BGL Group, a leading digital distributor of insurance and household financial services, has today announced a major new agreement with Lloyds Banking Group (LBG) to continue providing motor and commercial vehicle insurance to customers for a further five years. The original partnership began in 2010 and since then, LBG Motor Insurance has experienced significant growth, including the development of new commercial vehicle products.
A key focus over the next five years will see the evolution of the LBG motor propositions, including the creation of a new short-term insurance offering, as well as new and targeted products aimed at younger drivers – a previously untapped market for the banking giant.
Currently, more than 17 million customers use online banking under LBG’s retail brands and so further efforts will see BGL and LBG undertaking important technology investment, integrating the insurance journey and self-service portal into the online banking platform. This will deliver a deeper understanding of consumer spending, allowing for more intelligent product targeting, as well as highly personalised risk profiling to ensure LBG is delivering the most competitive pricing for customers.
Mark Townsend, Managing Director of BGL’s Motor and Home Insurance, said: “The LBG / BGL insurance partnership has been a real success. Many areas of the insurance market have changed over the past 10 years and we’ve experienced key learnings together.
However, one thing that remains is the bank’s laser-focused commitment to delivering the best possible insurance for its customers. The insight and knowledge held by LBG on its customers mean that the next phase of this partnership is set to become really interesting as we take the customer experience and loyalty propositions to the next level.”
Craig Thornton, General Insurance and Protection Director at Lloyds Banking Group, said: “We are delighted to extend our existing relationship with BGL Group and our teams have worked hard on the next phase of our strategy, putting in place clear and aligned goals, as well as challenging targets.
We take great pride in understanding the needs of our customers and while we do have ambitions to grow our insurance book, what is more important to the bank is protecting our loyal customers. We want to make the experience as seamless as possible and we see a huge opportunity to harness BGL’s technology and digital capabilities to do this.”