Paul Cooper, the group chief financial officer of Hiscox, has voiced concerns over the slow pace of AI adoption in London’s insurance market. As someone with decades of experience in the field, Cooper views the sluggish integration of artificial intelligence as a risk to the city’s continued dominance in the global insurance sector. In a recent interview, he stressed the importance of embracing emerging technologies to maintain London’s competitive edge.
Born in Billericay and now based in Islington, Cooper has built a long career in finance and insurance. Over nine years at the firm, he gained experience in audit and consulting, which laid the foundation for his future roles in the insurance industry.
Career Highlights
Cooper has since held high-profile positions at several firms. He was deputy chief financial officer at M&G Prudential, interim group chief financial officer at M&G Plc, and served as the group chief financial officer at both Canopius Group and Arrow Global Group Plc. He now leads the finance team at Hiscox, a specialist insurer that has been in operation for 125 years. His role involves not only managing the financial strategy but also supporting the company’s broader business objectives.
Innovation at Hiscox
At Hiscox, Cooper has been at the forefront of technological advancement. The company was the first in the London insurance market to develop an AI-enhanced lead underwriting model. Hiscox has now expanded its efforts, working on the first agent-to-agent capability between brokers and insurers. This initiative aims to streamline the underwriting process and improve efficiency across the insurance supply chain.
For Cooper, the goal is not to replace human judgment but to shift it to areas where it has the most impact. By automating routine and low-value tasks, underwriters can focus on strategic decision-making and building stronger client relationships. This approach not only enhances productivity but also ensures that the human element remains central to the insurance process.
Despite his focus on innovation, Cooper remains grounded. Outside of work, he enjoys reading books by Ben Macintyre and cooking up a mean chicken curry. A fan of London’s vibrant pace, he finds the energy of the City energizing, noting that it keeps him connected to the people and opportunities that drive business forward.
Cooper has a relaxed approach to his personal preferences, including his coffee order. He said he's happy with either a flat white or a cup of tea, depending on his mood. As for drinks, he prefers a Negroni. These small details reflect his balance of professionalism and approachability.
Vision for the Future
Looking ahead, Cooper is optimistic about Hiscox’s future. The company has ambitious growth plans and is already executing them successfully. He emphasized the importance of delivering results while maintaining a clear focus on innovation. The insurance industry, he believes, must evolve with the times to stay relevant on the global stage.
One of Cooper’s recent highlights was during Hiscox’s 125th-anniversary celebrations. He opened the day’s trading at the London Stock Exchange, a symbolic moment that celebrated the company’s past achievements and its future potential. It marked not only a milestone for the company but also for Cooper personally, as it underscored his leadership role in steering Hiscox forward.
Throughout his career, Cooper has emphasized the value of mentoring and giving back. He recalled the advice, 'Send the elevator back down,' which encourages leaders to support and uplift those who are just starting out. This philosophy is something he actively practices through employee networks and mentoring programs at Hiscox.
On weekends, Cooper can be found either testing out new restaurants or making the journey up north to visit his sons at university. During the week, he’s based in Islington, where he lives with his family. When not working, he enjoys London’s cultural and social offerings.
When asked where he would take someone for lunch, Cooper suggested either the Hiscox office at 22 Bishopsgate, where the views of St Paul’s are a highlight, or a visit to Lucky Cat upstairs. For drinks after work, he prefers Tower 42, a popular spot with a great view of the city.
If he ever gets the rare opportunity for a two-week break, Cooper’s destination of choice is the Dolomites in Italy. He plans to travel there with his family, taking advantage of the natural beauty and relaxed atmosphere. It’s a well-earned escape from the fast-paced world of finance and insurance.
Throughout his career, Cooper has demonstrated a balance of vision and pragmatism. From his early days at PwC to his leadership role at Hiscox, he has consistently shown the ability to navigate change and drive progress. As the insurance industry faces new challenges and opportunities, his perspective on innovation and leadership will remain critical to shaping its future.
Ultimately, Cooper sees his role not just as a financial leader but as a strategic one. He believes in leading by example, whether through embracing AI in underwriting or by mentoring the next generation of professionals. At 53, with a strong career ahead, he remains focused on both the present and the future, determined to leave a lasting impact on the industry.
City AM