Across the London Market, technology change is shaping several factors: how firms price risk, how they manage data and process claims, and how they meet regulatory expectations and make operational decisions.
For many years, market modernisation was discussed largely through the lens of large central programmes. These programmes still impact the London market, but there has been significant recent change. For example, Lloyd’s has moved away from Blueprint Two to refocus Velonetic on incremental technology modernisation, with greater emphasis on process simplification, common data standards and operational resilience.
While central infrastructure continues to evolve, individual organisations also need to consider how their own technology, data, processes and teams are prepared for a more digital market.
The technologies driving change are becoming increasingly connected, such as cloud platforms, data standards, APIs, automation, AI, digital placing tools and analytics. Together, they are shaping how work moves through the market and raising expectations around speed, quality, control, and visibility.
Firms now need to understand which technologies will create practical value and where legacy processes limit progress, so they can deliver technology change while ensuring governance, resilience, and services remain strong.
One of the most important changes is the move toward more incremental market modernisation; Lloyd’s has confirmed it is transitioning away from Blueprint Two and refocusing Velonetic on incremental technology modernisation, marking a shift to a more phased approach, with existing systems and new capabilities needing to operate alongside each other.
As a result, technology strategies can no longer be built around the assumption that one central programme will resolve all operational or data challenges. Instead, firms should identify which parts of their operating model depend on market infrastructure and which parts they can improve internally.
Where organisations still manage manual workarounds, fragmented data, and legacy platforms, this becomes especially important, as these issues can quickly affect underwriting, claims, finance, operations, and delegated authority oversight.
Incremental modernisation also places more responsibility on firms to manage transition well. As new market capabilities emerge, organisations need to assess their readiness, understand the impact on internal processes, prepare teams for new ways of working and maintain control while old and new approaches overlap.
Data is one of the most important technology priorities in the London Market, with many firms already holding large amounts of valuable information. However, this information is often spread across various systems, creating friction within an organisation.
Data may need to be rekeyed, checked, reformatted or reconciled before it can be used properly. Different teams may interpret the same information differently, making it hard to trace key details across the lifecycle of a risk, from placement through to claims, reporting and oversight.
Common data standards are now being introduced to support these issues: the Core Data Record, Market Reform Contract and wider ACORD-aligned standards are intended to support more consistent, structured information across market processes.
The London Market Group’s Data Council has also continued to develop the Core Data Record, including recent updates to support treaty reinsurance and further consultation around delegated authority business.
Beyond compliance, better structured data can support faster processing, improved reporting, clearer audit trails, stronger oversight and better use of analytics. It also creates a stronger foundation for automation and AI, because those technologies rely on data that is accurate, consistent and accessible.
However, implementation may be challenging for many firms, as they need to understand where their current data is held, how it moves between teams and systems, and where quality issues are corrected manually. They also need to consider how market standards connect with their own internal data models, reporting needs and control frameworks.
AI and automation are also becoming more important across the London Market, particularly where firms are looking to reduce manual effort, improve consistency and make better use of data.
Where activities such as document handling, data extraction and reporting take time away from higher-value work and increase the risk of inconsistency, automation can offer a practical solution. Automation is best placed where processes are understood and controls are clear. It can speed processing, improve workflow management, reduce rekeying, and create more consistent outputs across areas such as underwriting operations, claims handling, delegated authority oversight, finance, and regulatory reporting.
AI creates a different set of opportunities, as it can support analysis, summarisation, triage, insight generation and the review of large volumes of information. When used well, it can help teams work through complex materials efficiently and identify issues quickly.
However, governance requirements are significant. The Lloyd’s Market Association has reported that AI adoption across the Lloyd’s market has more than doubled in 12 months, with 93% of survey respondents building governance frameworks. That shows the direction of travel: firms see the value of AI, but they also recognise the need for control around data privacy, cyber risk, third parties, ownership, and output quality.
Historically, many market processes have depended on older infrastructure, point-to-point integrations, manual transfers, and systems not designed for the volume or speed of digital trading. As such, change is often slower and more difficult, particularly where firms need information to move cleanly between brokers, carriers, service providers, finance systems, claims platforms and reporting tools.
Cloud-based platforms can give firms more flexibility, scalability and resilience, but the bigger opportunity is how systems connect; APIs allow information to move between platforms with less manual intervention, supporting faster workflows, better data quality and a more consistent view of activity across the market.
This is particularly relevant as Velonetic continues to modernise the heritage technology estate that supports London Market processing. Its own market modernisation materials describe the need to support future trading models, data standards and efficiency, while progressing change incrementally and protecting operational resilience. Velonetic’s digital processing materials also refer to a cloud-native platform intended to support London Market transformation.
The practical question for leaders is whether their current technology estate can support the next stage of market change. That means assessing legacy dependencies, integration gaps, data ownership, resilience, vendor management, and the skills needed to manage a more connected environment. Cloud and APIs can enable change, but only when clear process design and strong governance support them.
The most important technology question for London Market firms is not which platform, tool or system to adopt next, but whether the organisation is ready to change the way work is done.
New technology can expose operating-model weaknesses if roles, processes, controls, and data ownership are unclear. A firm may introduce automation, improve integration, or move more activity onto cloud-based platforms, but still find that teams work around the system because the underlying process has not been redesigned.
Activities like underwriting, claims, finance, operations, delegated authority and compliance teams may all depend on the same information, but use it in different ways. If technology change does not take account of those handoffs, firms can end up with digital tools layered onto old ways of working.
A stronger approach starts with the operating model. Firms should understand how work currently moves through the organisation, where manual intervention is still required, where data quality breaks down and where controls depend too heavily on individual knowledge. Once that is clear, technology decisions can be linked to specific improvements in speed, control, resilience, reporting or customer service.
Governance also needs to keep pace with implementation. As AI, automation, cloud and integration become more embedded, firms need clear ownership of decisions, data, controls, third-party risk and operational resilience.
The firms that benefit most from technology change will be those that connect investment to practical delivery, aligning technology, process, people and governance from the start, rather than treating implementation as a technical exercise after the business case has already been approved.
Brighter Consultancy supports London Market firms through complex technology and transformation programmes, helping organisations move from strategic intent into practical delivery. We work with clients to review current processes, identify where legacy systems or manual work are limiting progress, and build the governance needed to manage change safely.
As market modernisation continues to evolve, the priority is to understand where technology can create value now, where risk needs managing, and where the organisation needs stronger foundations for future change.
If your organisation is reviewing its technology strategy or preparing for the next stage of London Market transformation, Brighter Consultancy can help build the structure, governance and delivery capability needed to make change work.