The Lloyd’s Market Association (LMA) expects 2026 to be a “year of significant transformation”, particularly in approaches to claims management and market business planning amid softening rates and new regulatory expectations.
The association expects significant shifts in 2026 in three key areas: technology adoption, data standards and shared connectivity platforms.
The LMA considers rigorous enforcement of ACORD-compliant data standards and wider adoption of CoreData Record (CDR) to be key to its strategy.
This standardization is expected to cover claims authorization and underwriting.
Joe Brace, operations director of Lloyds Market Association, said: In 2026, the LMA will focus on ensuring the continued rollout and adoption of CDR across the entire supplier ecosystem. Data councils and their work remain at the heart of our market because as data solutions proliferate, they can only succeed if they can interact and share a common data language.
“Simply put, our market has agreed that we all speak a common language, and we need to teach that language to all digital generations, no matter what stage of development they are at.”
The LMA aims to expand this “common language” to cover claims and authorizations by the end of 2026. The goal is to establish a unified approach to tagging and recording all aspects of the risk lifecycle, facilitating seamless data flow between market participants.
Another shift that LMA expects to take center stage in the market next year is towards smaller, “quick-win” projects and a move towards employing multiple peer-to-peer technologies.
The 2026 strategy will focus on Blueprint Two, data standards and shared support activities.
Brace advocates a “modular approach” that encourages providers and claims departments to take smaller initiatives to “deliver quick wins to the market” rather than waiting for a single, all-encompassing solution.
“More and more brokers are launching their own placement platforms and we encourage the development of a healthy market in placements and claims. Ideally, all platforms will use the common standards we agree on and adhere to them – imagine if we interpreted traffic standards differently. The benefits are huge: when we all use the same data standards and traffic, we can all connect in multiple ways, unleashing an explosion of point-to-point connections,” said Brace.
Adding: “I’m excited to see this market moving towards more point-to-point connections and the potential organic evolution that will result from this. Brokers will lead the way – they drive business processes and while change is never easy, the rewards of growing our business are worth it.”
In addition, by 2026, the LMA will help the market implement the operational resilience testing plan required by the regulator.
The LMA is supporting this by developing a coordinated supplier testing program that will be run across the group of managing agents in the Lloyd’s market.
Led by Lloyd’s and LMA, operational resilience has been a significant investment in the market, with the first full testing cycle set for 2026.
Joe Brace, LMA Director of Operations, commented: “It’s great to see our markets succeeding in terms of regulatory and test delivery. We know that everyone will have to devote a lot of time to the operational resilience testing program until 2026, but we are in a good position to see the program being effectively implemented and embedded in our markets, ultimately looking after our customers.”
Finally, the MLA would like to see broader modular testing and continued resolution of the Blueprint Two challenge. Testing remains a key focus for the market, requiring continued support for Blueprint Two solutions and encouraging market input and feedback on design and implementation.
Brace said: “The LMA supports Velonetic and Lloyd’s in their desire to bring this long-running project to a close. Our plan is to work closely with Velonetic to ensure that any data transition is robust and secure, customer impact is thoughtfully addressed, investment is aligned with long-term value, adoption timelines are realistic, and the impact is considered for all involved.”