CoverWallet for Agents is winding down
Two years after taking down its B2B portal, CoverWallet is announcing the winddown of its CoverWallet for Agents platform.
As background, in September 2022, CoverWallet announced a redesign of its agents’ platform, aiming to introduce a “revamped, best-in-class digital agent solution” that would offer an on-demand experience and leverage Aon’s scale and network. New business submissions were restricted as of October 3, 2022, and the addition of new agencies was paused. CoverWallet, which was acquired by Aon in 2019, anticipated launching the new platform in late 2023.
Last week, the commercial aggregator emailed its agency partners. The email, titled “CoverWallet for Agents Winddown” and reviewed by Coverager, highlights that CoverWallet is exiting the wholesale insurance market as part of a strategic shift. “After careful consideration and strategic evaluation, CoverWallet has decided to exit the wholesale insurance market. This decision is part of our efforts to realign resources and focus on revised strategies that will better serve our customers. We have appreciated your business.”
As of October 1, the CoverWallet for Agents platform will no longer accept renewals and will be limited to viewing and modifying existing policies. However, CoverWallet will still support agents and customers during their renewal period beyond October 1. Agents are responsible for arranging alternative coverage for their clients to avoid gaps. Clients will be informed to contact their agents directly for renewals or replacements.
Coverager has also learned that Insureon recently acquired a book of business from CoverWallet. The book, purchased on September 30, 2023, is diverse in its appetite and includes policies written with several carriers, including Liberty Mutual, Hiscox, and The Hartford. Insureon will be servicing this business going forward.
An Aon spokesperson provided the following comment:
“This transaction will allow CoverWallet to invest in and focus on the parts of our offering that have the greatest opportunity to help small businesses make better decisions.”
// The article has been updated to reflect the correct date of Insureon and CoverWallet’s book purchase.
