McKinsey & Company has published a report on AI could transform the insurance industry, with predictions that it could reshape what you pay, how fast your claims get processed, and how your policy gets priced. The report details how AI is being implemented across four major subsectors: brokers, managing general agents, software providers, and third-party administrators. The consulting firm estimates that generative AI alone could generate $50 billion to $70 billion in insurance industry revenue, with the biggest gains in marketing, sales, customer operations, and software engineering. The shift means faster responses, more personalized pricing, and potentially lower costs as insurers reduce operational overhead. However, insurance brokers who adopt AI effectively will gain access to better data, leading to more competitive options for clients.