Paul Cooper, the Group Chief Financial Officer at Hiscox, has stated that he would like to see faster adoption of emerging technologies such as AI within the City of London. He believes this is crucial for maintaining London's competitive edge.
Mr Cooper highlighted Hiscox's own efforts in this area, noting that the company was reportedly the first in the London insurance market to develop an AI-enhanced lead underwriting model. Hiscox is also currently developing the first agent-to-agent capability between a broker and an insurer.
He explained that the aim of these advancements is to ensure human judgement is applied to high-value tasks, rather than low-value ones.