When Paul Cooper (pictured), group CFO at Hiscox, first found his way into the insurance market, he quickly recognized the vibrancy that characterizes the sector – and made it his home. Coming from the consultancy world, where his client base largely comprised of non-life insurance players, he saw first-hand how insurance operates at the heart of communities, societies and economies alike.
With a few breaks here and there to diversify his trajectory, he noted that he has found not just his home base in the insurance market, but likely his forever home as well. Particularly in a business such as Hiscox, he said, you see the role insurance plays behind every news headline, and the industry represents a central provision for how an economy can work effectively, by showcasing how the pooling of risk enables businesses and individuals to survive, thrive and create, buoyed by indemnity.
“I also do think the people are really interesting, and the work they do is both varied and unique,” he said. “The work itself within an insurance business is fascinating. And I know that there are some people that will yawn and think of this as a dull industry, without really understanding it. But the reality is, it is really complicated, really complex and it’s always changing. From that perspective, what’s not to like?”
Cooper’s own career trajectory has paid testament to that variety, seeing him work overseas – including in Australia and the US – and supporting businesses with a strongly international focus. Being able to work across different cultures has been a wonderful opportunity, he said, as has the opportunity to manage many talented teams, and to help them develop meaningful careers.
Cooper joined Hiscox for the first time in 2006 from EY, on their recommendation that he needed to develop his commercial mindset by obtaining experience within industry. Seconded into Hiscox, he “enjoyed it from day one”. After several months, his then-manager invited him to join full-time and what was supposed to be a six-month stint lasted five years.
He learned a huge amount in that time, Cooper said, and having left to develop his career elsewhere, when Aki Hussain was named group CEO, the decision to come back – this time as group CFO – was an easy one. “The business is much bigger now than when I left, and there’s a real combination of new people and some familiar faces, which is great.”
Looking back on how the insurance market has changed over the years, Cooper highlighted the “professionalisation” of the industry, particularly around the Lloyd’s market, where digital transformation via PPL and more recently Blueprint Two are fundamentally changing the operating model for big-ticket risks written in London.
The market has seen quite a lot of consolidation in recent years, he said, certainly within brokers but it’s ongoing with insurers as well. And while insurance isn’t always recognized for it, he believes the market has stepped up to the mark and really embraced innovation, with automation and data-led decision-making changing the way in which people do business.
As for what hasn’t changed, he noted that insurance remains a people business at its core. “We can talk about automation and data systems and all those aspects, but really the importance of relationships, both within an organization and out, remains important. And I think the whole piece around networking and understanding how different people are tackling different challenges is so helpful in maintaining that connection.”
As someone who has enjoyed his career in insurance since day one, Cooper has some timely advice for those considering a career in the market. The sector is ever-changing, he said, and as a result, you always have the opportunity to work with interesting people who are dealing on a daily basis with interesting tasks. “I would say that there is a role in insurance for most, if not all, individuals, and that role depends on the type of person you are, and the skills and experience you have.
“Looking at it broadly, if you’re very good with people and you’re an extrovert, there’s likely a role within something that’s very market-facing. If you’re very analytical, there will be a role whether it’s in cat modelling or FP&A, etc. I think the insurance sector is diverse and I think that, as a company operating in the sector, you need to tap into that diversity because there’s so much complexity between operations, data systems, people relationships, strategy and so on.”
A key component of being able to thrive in insurance is being comfortable with change, he said, and that’s something that he is seeing become increasingly important as businesses are constantly evolving. As they evolve, there are new and ever-changing emerging risks and opportunities to mitigate or to tap into, and that evolution means that the idea that there’s something for everyone in “this amazing sector” is now truer than perhaps ever before.
