The Lloyd’s Market Association has set out its aspirations for the market in 2026 in relation to operations and technology. These include an increased move to peer-to-peer technology adoptions, the adoption of the core data record across claims and the implementation of accredited data-standards in the proliferating number of broker platforms.

The LMA said it would drive the continued rollout of the core data record and push for its adoption within the market. It will also encourage market participants to seek a modular approach to modernising their operations, rather than trying to deliver complete transformations through a single project.

Joe Brace, operations director for the LMA, said: “More and more brokers are launching their own placing platforms and we encourage the development of a healthy marketplace in placement and claims.

“Ideally, all platforms would use the common standards we have agreed and adhere to them – imagine if we interpreted traffic standards differently. The benefits are huge: when we all use the same data standards and flows, we can all connect in multiple ways, unlocking an explosion of peer-to-peer connectivity.

“I am excited to see this market move towards more peer-to peer connections and the organic evolution that is likely to flow from it.”