The world of InsurTech has changed dramatically since 2015, when I teamed up with my MIT classmate, Rashmi Melgiri, to found CoverWallet. Our goal was to reinvent commercial insurance leveraging data science, beautiful design and technology.
Executive SummaryPerfect timing and perfect DNA were two ingredients of the success of CoverWallet, an online distributor of small business insurance, according to one of the company's founders, Inaki Berenguer. Marking the third anniversary of CoverWallet's biggest milestone—being acquired by Aon in Jan. 2020—and just four years after Berenguer appeared on a Carrier Management cover, he accepted our invitation to reflect on the journey and think about what's ahead for InsurTechs from his vantage point outside the industry.
We assembled an all-star team and, to accelerate our growth, we secured funding from leading investors including USV, Index, Founder Collective, Foundation Capital, Two Sigma Ventures, CV Starr and legendary Hank Greenberg. In no time, we became the leading online business insurance solution with over 350 employees and tens of thousands of business customers.
Our success story came to a fantastic milestone in January 2020 when we were acquired by Aon, a global leader in risk management with one of the most inspiring CEOs in the sector. And under the Aon umbrella, the business is still thriving. (Editor’s Note: Aon’s CEO was and is still Greg Case. Here’s a flashback to CM’s breaking news alert when the deal was announced: “Aon Acquires CoverWallet, Coveting the Growing Small Biz Digital Insurance Marketplace in November 2019.)