so far as to say it is “destroying” the solidarity that lies at its core. But he adds that digital transformation also presents an opportunity to better understand the risk before the claims process has even started.

Spotlight

Zurich Insurance chairman Michel Liès knows that digitalization is shaking up his industry. In part one of the Newsmaker interview, the insurance veteran goes so far as to say it is “destroying” the solidarity that lies at its core. But he adds that digital transformation also presents an opportunity to better understand the risk before the claims process has even started.

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CORE INSURANCE

EY Announced a Partnership with Fadata to Assist Insurance Firms Enhance their Business Performance

EY | July 14, 2021

EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience. The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey. Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.

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INSURANCE TECHNOLOGY

Centerbridge Joins Realogy to Launch Title Insurance Underwriter Venture

Title Resources Group | March 30, 2022

Title Resources Guaranty Company, doing business as "Title Resources Group," announced today that the Texas Department of Insurance had approved the formation and funding of its previously announced title underwriting joint venture with Centerbridge Partners, L.P. ("Centerbridge") and Realogy Holdings Corp. The stock of TRG, which conducts underwriting operations, contributes to a new holding company cooperatively owned by the joint venture partners as part of the transaction. In addition, Realogy's title agencies will be retained in its Realogy Title Group division. The joint venture will assist TRG to accelerate its profitable growth trajectory and build the company's current strong momentum. TRG has attained a compound annual growth rate of approximately 15% in title premiums and 19% in statutory net income over the last 12 years while providing superior customer capabilities and outcomes. Title Resources Group has developed due to our commitment to providing knowledgeable and responsive underwriting solutions to our network of title insurance agents across the United States while maintaining quality through integrity and financial stability. We're ecstatic to form this partnership, which is a testament to our firm's high-quality people and operations, and accelerate our profitable growth trajectory. With the support of our Centerbridge partners, we're excited about the opportunity to broaden our reach and deepen our capabilities through investment in our people and technology." Scott McCall, President and CEO, will continue to lead TRG in a similar position in 2009. We're encouraged by the strong team, and platform Scott has built. We look forward to accelerating the growth at TRG as an independent entity. The board of TRG will continue to prioritize investments in technology and new services, all to deliver value to all stakeholders, including agents and employees." Kevin Mahony, Managing Director at Centerbridge. Furthermore, TRG will have its board of directors, chaired by Alan Colberg, former CEO of Assurant, Inc, as an independent entity from Realogy. Before Assurant, Alan was at Bain & Company for 22 years and served as the global practice leader for financial services. Additional independent board members will be admitted over the coming months.

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CORE INSURANCE

AGIA joins the DOXA Insurance Holdings family of companies

DOXA INSURANCE | October 07, 2021

AGIA, Inc. and its sister company Worldwide Rescue and Security, Inc. (collectively AGIA) are pleased to announce their respective acquisitions by DOXA Insurance Holdings, LLC (DOXA). AGIA will continue operations under the leadership of CEO Chris Burke and team and will retain the AGIA and Worldwide Rescue and Security names. AGIA is one of the industry's few remaining affinity focused program managers of its size, scale, and brand value. For more than 65 years, the company has maintained a national reputation for delivering creative and effective affinity products, marketing excellence, and providing a superior level of service to its marquee client roster, which includes some of the largest and most iconic associations, affinity groups, and organizations in the country. Our senior leadership, board of directors, and ownership considered a variety of strategic plans to power AGIA's continued growth and ultimately decided that it was time to make AGIA a part of something bigger, with more growth opportunities and an investment appetite that would also include funding targeted acquisitions,Taken together, DOXA's mission, vision, and corporate cultures were a perfect fit for us. - Chris Burke, President and CEO of AGIA. DOXA is a privately held company whose mission is to build a diversified underwriting and distribution platform that delivers value for clients, customers, carriers, and investors via thoughtful acquisitions and organic growth. AGIA represents for DOXA an entry point of scale, highly specialized expertise, and intellectual capital in the affinity space; it will become the platform upon which DOXA will build its business and growth in the affinity and program management sector. I'm excited to welcome AGIA to the DOXA family of companies, We share a vision to become the choice builder and provider of highly specialized niche programs and products; and we look forward to helping AGIA achieve the next-level growth they so strongly desire. - Matt Sackett, DOXA's CEO. Dowling Hales, LLC advised AGIA, Inc.; the terms of the transaction were not disclosed. ABOUT DOXA INSURANCE: DOXA INSURANCE HOLDINGS is a Midwest-domiciled holding company that acquires specialty niche-focused insurance distribution companies such as Managing General Agencies, Wholesale Brokers, and Program Administrators. DOXA focuses on assisting proprietors through a strategic, reengineered approach to succession planning and organizational sustainability. DOXA's founders are experienced insurance executives with credentials in the niche and specialty insurance market. ABOUT AGIA: For more than 65 years, AGIA has served as the insurance and member benefits marketing and administration partner to some of the largest and most iconic associations and organizations in the country. Working closely with discipline, science, and creativity, we craft affinity benefit programs that help members protect what they value most.

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