Propeller Inc. Company Research Report
Company Overview
Name: Propeller Inc.
Mission of the Company:
Propeller aims to revolutionize the surety bond market by automating the entire process, making it hassle-free, effortless, and delay-free for customers, agents, and obligees.
Founded: No information is available.
Founders: No information is available.
Key People in the Company:
- Aaron Steffey, Co-CEO & Co-Founder
- Chris Kolger, Co-CEO & Co-Founder
- Jamie Bercik, Director, Growth Marketing
- Taylor Rutledge, Chief Growth Officer
- Alissa Russell, Commercial Surety Manager
Headquarters:
Philadelphia, PA
Number of Employees:
11-50 employees
Revenue of the Company:
No information is available.
What is the Company Known For:
Propeller is known for its cutting-edge automated surety bond platform that leverages technology to streamline the surety bonding process, ensuring efficiency and ease of use for all stakeholders involved.
Products
What Products Do They Offer:
Propeller Inc. offers a variety of surety bonds including Contract Bonds, Commercial Bonds, and Fidelity Bonds.
High-Level Description of the Products:
Contract Bonds:
1. Bid Bonds:
- Guarantees that the bidder will fulfill the contract if they win the bid.
2. Performance Bonds:
- Ensures a contractor completes a project according to the contract terms.
3. Payment Bonds:
- Guarantees payment to subcontractors and suppliers.
4. Contractor's Pre-qualification Letters
5. Subdivision Bonds
Fidelity Bonds:
1. ERISA Bonds
2. Business Services
3. Employee Dishonesty
Commercial Bonds:
1. INSTANT License and Permit Bonds
2. Notary Bonds
3. BMC84 Program Bonds
4. Oil & Gas Program Bonds
5. Auto Dealer Bonds
6. Mortgage Bonds
Key Features of Each Product:
Bid Bonds:
- Legally binding contract ensuring the contractor meets the obligations specified in the project bid.
Performance Bonds:
- Provides financial security ensuring project completion.
- Protects project owners from non-performance or default by the contractor.
Payment Bonds:
- Ensures subcontractors and suppliers are paid according to their contracts.
- Financial protection against non-payment by the contractor.
INSTANT License and Permit Bonds:
- Rapid issuance for regulatory compliance.
Auto Dealer Bonds:
- Credit-based underwriting for various dealers.
ERISA Bonds:
- Protection for employee benefit plans according to ERISA guidelines.
Recent Developments
What Are the Recent Developments in the Company:
1. Propeller Bonds recently announced a major system upgrade to expand carrier offerings.
2. New partnerships formed with leading Independent Insurance Agency group - Insurance Producers Network.
What Are the New Products Launched:
- Propeller has not specifically mentioned any new product launches recently.
What Are the New Features Added to the Existing Products:
- Expansion of the automated process for underwriting and issuance.
- Introduction of year-end auto-renewal feature for bonds.
Any New Partnerships:
- Partnership with Insurance Producers Network, providing access to over 7,000 digital surety bonds.
- Endorsed by Smart Choice® as a preferred surety bond provider.
- Partnership with AMWINS for surety bond distribution.
בטוח## Conclusion
Propeller Inc. stands out in the industry due to its innovative and fully automated platform that simplifies the surety bond issuance and management process. The company is known for providing a comprehensive range of surety bonds across all 50 states, ensuring that its clients can easily and efficiently meet their bonding needs. The ongoing partnerships and recent developments reflect Propeller's growth and commitment to enhancing service delivery in the bond market.