The Lloyd's Market Association (LMA) has set out its key priorities for 2026, focusing on market operations and technology.
The LMA forecasts a shift toward peer-to-peer technology solutions, with smaller projects likely gaining traction. It also expects continued implementation of ACORD-compliant data standards through the Core Data Record (CDR), as well as growth in broker platforms.
Joe Brace (pictured), operations director at the LMA, said the rollout of the CDR will remain a core priority in 2026. He said the LMA intends to support continued adoption of the CDR across the vendor ecosystem.
Last month, the London Market Group's Data Council opened a 12-week consultation on the proposed claims component of the CDR.
"The Data Council and its work continue to be central to our market, because, as data solutions proliferate, they can only succeed if they are able to interact and share a common data language," Brace said. He explained that the aim is for the market to operate with a common data language across risk, claims and delegated authority, allowing the full lifecycle of a risk to be recorded in a consistent way by the end of 2026.
The LMA is also looking to develop smaller technology initiatives alongside wider programmes such as Blueprint Two.
Bruce said they are encouraging market participants to adopt a modular approach to modernisation rather than wait for complete transformation in one step. He said using shared standards would enable market participants to connect across systems more easily, supporting peer-to-peer interaction.
"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," he said. "Brokers will lead this charge - they drive business flow and while change is never easy, the prize of evolving our business is worth it."
Operational resilience testing is also expected to form a key part of industry activity next year under regulatory requirements. The LMA plans to coordinate a vendor testing programme for managing agents across the Lloyd's market.
Brace said the market is now ready to enter full test cycles following investment from Lloyd's and the LMA. He also noted that operational resilience will require ongoing time commitment in 2026.
The LMA will continue to support the development and testing of Blueprint Two, expecting further work on design and implementation. It plans to work closely with Velonetic to support data transition, manage customer impact and set practical adoption timelines as the programme progresses.
