Insurance chief says bank will launch aggregator site
Lloyds TSB Insurance managing director Phil Loney has hinted that the bank will be launching its own aggregator site within weeks.
Speaking as the bank unveiled its results for 2007, Loney said: “As far as aggregators go, watch this space over the next few weeks.”
Lloyds TSB is keen to develop its proposition to cater more for price-driven customers. An aggregator site could be part of this.
Loney dismissed rumours that the bank’s Screen Trade brand, which sells motor insurance online, would be used as the vehicle for an aggregator.
“We have no plans for Screen Trade, other than as a panel,” he said.
Lloyds TSB Insurance saw its profits fall by nearly 50% on the back of severe weather claims in 2007. Pre-tax profits were £128m, down from £243m in 2006. The January storm cost £12m in claims, while the summer floods cost £101m.
The bank’s insurance division reported an 8% increase in total new business premiums and 14% increase in new home insurance business.
Its SME insurance business volumes grew by 99% to £30m in gross written premiums. It said the increase was driven by sales growth from the banking division and the acquisition of the SME commercial business from Pearl last year.
Loney said the bank would continue to develop its product suite. He said: “70% of our total opportunities we have products for, the remaining 30% we don’t. The goal in 18 months’ time is to have increased product coverage.”