Transferring operations from paper to digital is the modern solution that helps agencies retain and enhance the satisfaction of their clients while also increasing efficiency. (Photo: Shutterstock)

The year 2019 holds promise for expansion in the P&C space. Last year, 35 firms made the Inc. 5000 list of the fastest growing private companies. The trend continues and momentum is building.

It's mainly a matter of economics. As the nation's GDP rises, the P&C insurance sector tends to move in-sync and expand. When the economy whirrs, construction companies build more properties and need additional insurance for their new projects. More people start businesses, which also require commercial insurance coverage.

Additionally, as new industries and businesses emerge, each presents opportunities for agents and brokers. One example is cannabis, which has evolved into a full-fledged industry. To date, 33 states and D.C. have legalized medical marijuana and 10 have legalized recreational marijuana. This sector is a moving target pursued by P&C agents. The same holds true for the gig economy, where agents and brokers are covering independent contractors and small businesses.

Agents and brokers can optimize these opportunities through several pathways. Here's how. 

Related: Legalized marijuana: Opportunity or time bomb? – Part 1

Use technology to improve engagement and customer experience

Agents and brokers can make traditional enrollment and renewal processes less onerous for business owners by automating them. Transferring operations from paper to digital is the modern solution that helps agencies retain and enhance the satisfaction of their clients while also increasing efficiency.

The requirement of elevated customer experience extends beyond the retail and hospitality industries. Customers are beginning to expect this approach within B2B and service industries as well. Automation provides benefits to agents and brokers and their current and prospective clients. It simplifies the arduous manual processes of enrollment, renewal and updating. The time savings can then be used by brokers and agents to build their expertise to offer more personalized services.

For agents and brokers that seek to write coverage for young business owners, notably millennials who are accustomed to the online environment, technology is not a nice-to-have, but a must-have. Digital forms and e-signature solutions which remove the need to download, print, sign, scan, upload, fax or rely on mail, are a necessity when working with this generation.