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Ep. 225: Propeller – The Fully Automated Bond Platform

Shownotes

Aaron Steffey is the Co-Founder and Director of Sales and Marketing at Propeller Bonds—a company with a goal to simplify, automate, and distribute insurance products for clients more efficiently and effectively. The company’s current focus is on the surety bond market in the USA, which is worth over $6 billion. As Director of Sales and Marketing, Aaron is responsible for the company’s sales, marketing, and acquisition deals. Aaron is also a managing partner at Steffey Insurance Agency, a family-owned insurance broker in Indianapolis, Indiana.

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Aaron joins us to discuss how Propeller Bonds started and why they concentrated on surety bonds. He shares what it’s like growing up with parents who own an insurance agency. He discusses what surety bonds are for and why they were often ignored or looked at with animosity in the industry. He explains how the Propeller platform works and how it automates what used to be cumbersome steps. He describes how the pandemic was a blessing in disguise for their company. Aaron also shares his tips for those who are planning on starting an insurtech company.

“Employee count is not the most important thing in insurance; you want to be efficient.”

Aaron Steffey

What you’ll learn:

  • Aaron’s educational background and how he was introduced to insurance
  • What it’s like growing up with parents who worked in insurance
  • How Aaron creates a balance between family and business
  • What Aaron predicts for the future of independent agencies
  • Why independent agencies have an advantage over carriers when it comes to flexibility
  • Why bonds are important in insurance and why agents hated bonds before
  • How agents can use their company’s platform
  • Why the pandemic was a huge game-changer for their company
  • How Aaron set up his team and the people he needed
  • How their marketing went virtual instead of personal interaction
  • Why Zoom and other virtual meeting apps hurt phone calls
  • Aaron’s advice to future insurtech entrepreneurs

Key Takeaways:

  • Surety Bonds are a kind of revenue generator for the municipality.
  • Surety bonds were often ignored because of how difficult the process was of obtaining one.

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