Propeller, an InsurTech MGA specialising in surety bonds, has entered into an agreement with SIAA, the largest alliance of independent insurance agencies in the US, to serve as a surety partner to their member agencies through the SIAA MarketFinder portal.
The alliance writes over $10.8bn in total written premium annually.
The partnership will focus on delivering Propeller’s proprietary, white-labelled (URL) technology to agents and brokers, allowing the surety bond process to become fully automated from application to billing and issuance.
Propeller said it onboards agents in minutes for free, with no premium requirements. The InsurTech said this gives agents a bolt-on surety department overnight, equipping them with industry-leading technology, market access, and expertise.
Moreover, 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.
Aaron Steffey, founder and chief growth officer of Propeller, said, “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.”
Tokio Marine HCC, a specialty insurance group part of the Tokio Marine Group, partnered with North American insurance technology provider Vertafore to streamline how agents and brokers transact surety bond business online earlier this year.
Copyright © 2022 FinTech Global