Commercial insurance giant integrates bancassurance

One commercial insurance giant has recently stated that it intends to integrate bancassurance into its core group of business insurance propositions.

The insurance arm of Lloyds Banking Group announced it has plans to build specialised professional indemnity insurance advisor teams in order to address the needs of its customers more readily. The financial services provider, which is partially owned by the taxpayer, has plans to widen its range of products that it makes available to small and medium enterprise businesses to include a more robust range of insurance products.

Lloyds Banking Group is poised to cut costs by £1.5 billion by the end of 2014 by cutting at approximately 15,000 job positions across its divisions.  This has freed up approximately £2 billion in funds for investment opportunities, which prompted Lloyds to not only broadedn its insurance product range but also revamp and recondition its Halifax brand as well.

Lloyds Banking Group also announced its commitment to the maintenance of its network of UK branches at its current level.  It also pledged to not move any permanent UK operational roles offshore.

António Horta-Osório, group chief executive for Lloyds Banking Group, remarked that goals include the creation of a more responsible, more agile, and simpler organisation over time in order to unlock the potentialities that lie within the different Lloyds franchises.  The group chief said that Lloyds plans to accomplish these goals by shifting the focus to their customer base and making significant investments in products and services that have a higher value to those customers.

No further details were available at this time in regards to what particular form the new insurance products from Lloyds would take.

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