Artificial intelligence (AI) is continuing to evolve across the Lloyd’s market, with adoption expanding across underwriting, pricing, claims and operations.

As adoption accelerates, the focus is shifting towards governance, accountability and risk management, with firms seeking to embed AI in a controlled and responsible way.

The Lloyd’s Market Association (LMA), in partnership with Barnett Waddingham, has developed the AI Adoption Toolkit to support managing agents in building practical, governance-led approaches to AI implementation, including a structured set of principles and supporting templates to enable consistent and responsible adoption.

Market context

The launch follows recent LMA research which shows that AI adoption has more than doubled across the Lloyd’s market over the past 12 months, moving from limited experimentation to more widespread early-stage deployment.

Governance is now firmly established as a priority, with 93% of respondents reporting that a framework is either already in place or in development, reflecting a clear shift towards more structured and governed adoption.

Across the market, AI use remains focused on augmentation and efficiency, with strong emphasis on human oversight, accountability and risk management.

Disclaimer

All LMA guidance documents, including the AI Adoption Toolkit, are purely illustrative and aimed at Lloyd’s managing agents, brokers, and other market participants. The practices referred to in such documents may not be applicable or correct in all circumstances and should not be regarded as definitive. Practitioners may reach different conclusions according to the specific circumstances of a risk, and it is for them to decide whether any practice referred to in a guidance document is appropriate or acceptable. The LMA does not protect its intellectual property rights over guidance documents, and neither the LMA nor any party involved in their preparation accepts any liability arising from reliance on them.