Propeller Inc. has launched their automated surety bond platform for agents and brokers on June 2nd, 2020, which removes paper-intensive processes, delivering a low-touch way for agents to sell surety amidst the coronavirus pandemic.
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Aaron Steffey, Co-Founder of Propeller Inc., stated, “We identified a pain point in the industry that we wanted to solve efficiently. Transactional Surety has been neglected by carriers and agents due to low commissions and manual processes. The COVID-19 Pandemic has exacerbated the issues, so the launch timing is serendipitous. We’ve automated the entire process, giving agents and brokers an easy way to sell surety bonds. The back-end functionality of the platform helps carriers too, managing submissions and underwriting seamlessly.”
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Coinciding with the launch is the hiring of Chris Kolger. He joins Propeller Bonds after more than a decade with Chubb (formerly ACE), most recently serving as Assistant VP of Commercial Surety. He is the Director of Operations and will manage the carrier relationships. When asked why he joined Propeller, Chris said, “I had an amazing experience for 10 years with ACE and Chubb and I’m very grateful for the opportunities there, but it was time for something new. I’ve watched the industry change a lot over the years and seen many platforms in this space, but nothing comes close to the capabilities and distribution model of Propeller. I wanted to be a part of that.”
Propeller Inc. is a digital distribution agency equipped with a proprietary instant issue surety bond platform. The platform launches with all known commercial surety bonds for Indiana and Texas, with all states to follow soon. Propeller private labels the platform for agencies, allowing agents to either purchase bonds for clients or by empowering clients to purchase bonds directly. Agents are compensated for all purchases via their unique site link. The company partners with highly respected “A” rated carriers.
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