Hiscox CFO warns City of London risks falling behind on AI adoption

Paul Cooper, group chief financial officer at Hiscox, has warned that the City of London is adopting artificial intelligence too slowly, risking the financial centre's competitive position against global rivals.

In a wide-ranging interview, Cooper said the Square Mile's historic strength in innovation must be matched by faster uptake of emerging technologies. "Maintaining London's competitive edge means continuing to embrace change," he said, adding that the specialist insurer is passionate about driving that shift.

First mover in AI underwriting

Hiscox has already moved ahead of the pack. The company was the first in the London insurance market to build an AI-enhanced lead underwriting model, and is now developing what it describes as the first agent-to-agent capability between broker and insurer. The aim is to reserve human judgement for high-value decisions while automating low-value tasks.

Cooper's career spans more than two decades in financial services. After qualifying as a chartered accountant at PwC across London, Australia and the US, he held senior finance roles at M&G, Arrow Global and Canopius before returning to Hiscox, where he previously served as finance director for UK and Europe.

Culture of mentorship

Beyond technology, Cooper emphasised the importance of developing the next generation. The best career advice he received, "send the elevator back down", shapes his approach to employee networks, coaching and mentoring programmes at Hiscox. He also pushed back against the notion that finance is merely about numbers, describing modern financial leadership as balancing long-term strategic growth with short-term tactical targets.

Looking ahead, Cooper said he is "very much" optimistic for the year ahead. Hiscox, which recently celebrated its 125th anniversary by opening trading at the London Stock Exchange, has ambitious growth plans that it is successfully delivering. The challenge now is ensuring the wider market keeps pace.