The insurance industry is complex. Premiums are calculated based on mountains of historical data, which help insurers predict the likelihood of an incident -- whether it's a car accident or a weather event -- and therefore, how much a customer should pay.

Artificial intelligence (AI) can be a powerful assistant for insurers because it can process substantial volumes of data quickly and use it to make educated predictions. It's central to insurance provider Lemonade's (NYSE: LMND) business model, but the tech company has also used AI to overhaul the claims process and its customer service.

Lemonade stock traded about 90% below its all-time high that was set during the tech frenzy in 2021. However, its business is growing rapidly. Here's why the dip could be a millionaire-making opportunity for investors.

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Source Fool.com