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COVID-19 did not just bring waves of diseases and contagious variants across the world starting in early 2020 – a tsunami of fraud soon followed the broad sweep of a pandemic that would engulf the global insurance industry.
The Allstate Corporation, or simply ‘Allstate,’ was founded by Sears, Roebuck & Co., then-president General Robert E. Wood in 1931. Auto liability insurance began as the company’s flagship product and remains so today. The company added various coverage types throughout the 50s and 60s, including commercial, health, life, and personal liability insurance.
The insurance industry is being disrupted like it hasn't in decades. Unlike other events like Hurricane Sandy or even the 2008 financial crisis, the coronavirus is impacting essentially every corner of the world and more or less every industry.
Several key insurance carriers began to experiment with AI in the last decade, including Progressive, All-State, and State Farm. Although not as large as the banking and retail industries, the AI vendor landscape in insurance is growing.