The partnership sees PayPal adapt Aon's CoverWallet solution to its commerce platform, allowing small business customers across the US to shop for, purchase, and manage insurance online and within a few minutes. The program also enables users to obtain personalized advice and guidance from Aon's licensed insurance advisors.
Roberto Pinto, president of digital client solutions at Aon, said that using CoverWallet's digital capabilities and integrating it into PayPal's existing offering for small businesses created a unique experience that simplifies insurance access and sale for millions of merchants.
“We share PayPal's culture of innovating on behalf of clients, and this initiative is one way we are addressing our clients' most pressing needs,” Pinto said. “We are uniquely positioned to develop and deliver a digital solution to PayPal that will expand access to insurance for small businesses, which is often an underserved market, and ultimately help them make better decisions to grow and protect their business.”
PayPal has been focusing on digital payment revolution for over 20 years and already offers a range of solutions to help small businesses manage risk, such as Seller Protection Fraud Protection, and Chargeback Protection.
With the new initiative, small businesses could address some of the most persistent challenges they face with their insurance decisions – time, effort, choice, and cost. Specifically, they benefit from real-time visibility into the typical coverage and average costs for their insurance needs, a breadth of online quotes and coverage options from top carriers, and the convenience of purchasing insurance with their PayPal accounts.
“This is a challenging time for small businesses, and this initiative can help make it easier for PayPal's small business customers to access a range of insurance solutions to help keep their businesses protected,” said Jim Magats, SVP, payments and SMB solutions, PayPal.
“The program moves forward PayPal's mission to democratize access to the digital payments and commerce solutions small businesses need to manage their end-to-end business, including managing risk and protecting their finances. Aon's digital capabilities, risk expertise, insurance carrier relationships, and ability to deliver new solutions tailored to our specific small business customers [are] key to delivering this program.”
The program went live in the US on April 4, 2022.
