E100: Matt Masiello On The Network Of The Future

In this episode, James talks with Matt Masiello, CEO of SIAA.

To learn more about SIAA, visit https://www.siaa.com/.

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Episode Highlights:

• James begins Episode 100 of the Agency Freedom podcast by reflecting on the last two years of podcasting and thanking the listeners for their support. (4:12)
• Matt mentions that he is a multi-generation insurance person who has been in the business for 30 years, started on the retail side, moved into the network side, and has been CEO of SIAA since 2008. (5:15)
• Matt explains that he has the best job ever because he gets to work with independent agencies with some of the biggest companies in the country, bridging the gap and bringing them together. (8:32)
• Matt mentions that the true entrepreneur finds opportunity in the middle of difficulties. (17:46)
• Matt explains that SIAA provides its membership and ecosystem with market access, compensation, and agency development services. (21:23)
• Matt believes that SIAA has greater data access than other organizations in the industry. (25:03)
• According to Matt, SIAA added 700 new agencies last year, with 200 of them coming from network acquisitions. and of the 500 new agencies they hired, roughly two-thirds are startups. (28:51)
• Matt explains that in order to build successful careers and businesses, they invest in long-term relationships with agencies. (33:51)
• Matt discusses the importance of having a contract. (42:06)
• Matt explains that when they decided to transcend the family-owned business, they considered their people, not just the SIAA employees, but the 450 people who work across all the master agencies and the member agencies that rely on them. (50:33)

Key Quotes:

• “I always tell everybody, I have the greatest job ever because I get to spend time on Main Street and working with independent agencies. But then I get to spend time on Wall Street and work with some of the largest companies in the country and bridge that gap and pull those two things together.” - Matt Masiello 
• “We do three things. For you folks, our membership, and the folks that our ecosystem, is we provide market access, we provide access to some of the best compensation out there, and we provide agency development services. All three of those things also have to know after you block and tackle have to evolve for it as well.” - Matt Masiello 
• “We are not an organization where we want people to come and go, we want to build long-term relationships with our agencies. We’re able to deliver the services and benefits on the compensation level from the carriers because it's a long-term relationship as well.” - Matt Masiello