FOR Aki Hussain, life is all about discipline and the good results that follow. The CEO of diversified international insurance group Hiscox headquartered in Bermuda, Hussain is a second-generation immigrant born to Pakistani parents in Yorkshire.
Before joining Hiscox, Hussain held senior financial positions at Prudential, Aviva, and Goldman Sachs. He has over 25 years of experience in financial services, including investment banking, asset management, and insurance.
After working at Prudential plc for seven years as the CFO, UK & Europe, he joined Hiscox as the group chief financial officer.
Hussain took over as its CEO in January last year from Bronek Masojada. Since then, he has led the company with over 3,000 employees and a considerable international spread listed on the London Stock Exchange.
According to the year-end financial results published by Hiscox on March 2022, the company has delivered a resilient performance under Hussain’s leadership. Hiscox UK has improved its gross written premium (GWP) by 9.9% in 2021 to reach $831.1m (£623.6m), compared to $756.1m in 2020, the report says.
“I am pleased with the strong results the group has delivered, despite elevated natural catastrophe losses, reflecting successful execution of our strategy and the management actions we have undertaken to improve the performance and quality of our portfolios,” says Hussain.
Hussain’s elevation at Hiscox did not come during the easiest of times. The company faced a huge reputational crisis post the Covid lockdown, one of the biggest in its 120-plus history. Since he was leading its finances immediately before his latest stint, Hussain was never too far from the problem.
Many of Hiscox’s small business customers had to shut operations when the pandemic started. When many tried to claim on their cover, Hiscox refused to pay, saying the policies were not applicable to government lockdowns. Many companies suffered and even though legal problems followed, Hussain never compromised with his stand even while acknowledging that the situation was “unfortunate”.
Hussain’s rise has been felicitated by more than one factor. While his father, a textile factory worker who had fought with the British troops in Burma (now Myanmar) during World War II, had always told him to focus on education and aim to do well in life to lead a better life than him. While that propelled him forward, Hussain’s interest in exploring the unknown in his younger days also helped him.
Hussain’s strategic vision in Hiscox focuses on innovation and customer-centricity. He has been driving the company's digital transformation and investing in new technologies to enhance its digital capabilities, including AI-powered underwriting and claims handling.
Hussain is a chartered accountant and a member of the Institute of Chartered Accountants in England and Wales. He also holds a bachelor's degree in economics and management from the University of Oxford.
Hussain’s deep understanding of financial management has been pivotal in growing Hiscox’s revenue and profitability while managing risk and maintaining strong financial discipline.
"At Hiscox, we have a culture of innovation and a willingness to challenge the status quo. We don't want to be just another insurance company; we want to be a pioneer in the industry," he says.
Hussain emphasises on people-focused approach and has been investing in the development and well-being of employees, promoting a culture of diversity and inclusion, and empowering staff to make a difference.
After Hiscox faced its pandemic-time challenges, Hussain acknowledged that it affected the brand but also claimed that his company’s customer base in small businesses is growing.
Hussain believes that the insurance industry has a unique opportunity to create a positive impact on society.
"As a global company, we have a duty to contribute to the communities in which we operate. We do this through philanthropy, volunteering, and supporting local businesses," Hussain says.
The Hiscox chief is aware of newer challenges such as environment and digitisation and is in the forefront of leading the company's efforts to promote environmental sustainability and foster social responsibility.
Under Hussain's leadership, the company has set targets to reduce its carbon footprint and has been actively engaged in philanthropic initiatives to support local communities.
The Leeds-educated Hussain, who loves Elvis Presley music, is a devout Muslim who gets out of bed at 4.20 am, prays five times a day, does a lot of physical exercises, and spends weekends with the family.
