− 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.
About Aon
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.
Follow Aon on Twitter and LinkedIn. Stay
up-to-date by visiting the Aon Newsroom and sign up for
News Alerts here.
About PayPal
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.
Media Contacts
Aon – Nadine
Youssef, mediainquiries@aon.com, +1 833 751 8114
PayPal – Grace Nasri,
gnasri@paypal.com, +1 408 750 4290
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SOURCE Aon plc