Mike McGavick’s turnaround experiences have led him to think carefully about changes that are needed for the insurance industry.

“First, cost has got to come down. It’s absurd that approximately 60 cents on every dollar is what the customer gets back. It needs to be much higher,” said McGavick, the former chief executive officer of XL Group. He is currently special adviser to AXA Group CEO Thomas Buberl – a position he assumed after AXA’s purchase of XL Group in September 2018.