PayPal, Aon Partner to Offer Insurance Through Payments Platform
(Bloomberg) -- PayPal Holdings Inc. formed a partnership with Aon Plc to offer its small-business customers the ability to shop for and manage their insurance policies using the company's digital-commerce platform.
The collaboration between the San Jose, California-based payments firm and the Dublin-based insurance broker will integrate Aon's CoverWallet small-business insurance product into PayPal's digital offering, the companies said in a statement Monday.
Insurance brokers have been taking steps to expand their reach online. In March, Hub International Ltd. partnered with Bold Penguin Inc. to acquire the assets of a digital brokerage that targets small businesses.
âWe're going to be able to provide a digital and delightful experience to all of the merchants that work with PayPal,â Roberto Pinto, Aon's president of digital-client solutions, said in an interview. The company has about 34 million merchants on its platform, the majority of which are small businesses.
The partnership will also give PayPal's small-business clients insight into average insurance costs and access to guidance from Aon's licensed insurance advisers.
Âİ2022 Bloomberg L.P.
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