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Aon partners with insurtech to launch SME platform

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Aon has launched a digital platform dedicated to the insurance needs of Australian SMEs in partnership with New York-based insurtech CoverWallet.

The broker also made a strategic investment in the tech start-up, but financial details have not been disclosed due to confidentiality clauses.

“Our partnership with CoverWallet is about the platform, which supports SME customers,” Aon Australia says in comments provided to insuranceNEWS.com.au.

“This is just one example of how Aon invests in the digital space to provide customer-centric, insight-led advisory services to help our clients."

Launched this month, the platform runs on technology CoverWallet has built for SME insurance requirements.

Aon says they will also work on further technological advancements and client opportunities. They are in the process of expanding the collaboration to the US and other markets.

“CoverWallet's innovative data science and technology capabilities are helping to reinvent the insurance industry, particularly in the SME market," Aon Affinity Global CEO Liam Caffrey said.

"We are excited to partner with their team and collaborate on client engagements in this fast-growing segment."

The SME digital insurance market is worth $US100 billion ($145 billion) globally and set for further growth, fuelled in part by the rapid rise of tech-driven risk offerings.

Other major insurance providers such as Chubb, Zurich, Hiscox and Liberty Mutual also have strategic partnerships with CoverWallet.