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.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
