Introducing Propeller

In this day and age, we are all looking for ways to work faster and therefore smarter. And if 2020 was anything to go by, we are becoming increasingly reliant on technology and understanding of the flexibility it can give us to more effectively do our jobs.

Introducing Propeller

In this day and age, we are all looking for ways to work faster and therefore smarter. And if 2020 was anything to go by, we are becoming increasingly reliant on technology and understanding of the flexibility it can give us to more effectively do our jobs.

Introducing Propeller

In this day and age, we are all looking for ways to work faster and therefore smarter. And if 2020 was anything to go by, we are becoming increasingly reliant on technology and understanding of the flexibility it can give us to more effectively do our jobs.

An Axe client, Propeller Inc is the first automated end-to-end surety bond solution in the US. They have come up with a way to speed up and simplify the surety bond process, moving away from the traditional paper-based-applications and manual processing, which takes time – time you may not have up your sleeve.

This partnership between Propeller and our insurance platform Axelerator has changed the way bonds are processed, and it’s already made a major impact on the market.

What’s behind Propeller?

Previously it was considered difficult (near impossible even) to build one system to automate bond issue for over 10,000 different bonds without needing custom code for each bond.

Yet, thanks to Axelerator, Propeller has found the solution using our advanced rules engine to handle the complexity and individual needs of each bond—plus we’ve added some smart technology so we can map and generate the individual policy documents for every bond.

This results in a much more streamlined process for businesses, who can now enter an online application and, after making their payment online, get the bond policy document immediately rather than waiting for days.

The platform can be accessed on digital devices including phones, and crucially for each bond we only ask the minimum number of questions needed, meaning less admin follow-up, and a quicker process for clients.

Agents can purchase bonds on behalf of their clients, or the clients can access the system to purchase the bonds directly – with the agent still receiving full commission.

In just seven months Propeller has gone from a blank sheet to a fully operational solution handling all types of surety bonds including licence, permit, construction, judicial and fidelity.

What are the results?

Once the roll out is complete it will support over 10,000 different surety bonds across 50 states.

Already 75 agencies have onboarded in the first seven months, with bonds for 20 states available and impressive growth in sales every month - averaging over 40% a month! While Propeller initially targeted lower value bonds that could be instantly issued, they have also been seen significant sales in larger commercial bonds requiring underwriting (premiums over USD$10K) with a rapid turn around (usually in an hour or 2) on the approval and issue process; suffice to say, a vast improvement on previous handling.

The Propeller team are now looking at offering additional products and expanding into new markets including Australia.

We’re proud to be managing and supporting Propeller and their entire IT infrastructure as a truly private cloud-based SaaS solution. Effectively, Propeller has outsourced their entire IT operation to Axe.

How can Axelerator help you build your own Propeller?

The configurability of our Axelerator platform was what initially attracted Propeller, as it allows them to build an initial solution quickly and then roll out monthly updates to continually enhance and extend it. The end goal is to virtually eliminate all manual admin tasks—and thus lower variable costs—to further enhance Propeller’s competitiveness in the market.

Propeller is just one example of fully digital insurance platform that Axelerator can be used to create. It’s the perfect tool for insurance businesses that want to explore new, more dynamic business models, as it easily supports smaller teams with an agile approach that want to progressively roll out solutions and continuously enhance them.

Rethink, don’t reboot your commercial insurance systems

With tight margins and rapidly changing markets it is difficult to justify the costs and the management time needed to move to a brand new system.

But you know you can’t kick the can down the road forever. There will never be a better time to start the move.