How Propeller Bonds CEO Aaron Steffey grew to $5M revenue with a 30 person team in 2023.

Propeller is an innovative InsurTech company that functions as a Managing General Agent (MGA), currently focusing on revolutionizing the $6 billion surety and fidelity bond market. Leveraging a proprietary surety platform, Propeller is equipped to instantly underwrite and issue surety bonds, significantly improving efficiency for every stakeholder in the value chain, including carriers, agents, customers, and obligees.

The company adeptly addresses and eliminates the common pain points associated with selling surety for agents and brokers, while still maintaining the incentive of commission payments. This is achieved by providing partner agencies with access to Propeller's surety platform, customized with their own branding. This strategy enables agents to leverage their existing client bases, email lists, and website traffic for business growth. The platform is particularly advantageous for two distinct types of agents: seasoned surety professionals, who benefit from the ability to write more bonds with less effort, and those without specific surety expertise, who can earn commissions by simply referring their customers to the portal.

Propeller's team boasts decades of collective experience across the insurance industry, ranging from positions within carriers and agencies to roles as technology specialists who have developed software solutions for some of the world's largest insurance firms. This breadth of experience underpins Propeller's innovative approach to simplifying and streamlining the surety bond process, making it a standout company in the InsurTech space.