Lloyds Bank has today launched My Life Insurance; its first online protection service which offers customers life cover up to the value of £500,000. Customers can meet their protection needs by going through just six simple steps, with the innovation removing the time consuming barriers that can discourage customers from accessing quality products they so vitally need.
A simple, online service
Research by YouGov* has shown that seven in ten (70%) customers look for value for money when making decisions about protection policies and one in five (17%) want a simple application and are increasingly hunting for a superior service. Nearly one in five (19%) also cite customer service as the most important factor when purchasing a life insurance product.
My Life Insurance offers a bespoke service that is easy to use and can be accessed through online banking and on the move via tablet. Customers answer just 11 questions to meet their protection needs and can be instantly covered as soon as the application has been completed, making it a fast and reliable service. Indeed, the research shows that one in ten say the reason they do not currently have a life insurance product is because they have not got round to buying one.
Adrian Bryant, Director of Digital at Lloyds Bank, comments: “The protection gap continues to grow with a number of people needing but not having any form of financial protection. My Life Insurance is simple and easy to use and offers a convenient quality service to customers to help them identify their protection needs.
“Customer behaviour is changing, with more and more people wanting to choose and access their products online, anywhere and at any time. We are really excited to be launching our first online protection product that will allow us to meet the needs of our customers and encourage those to protect their families and loved ones in times of need.”