Solving the Value Chain on Surety Bonds from Carrier to Broker to End Customer (w/Aaron Steffey and Chris Kolger, Propeller Bonds)

Aaron Steffey and Chris Kolger are co-founders of Propeller Bonds, an insurtech managing general underwriter (MGU) equipped with a proprietary instant issue surety bond platform housing nearly 7,000 instant issue surety bonds.

Propeller is a tech company built to simplify, automate, and distribute surety bonds more efficiently for agents and carriers. Aaron manages the company’s strategy, fundraising, and growth efforts, and Chris oversees the Propeller's daily underwriting operations and technological advancements of the platform.

The company sold its first bond in 2020 and now has 3,500 agents signed up to the platform, signing thousands of bonds per month and responsible for fulfillment. Aaron describes how the company built in from the "ends" and have listened to and created new product variations for creative agents where needed. 

Chris talks through why speciality surety bonds such as oil & gas or cannabis can be written at much better pricing with Propeller. The tech helps increase ROI for agents and brokers who often ignore surety but can include it as a piece of a viable business for themselves. Chris sees a future where the MGA model continues to reduce friction between broker and carrier.  

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