− Unique and simplified digital experience will enable PayPal's small business customers in the U.S. to explore and obtain their insurance in the same ecosystem they use to manage their payments
CHICAGO, May 2, 2022 /PRNewswire/ -- Aon plc (NYSE: AON) and PayPal Holdings, Inc. (NASDAQ: PYPL) today announced an initiative to help millions of PayPal's small business customers in the U.S. access insurance simply and quickly.
The unique digital insurance program will enable PayPal's small business customers in the U.S. to shop for, purchase and manage insurance coverage through Aon's CoverWallet solution on the PayPal Commerce Platform, online and in minutes. Customers can also obtain personalized advice and guidance from Aon's licensed insurance advisors.
PayPal already offers a range of solutions to help small businesses manage risk, like Seller Protection, Fraud Protection and Chargeback Protection (Terms apply. Fees may apply). By working with Aon, PayPal will be able to provide its small business customers with streamlined access to small business insurance via Aon's CoverWallet solution on the PayPal Commerce Platform. Small business owners in the U.S. are confronted with the challenge of selecting the most appropriate insurance for their business, and they may not have the time to research, shop for and purchase insurance. As a result, many of these businesses are underinsured, meaning they do not have the proper insurance coverage to fully protect their business. This new initiative is designed to address some of the most persistent challenges small businesses face with their insurance decisions — time, effort, choice and cost.
"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," said Roberto Pinto, 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's small business customers in the U.S. 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.
"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 is key to delivering this program."
The insurance program is live in the U.S. as of April 4, 2022. More information is available here.
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.