According to a new survey by Accenture, about two-thirds of insurers already use artificial intelligence-based “virtual assistants,”. Of the executives who took part in the survey, 85 percent said they plan to invest “significantly” in AI in the next three years.

A combination of price pressure and ultra-low interest rates is forcing insurers to cut costs to preserve their profit margins. Introducing more automation is a key way of achieving this, while also fending off competition from FinTech startups that also offer insurance products.