If there is one word on the lips of everyone in the insurance industry today it is “mobile.” Rarely have we seen an issue jump to such prominence in such a short period of time.

While the industry still is a long way from comprehending the full value of mobile technology, carriers already are starting to pursue the possibilities at a frenetic pace.

At the ACORD LOMA conference held recently in San Diego, I attended a press conference with 18 separate insurance-solution providers—and six of them used the M word before addressing anything else.

Smartphones and tablet devices are not just fun accessories for consumers; they are tools for transacting business. Just imagine being able to attach a credit-card reader to your smart phone to close sales and collect premiums simultaneously. The advances mobile technology can bring to the industry are limited only by our imaginations.

The second major area of discussion at ACORD LOMA was social media. This may cause some veteran insurance people to shake their heads—but if they want to remain a relevant part of the industry over the next few years, they not only need to understand the capabilities of social media, but to embrace it as well.

Not everyone needs to tweet news about themselves or post pictures of the kids on Facebook, but business people better recognize that their customers and vendors are doing just that. Oh, and by the way, they may be posting some information about their insurance needs or concerns—maybe even about your company or agency.

Communication is changing, and it is essential that we realize the ramifications of that change. Neighbors don't gossip over the backyard fence anymore. They spread the word to hundreds or even thousands of friends electronically. Social media and mobile technology are simply the two industry efforts that need to be at the top of any business to-do list in 2011.

Three other tech trends that will—and must—receive plenty of attention this year:

• Core solutions: Replacing legacy solutions in both policy administration and claims continues to be a major worry for those who haven't had the courage or the financing to proceed, and they are competitive advantages for those who were lucky enough to get these issues started. The world is turning on a dime, and businesses that don't have the flexibility or agility to turn with it are going to be left behind.

• Analytics and business intelligence: Being smarter than your competition doesn't always guarantee victory, but as the old saying goes, that's where you should probably place your bets. Data projects are scary and time consuming, but why have you bothered collecting all that data if you don't know what to do with it?

• Real-time download: Whatever you want to focus on—straight-through processing, SEMCI—you are almost certain to make your independent agents happy. And happy agents are productive agents. There is plenty more discussion concerning real time for commercial lines as well.