Key facts
- Hiscox Group CFO Paul Cooper believes London's adoption of AI is too slow.
- Cooper stated that embracing emerging technologies like AI is essential for London to maintain its competitive edge.
- He mentioned Hiscox was the first in the London insurance market to build an AI-enhanced lead underwriting model.
- Hiscox is also developing the first agent-to-agent capability between broker and insurer.
Paul Cooper, the Group Chief Financial Officer at Hiscox, has expressed concern that London's adoption of artificial intelligence (AI) is progressing too slowly. In an interview, Cooper emphasized that to maintain its competitive edge, the City must continue to embrace change and emerging technologies.
Cooper highlighted Hiscox's commitment to innovation, noting the company was the first in the London insurance market to develop an AI-enhanced lead underwriting model. Furthermore, Hiscox is currently working on creating the first agent-to-agent capability that will facilitate communication between brokers and insurers. He believes these advancements are crucial for applying human judgment to high-value tasks rather than low-value operational duties.