You are largely correct. There hasn’t been a reason for existence of insurance c

You are largely correct. There hasn’t been a reason for existence of insurance companies since we developed big data and competent actuarials. Now teeir exisence is irrelevant. The principle problem is ‘blame’ (or responsibility). Thats law. Law wont disappear, costs will collapse and volume increase to the limit of judicial and lawyer cognitive carrying capacity. (You should see what we are doing to get a case before the supreme court with a tiny staff replacing dozens of lawyers.)
Accounting will collapse into data entry. Finance and banking will collapse into extensions of the treasury. It will take almost twenty years but it will happen. But worse, how many clerical white collar jobs dominated by women will disappear? All of them.