This is a preview of The Chatbots in Insurance Playbook from Business Insider Intelligence. Buy their respective reports. Business Insider Intelligence offerings even more fintech coverage with Fintech Pro. Subscribe today to receive industry-changing finance news and analysis to your inbox.

How_AI_Based_Chatbots_Learn_To_Execute_Human_Like_Interactions_February_2020Incumbent insurers are using chatbots to transform from passively engaging customers to putting customer engagement at the vanguard of their business models.

The insurance sector has been far behind other sectors of financial services when it comes to delivering on customer engagement — but today, insurers are tapping advances in chatbot technology to deliver frequent and individualized customer interactions. Promotions in automation, machine learning( ML ), and natural language processing( NLP) have enabled conversational deputies to deliver customer engagement that’s so on par with live agents that the bots can substitute personnel entirely.

And within the insurance realm, chatbot tech has the potential to reshape everything from product recommendation to admin to claims processing.See the rest of the story at Business Insider

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