Aon will acquire US insurtech CoverWallet, giving the broker access to a $US200 billion ($294.62 billion) digital insurance market for small business.

Aon plans to leverage CoverWallet’s online platform and client experiences to support the broker’s Aon United growth strategy.

Aon partnered with CoverWallet earlier in the year to launch an SME-dedicated digital platform, with plans to expand the partnership overseas. It also made a strategic investment in the insurtech.

CoverWallet will join Aon’s New Ventures Group, which functions as a growth engine to deliver new sources of value for clients. It will also apply its data and analytics capabilities, and tech and operational expertise to the broader client experience, while building up its core business off the back of Aon’s global solutions lines and geographic network.

Founded in the US in 2015, CoverWallet has more than 300 employees in New York and Spain.

Spanish co-founder Inaki Berenguer says the acquisition means the company can “continue pushing the boundaries of innovation into new markets and products at a greater scale”.