How to found a successful insurance start-up

What is the biggest challenge that you see in the industry or what is the one thing you would change?

The single biggest challenge that we face today is the same as our single biggest historical mistake: Saying "gotcha" to policyholders or, more specifically, the fact that the exclusive way of communicating with policyholders was through the use of "terse" 30-day notices prior to major policy events. This way of doing business has corollary concepts in "buyer beware." But the life insurance industry has hurt its reputation this way, so why has it continued?

What is the biggest opportunity that you see in the industry?

The biggest opportunity is to embrace post-issue technology solutions to follow the policyholder after they become one. The foundation for that is information about the inforce contract; what is it, what needs to be monitored, and how can technology enable it? That needs to be readily accessible to the carrier and agency. Next, comes the creative aspect: The ability to connect with policyholders' social and banking profiles online, generate periodic reevaluations of coverage and even risk. InforcePro has focused, first, on the moving parts in policy contracts. Conversion options cannot be a gotcha provision provided 30 days prior to expiration – or not at all.

What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?

We're looking for someone who is just as tech savvy as we are. We're OK with an in-person meeting, but we don't need a policy delivered and we sure don't find it acceptable to have to call in to get a policy update, make a payment, or make a change – that needs to happen online. And once our policy is in-force, our needs  and desires are fluid and mobile as are our lives; we need to be able to make changes, evaluate the in-force policy, and increase or decrease the coverage or structure more easily. Otherwise, it will seem too static and out of touch.

What is the No. 1 piece of advice you would give to a young person looking to enter this industry?

Enter with your head up and keep your head up. Realize that the industry is driven by sales and distribution, along with data and analytics, and success in those capabilities can drive your career forward unlike any others.

Editor's Note: Cameron Jacox was featured on LifeHealthPro's list, 30 under 30: Meet the millennials who are transforming the industry. View the full list here.