Lloyds Bank to underwrite all its own home products

Lloyds Banking Group has become the sole underwriter of its home insurance policies.  

The group has exited its insurer panel, and will underwrite all the buildings and contents policies sold through its Halifax, Lloyds Bank and Bank of Scotland brands.

This applies to policies sold in branches, over the telephone and online.

In addition, all home insurance policyholders will be able to access to the insurer’s personal claims consultant network and its emergency response units.

The polices sold by the group cover over three million households in the UK.

Lloyds Banking Group home insurance director Toby Walter said the move was driven by the company’s commitment to simplifying products and services for all customers. It follows a project to refresh and standardise policy documents to make them easier to understand.

Walter said: “We want to ensure consistency of quality and service for all customers from end to end. More and more people are choosing to buy insurance online and we want to make sure that however they choose to buy, if it’s a product with our name on the tin, they can be confident of what’s inside.”

Lloyds is also testing various forms of renewal communications with customers as part of an FCA-backed project to improve clarity, understanding and engagement of customers at the point of renewal.

Walter said: “These significant steps not only allow us to deliver on the promises we make to customers when they take out  and renew their policies, but it also enables us to make things clearer, respond more nimbly to evolving customer needs and stay at the top of our claims game.”