Outcomes

Members of the London Market underwriting, pricing and risk community came together on 28th April 2026 at Wagtail Restaurant, Monument, for the latest LMF Underwriting Leadership Roundtable Breakfast, exploring how AI, regulation, and rising client expectations are reshaping the future of specialty insurance.

Convened and hosted by LMF CEO, Roger Oldham, in partnership with LMF Corporate Member, Earnix, the session brought together senior underwriting, actuarial, pricing, technology and data leaders for an open and collaborative discussion on how the Market can move beyond AI experimentation and into practical, scalable application.

Attendees heard insights Earnix’s 2026 Trends Report, delivered by Paul Webster, alongside a open discussion between Roger Oldham Darren Goddard, Chief Data Officer at Blenheim. The roundtable combined live polling, research insights gathered from 400 insurance executives, and peer discussion to explore the realities behind AI adoption, data challenges, and market transformation.

A Market in Transition

The session opened by recognising the pace of change across the London Market, with participants reflecting that while the industry has always evolved, the current period is defined by both the speed and scale of transformation.

Live polling during the session highlighted that most organisations are no longer in early experimentation with AI. Instead, many have already embedded AI into selective workflows, particularly across operational and administrative functions. However, there remains a clear gap between adoption and measurable business value.

As highlighted in the research presented, over 80% of insurers have implemented AI in some form, yet relatively few are realising significant impact at scale.

Moving Beyond AI Experimentation

A central theme throughout the discussion was the need for the Market to transition from proof-of-concept AI initiatives to real-world deployment.

While appetite and investment are clearly present, participants acknowledged that many firms remain stuck in a cycle of pilots and experimentation. The conversation explored what is required to break through this barrier, with several key enablers identified:

• Stronger data foundations
• Clear governance frameworks
• Investment in talent and skills
• Executive sponsorship and strategic alignment

There was a shared recognition that the challenge is not ambition, but execution.

Data Quality: The Critical Barrier

Across both the research and live discussion, data quality emerged as the single most significant constraint to progress.

Participants consistently highlighted that poor data quality impacts everything—from underwriting decisions and pricing accuracy to operational efficiency and customer outcomes. As noted during the session, many organisations still lack a clear, consistent view of their own data across the business, with multiple touchpoints and fragmented ownership creating inefficiencies.

A key insight from the discussion was that data quality is not purely a technology issue, but a cultural one. Ownership, accountability and consistent standards across the business were identified as essential to driving meaningful improvement.

The group also reflected on the hidden cost of poor data—often unmeasured but significant—manifesting in rework, delays, and reduced confidence in decision-making.

Regulation: Constraint or Opportunity?

The evolving regulatory landscape was another key area of focus, with mixed views across the room.

While some participants highlighted regulation as a barrier—particularly where guidance remains unclear—others noted that regulation can act as an enabler, providing the guardrails needed to scale AI with confidence.

The discussion suggested that the current environment reflects a degree of mutual caution between regulators and market participants, with both sides navigating a rapidly evolving landscape. As a result, many firms are progressing carefully, waiting for greater clarity before accelerating adoption.

The Role of Talent and Skills

Beyond technology and data, the session explored the human impact of these changes.

A recurring theme was the challenge of developing the next generation of underwriting talent in a world where traditional learning pathways are changing. As automation and offshoring reshape entry-level roles, firms are rethinking how they train and develop future professionals.

Participants emphasised the importance of continued investment in people, ensuring that critical skills such as judgement, critical thinking and risk assessment are preserved alongside technological advancement.

There was a clear consensus that while AI will enhance decision-making, it will not replace the expertise that underpins the London Market.

Changing Client Expectations

The session also explored the growing impact of client expectations on the Market.

As digital experiences in other industries continue to evolve, insurance customers are increasingly expecting:

• Faster, more responsive service
• Greater transparency in pricing and decisions
• More personalised products and experiences

Participants noted that insurers are no longer benchmarked solely against competitors, but against the best digital experiences across all sectors.

This shift is driving a need for greater agility, improved data usage, and more customer-centric product design.

Collaboration and Market-Wide Responsibility

In keeping with the LMF roundtable format, the session encouraged open and candid discussion, with participants sharing practical experiences and challenges from across the Market.

A key takeaway was the importance of collective responsibility—particularly around data standards and quality. Several attendees noted that improving outcomes will require not only internal change, but greater accountability across the Market ecosystem, including brokers, carriers and third parties.

Looking Ahead

Closing the session, Roger Oldham thanked Earnix for their partnership and the attendees for their active participation.

As the London Market continues to navigate a period of rapid transformation, the discussion reinforced that success will depend on more than just technology adoption. Data quality, governance, talent development and collaboration will all play a critical role in shaping the future of specialty insurance.

By bringing together underwriting, pricing, risk and data leaders in an open and trusted environment, London Market Forums continues to provide a platform for meaningful discussion, shared learning and informed decision-making at the heart of the Market.

If you’re not already part of this interactive community, get in touch to find out how you can join the LMF conversation shaping the future of the London Market.