Propeller Bonds Announces Major System Upgrade to Expand Carrier Offerings

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May 18, 2021, 10:41 ET

PHILADELPHIA, May 18, 2021 /PRNewswire/ -- Propeller, Inc., an insurtech company focused on the surety bond industry, today announced a major system release that will allow the company to easily offer multiple different surety companies as bond providers on their platform.

"This release is a significant step in the development and scalability of the Propeller platform," said Chief Executive Officer Joseph J. Perschy, CPCU, AFSB. "With this new functionality Propeller can offer the best surety solutions to our clients for various types of bonds, while matching the interests of our carrier partners. This is the next step toward being a true appetite aggregator in the surety marketplace, allowing us to provide the broadest and fastest instant issue platform available."

"Propeller is creating the future for carrier automation through an API that allows for notification of transactions or batch automation," said Tom Higgins, Senior Vice President, Technology & Strategy. "Through the use of web hooks, Propeller's approach builds in recovery and puts carriers in control of when they collect and process all types of transactions, including new business, changes, renewals, and cancellations."

The new system feature not only allows additional carriers to partner with Propeller, but also allows Propeller to offer classes of surety bonds not widely available in the market space, including bond offerings for individuals with lower credit scores and other hard to place business. This is a huge win for customers and agencies alike that currently struggle to place these types of bonds.

Propeller, Inc. is a digital distribution agency equipped with a proprietary instant issue surety bond platform. The platform currently houses nearly 5,000 surety bonds for purchase in all 50 states. That number should double in the coming months. 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.

Contact: Joe Perschy
Propeller Inc.
[email protected]

SOURCE Propeller, Inc.