Other Opportunities for Networks?

What’s next for the evolving landscape of agency networks? Could there be opportunities to expand into the world of underwriting given the vast amount of data networks analyze for their agency members and carrier partners?

SIAA’s CEO Matt Masiello sees potential.

“The growing MGA space is definitely interesting to think about,” he said. “We always viewed it as market access to E&S product and specialty capabilities for our member agencies…and we still look at it through that lens.”

However, given the diverse array of services that agency networks now provide to agencies, carriers, and wholesalers partners, adding MGA capabilities to distribute product and build premiums for risk-bearing entities could enable networks like SIAA to become full-service distribution platforms, Masiello said.

“It is good for our carrier and wholesale partners–and good for our member agencies to gain broad access to additional markets,” he said.