Aon and Paypal team up to tackle ‘most pressing needs’ of small businesses

Global re/insurance broker  Aon has teamed up with Paypal to offer insurance to the digital payment platform’s small business customers in the US.

The partnership will enable PayPal’s small business customers to obtain their insurance in the same ecosystem they use to manage their payments through Aon's CoverWallet solution.

The “unique and simplified digital experience” is designed to address some of the most persistent challenges small businesses face with their insurance decisions — time, effort, choice and cost, the companies said in a joint statement.

“This initiative is one way we are addressing our clients' most pressing needs," said Roberto Pinto (pictured), president of Digital Client Solutions at Aon. “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. By bringing together CoverWallet's digital capabilities and integrating it into PayPal's existing offering for small businesses, we have created a unique experience that simplifies accessing and obtaining insurance for millions of merchants.”

PayPal said small businesses will 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 via Aon's CoverWallet solution.

Jim Magats, SVP, payments and SMB solutions at PayPal, added: “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.

“The programme moves forward PayPal's mission to democratise 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 is key to delivering this programme.”

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