How can brokers and MGAs get the best value from AI deployment? It’s a wise plan to start with some in depth advice from the LMA, here’s the word;
The Lloyd’s Market Association (LMA), in collaboration with Barnett Waddingham, has today launched a new AI Adoption Toolkit to support managing agents in developing and strengthening governance frameworks for artificial intelligence (AI) across the Lloyd’s market.
The launch follows recent LMA research highlighting accelerated growth in AI adoption across the market and an increasing focus on governance and risk management, with the guidance reflecting a growing need across the market for more structured approaches to AI governance as adoption accelerates.
The toolkit provides practical, principles-based guidance to help firms move from early-stage experimentation towards more structured, governance-led adoption, as AI use cases continue to expand.
Developed in response to increasing AI adoption and evolving risk considerations, the toolkit is designed to support firms at different stages of their AI journey, offering a flexible framework that can be adapted to varying organisational structures, risk appetites and regulatory environments.
A practical framework for responsible AI adoption
The AI Adoption Toolkit is built around five core principles:
- Governance and accountability
- Risk tiering
- Data protection, security and intellectual property
- Training and awareness
- Pragmatic adoption
Together, these principles provide a structured approach to managing AI risk while enabling firms to realise the benefits of emerging technologies.
Embedding controls early and scaling AI adoption responsibly
The guidance encourages firms to begin with lower-risk use cases, embed appropriate controls from the outset and scale adoption gradually as governance frameworks mature.
It also highlights the importance of maintaining human oversight, aligning internal policies with evolving regulatory expectations, and ensuring that AI deployment is supported by effective training and clear accountability structures.
Supporting the market as AI adoption evolves
The launch of the toolkit reflects the LMA’s continued focus on supporting the Lloyd’s market in navigating the opportunities and challenges presented by AI.
As firms move beyond experimentation and towards more widespread use, the need for practical, governance-led guidance is becoming increasingly important.
Sanjiv Sharma, Head of Actuarial and Exposure Management at the Lloyd’s Market Association, said: “As AI adoption continues to develop across the Lloyd’s market, the focus is increasingly shifting towards how it is implemented and governed in practice.
The toolkit is designed to provide practical guidance to help firms embed appropriate controls early, manage risk effectively and scale adoption in a structured way.”
Wan Heah, Partner and Head of General Insurance at Barnett Waddingham, added: “Firms are moving beyond experimentation and starting to embed AI more broadly across their operations. The challenge now is ensuring that governance frameworks keep pace with increasingly complex use cases. This toolkit is intended to support firms in navigating that next stage.”
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