Propeller Inc. Partners with Amwins for Surety Bond Distribution
- Insurtech , Insurance
- 05.04.2022 05:51 pm
Propeller automates bond underwriting, simplifying how retail agents purchase surety bonds
Propeller, Inc., a high-growth insurtech MGA specializing in surety bonds, has signed an agreement with Amwins, the largest specialty insurance distributor in the U.S., to serve as a preferred surety partner to their network of over 25,000 retail agencies.
Joe Perschy, the Chief Executive Officer at Propeller, stated, "Amwins and Propeller are a natural fit. Amwins is a premier distribution partner, while Propeller is the most forward-thinking surety solution empowering retail agents to extend services to their clients. This solution truly provides retailers a bolt-on surety department overnight, equipping them with surety technology, market access, and expertise."
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. Amwins retail agents can expect to write transactional surety bonds instantly with no friction and leverage the Propeller markets and team to place more complex risks.
"We are thrilled to partner with Propeller and bring this automated end-to-end underwriting platform for surety bonds to our retail clients," said Tom Parsons, head of digital at Amwins. "Our continued focus is creating the best placement experiences for our clients and Propeller's leading technology and product expertise provides this best experience within the surety market."
Aaron Steffey, Propeller's Co-Founder and Chief Growth Officer, quoted, "I met Amwins almost exactly one year ago during our participation in the Brokertech Ventures Accelerator. The immediate synergies were obvious, and we knew this could be an incredible partnership as we continue to transform the way surety is viewed, distributed and underwritten. We are excited for this next chapter."
The Amwins and Propeller Bonds rollout will commence immediately with continued efforts throughout the year.