Editor’s Note: This article originally published in September 2015. Dates and other data points have remained unchanged from the original piece.
Cameron Jacox is what you might call a dream recruit for the insurance industry: young, smart and able to see the enormous opportunity that lies ahead. While still in college, Jacox founded Inforce Pro, a technology company designed to solve the problem of monitoring and growing in-force business. The company has been enormously well-received, and has changed the sales landscape for a number of agencies. And they’re just getting started.
We sat down with Jacox to find out where he got his inspiration, what challenges he sees ahead and why the insurance industry is a prime opportunity for millennials looking for abundant opportunity.
Why did you choose a career in insurance or financial services?
When the idea for InforcePro was hatched, I was still in college. We went into the industry to solve the particular problem that we discovered. That problem has now been solved with our software, but now we realize that there is an array of different and complementary problems that we can solve using software.
Describe what you do.
I’m co-founder at InforcePro, which is the only software company to have built an in-force, or “post-issue” solution for policy monitoring and policyholder engagement. Technology in our industry has been laser-focused on pre-issue — getting a policy into force faster and better — for over 20 years. The dropoff of technology vendors’ focus after a policy was issued mirrored the drop off in attention by the agent in that regard, but that begged the “chicken or egg” question: Did the agent fail to engage with in-force policies because he did not have adequate technology, or did adequate technology not exist because the agent wouldn’t use it? At InforcePro, we’ve discovered that the answer is the former. In short, InforcePro can download, update, alert on, market to, and report about in-force business.
Share an achievement you are especially proud of.
I think it’s extremely exciting that InforcePro has, in just 12 months, developed partnerships with eight of the top ten national marketing organizations, earned over 110 BGAs as clients, and come to monitor over two million in-force policies. Our growth is probably the thing that I’m most proud of. It illustrates the really fundamental need for post-issue solutions and the pent-up demand for in-force monitoring capabilities.