InsurTech startup Propeller has partnered with the National Association of Professional Insurance Agents (PIA) as a recommended surety and fidelity bond platform.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service a range of insurance but specialise in coverage of automobiles, homes, and businesses.
Propeller offers agents a white-labelled URL that houses 7,000 surety bond obligations and allows agents and customers to quote, pay and receive their bonds within minutes.
The company also provides underwriting expertise via its proprietary programmes, making the solution a “bolt-on” surety department for agents, brokers and carriers who partner with the company.
The partnership will see Propeller and PIA work together with PIA affiliated to modernise and digitise how PIA members surety bonds. The partnership will be rolled out to all PIA state members and their member agencies starting May 2023.
Aaron Steffey, CEO and co-founder of Propeller, said, “I’m excited for our company to be aligned with the PIA organization. In my opinion, PIA is the leading trade association for insurance agents and brokers and will only continue to grow under the leadership of Mike Becker. It’s our privilege to be associated with PIA for surety and fidelity bonding to their membership. We look forward to a great partnership.”
Robert Holt, VP of Products and Services at PIA, added, “PIA is excited to expand our member offerings and support agents in growing competitive commissions and surety revenue. We look forward to a rewarding partnership with Propeller.”
Earlier this year, Propeller raised $6.4m in seed funding led by a consortium of industry partners.
At the time of the funding round, the company said the capital will enable the company to accelerate growth and further its mission of transforming the surety industry. The company will use the funds to invest in people, finish its development roadmap, expand its product base, and drastically increase marketing and sales efforts to add agents to the Propeller ecosystem.
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