If you are an IT executive in the Insurance industry, is the technology revolution passing you by? I certainly hope not, but this industry has experienced more fundamental transformation in the past couple of years than we’ve seen in other industries.  

Old-line insurance companies are competing directly with nimble startups that don’t have Legacy Systems dragging them down. It remains to be seen who the winners will be once the dust settles, but it’s clear that the pace of change in the insurance industry can be mind-numbingly fast. 

Accenture took a long look at the insurance industry in its Technology Vision for Insurance 2017 report, surveying more than 550 insurance business and IT executives worldwide. Eighty-six percent of respondents said their organizations have accelerated the pace of innovation—just to keep a competitive edge. 

Think about that for a moment. An overwhelming majority of insurance execs or insurance IT execs are saying they need to up their game to stay relevant in the marketplace. So how does your company stack up? 

Here are five issues to think about as you plot the future of your IT function. 

1. Legacy systems. If your company has been around for two decades or longer, you likely have legacy systems that remain connected to your latest technology. The speed of any transaction cannot exceed that of the slowest component, so are your legacy systems slowing you down? 

1. Cybersecurity. The weakest connection can be a prime point of entry for thieves and hackers to penetrate your technology. Legacy systems are not only slower, they also have weaker security protocols. The old security methodology was meant for a closed eco system. In todays age the methodology should be capable of giving access to the right user and protecting its core data both at the same time. It’s hard to transform a company with antiquated technology hanging around. Even if your company has cutting edge technology, its security is only as good as the protocols you put into place—and actually use every day. Are your systems ready to accept data from IoT & users? 

1. User interfaces. People are accustomed to scanning their own groceries, buying items from an app and finding the information they need without assistance. Insurance companies must have not only a robust back-office system, but user-friendly tools and apps that allows prospects to compare policies and customers to file claims, print insurance cards and handle most routine insurance tasks. 

1. Leverage big data. Is your company using the information you have on customers to the fullest extent? Mining the data you have to unearth trends and identify prospects for enhanced or additional insurance services can pay big dividends. 

1. Consider AI. Artificial intelligence tools will revolutionize how insurance companies interact with customers, according to 79 percent of respondents to the Accenture survey. AI and the Internet of Things are transforming how people interact with technology. The same survey showed that three-quarters believe that mobile-first soon will become AI-first. 

It’s an exciting time, but it also can be frightening if your IT department can’t keep up. The changes are coming fast and furious both in terms of usability and as well as connections to back-office systems to make self-serve options and collaboration with partners easier.  

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