Traditional insurance is a chain of humans: a broker sells, an underwriter prices, an adjuster investigates the claim. InsurTech firms like Lemonade replace those steps with software. The selling bot Maya runs a conversational quote in under two minutes, pulling risk signals and pricing on the fly; over 90% of policies are sold without a human. The claims bot AI Jim settles a large share of simple claims end-to-end (around 55% as of 2025), some in seconds. When underwriting and claims are *API calls*, the cost-to-serve collapses and the whole business can scale like a tech company.