Former XL CEO McGavick Returns to Insurance With AI Firm Mea Platform

Mike McGavick is returning to the insurance world as a strategic advisor and board chairman of Mea Platform, an artificial intelligence firm focusing on transactions and operations for carriers, managing general agents, and brokers.

McGavick is the former CEO of XL Group and was at the helm when it was acquired by Paris-based AXA in 2018 for $15.3 billion cash. Several years prior, McGavick led the merger with Catlin Group. He was also CEO of Safeco from 2001 to 2005. He is currently co-chair of the operating board of directors at asset management firm, Bridgewater Associates.

Bermuda’s Mea Platform said it is built to “[find] maximum value in the massive amounts of unstructured data and critical information locked inside proprietary formats and legacy systems” with the use of generative AI and agentic AI.

“I’ve spent my career helping this industry evolve, and one of the most persistent obstacles has always been value from data,” said McGavick in a statement. “The insurance industry has spent untold millions to use the data it has, structuring and confirming it, with frustration and no where near the promised outcomes. And painfully, these efforts are combined with the false promise of tech solutions that never quite deliver.”

McGavick said Mea “works—and it works now.” The firm boasts cutting clients’ submissions processing to minutes, increasing productivity and reducing expenses up to 65%. Mea said it has kept a 100% client retention rate since launch.

Interestingly, McGavick had costs on his mind when he spoke to Carrier Management in 2019. Related: AXA XL’s McGavick Looks Ahead to ‘The Golden Age of Insurance’ | Thinking Past the Obvious: Former CEO of XL Group McGavick Looks Back

Topics InsurTech Data Driven Artificial Intelligence