Propeller Bonds and SIAA Announce Partnership

PHILADELPHIA, July 19, 2022 /PRNewswire/ -- Propeller, Inc., a high-growth insurtech MGA specializing in surety bonds, has signed an agreement with SIAA, the largest alliance of independent insurance agencies in the U.S., to serve as a surety partner to their member agencies through the SIAA MarketFinder portal. The alliance writes over $10.8B in total written premium annually.

Aaron Steffey, the Founder and Chief Growth Officer, stated, "We are extremely grateful for the opportunity SIAA is providing us. We plan to empower their member agencies with a robust surety offering including access to markets, technology, and surety personnel. This partnership is very validating for us, as SIAA works very hard to source the best offerings for their member agencies. The fact that they chose us says a lot and is very humbling."

The partnership focuses on delivering Propeller's proprietary, white-labeled (URL) technology to agents and brokers, allowing the surety bond process to become fully automated from application to billing and issuance. Propeller onboards agents in minutes for free, with no premium requirements. This gives agents a bolt-on surety department overnight, equipping them with industry-leading technology, market access, and expertise. SIAA member agencies can expect to write transactional surety bonds instantly with no friction while leveraging the Propeller markets and team to place more complex risks.

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"We are excited to partner with Propeller Bonds whose leading-edge platform will help our member agencies access the surety market faster and more easily," said Jeff Holmes, Chief Operating Officer at SIAA. "Putting this access at our members fingertips will help them grow, round, and retain accounts."

The SIAA and Propeller Bonds rollout commenced July 13^th.

Propeller Inc. is an insurtech MGA/MGU equipped with a proprietary instant issue surety bond platform. The platform currently houses nearly 6,000 instant issue surety bonds, with thousands more to be added by the end of 2022. Propeller private labels the platform for agencies, allowing agents to either purchase bonds for clients or by empowering clients to self-service. Agents are compensated for all purchases via their unique site link. The company partners with highly respected "A" rated carriers.

SIAA (Strategic Insurance Agency Alliance) is a national alliance of independent insurance agencies generating hundreds of millions in new premium business annually. SIAA is dedicated to the creation, retention, growth, and evolution of the independent insurance agency distribution system. To learn more about SIAA, visit siaa.com.

Jamie Bercik
[email protected]

SOURCE Propeller, Inc.