Lloyds Banking Group - Integrate... and then innovate
The integration programme following the merger of Lloyd’s TSB and HBOS was reported to be the largest IT transformation in European banking history. Having successfully completed it, Lloyds Banking Group then had to focus on delivering a strategy for the next 5 years.
With the IT integration taking up vast amounts of time and resource over the best part of 3 years, the Insurance division had had little opportunity to focus on the next stage of modernising the business. Their industry peers had moved on in that period and it was now time to catch up. In the General Insurance division specifically, new business volumes through the Retail Bank channel were falling, and with customers moving more towards buying direct online or via aggregators, a change in strategy was due.