Insurance is already "AI-powered"...insurance companies employ statisticians to build prices, and they have been using low-cost distribution since the 90s.

Speaking generally, insurance was one of the first industries to deploy technology effectively in their core business. They are still doing that.

The issue with companies like Lemonade is that they are rebranding the same product as "AI" (afaik, Lemonade is just taking share by offering cheaper prices...doesn't sound quite as appealing as "AI").