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.
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