Axe Group, specialists in insurance software for life and general insurance, has announced its successful insurance platform Axelerator will be powering Propeller, a new Philadelphia-based surety bonds provider launched on 25 May 2020.
It will be the first automated end-to-end surety bond solution available in the US, supporting 10,000 different surety bonds across 50 states.
Axe Group CEO Martin Stewart says the partnership with Propeller is their first step in modernising an industry that currently relies heavily on manual processing, paper documents, email, and even fax.
“Today there are over 4,000 insurers in the US, mostly relying on old technology for their core processing. We’re confident the introduction of our highly adaptable Axelerator solution will lead to radical changes in the life, commercial and general insurance industries.”
Axe Group will manage and maintain the end-to-end Propeller system and has built a state-of-the-art, scalable and secure cloud-based SaaS solution running on the Amazon AWS Cloud.
According to Propeller Director of Sales and Marketing, Aaron Steffey, the Propeller platform has gone from blank sheet to fully operational in just seven months. “Not only has the process been swift, but it’s been transformational. We’ve been able to automate the entire process. Clients can apply for surety bonds online and be approved in an instant, with no additional work required from their agents. It’s game-changing. We’re delivering an outstanding customer experience unknown in the industry.”
Martin Stewart believes the key is adaptability. “The flexibility of the Axelerator platform means we can quickly adapt to new markets and support the highly complex digital systems that are demanded by insurers today.”
“It’s an exciting time for Axe Group and we’re proud to be proving ourselves to be a reliable and innovative InsureTech partner for companies looking to go 100% digital. By future-proofing and streamlining processes with new technology, our clients can deliver better services to their customers with minimal effort.”
Axe Group is based in Australia and has recently expanded operations into the US. They work with large insurance companies and reinsurers such as AIA, Hannover, AMP and BNZ helping them to process billions of dollars in policies and claims every year through their software.