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PayPal, Aon Partner to Offer Insurance Through Payments Platform

The PayPal logo on a smartphone arranged in Saint Thomas, U.S. Virgin Islands, on Saturday, Jan. 29, 2022. PayPal Holdings Inc. is scheduled to release earnings figures on February 1. Photographer: Gabby Jones/Bloomberg
The PayPal logo on a smartphone arranged in Saint Thomas, U.S. Virgin Islands, on Saturday, Jan. 29, 2022. PayPal Holdings Inc. is scheduled to release earnings figures on February 1. Photographer: Gabby Jones/Bloomberg (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.

“We’re going to be able to provide a digital and delightful experience to all of the merchants that work with PayPal,” 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.

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