Lloyds Banking Group has selected Allianz Partners UK to underwrite and administer its travel insurance offering.
Under the recently signed contract, Allianz Partners UK will provide travel cover for holders of Added Value Accounts and Ultimate Reward Current Accounts for Lloyds Bank, Bank of Scotland, and Halifax.
The deal entails the seamless transfer of these customers from their current suppliers.
Allianz Partners UK already supplies home emergency cover to Lloyds Banking Group customers, making this contract for travel insurance a significant broadening of the commercial relationship between the two companies.
The move is a strategic alignment between two of the UK’s most prestigious brands.
“Lloyds Banking Group is Britain’s preferred financial partner and Allianz Partners UK, a provider of market-leading travel insurance solutions and part of Munich-based Allianz, is the Interbrand Best Global Brands report’s number 1 insurance brand globally,” the partners said in a release.
A shared vision of using technology to engage customers
Both companies said they are committed to supporting their customers and clients, “supplying them with propositions that are always relevant to their specific and evolving needs”.
Tim Tozer, CEO at Allianz Partners UK, said the companies share the vision of using technology to make it easier for customers to engage with them.
“We are investing heavily in our systems and working closely alongside Lloyds Banking Group to ensure that both of our customer journeys are seamlessly integrated.”
Allianz Partners UK said it is drawing from the global capability of its parent company, delivering technology driven, user friendly experiences for Lloyds Banking Group customers.
This will enable policyholders to access information about their cover, manage their account, request assistance, and submit claims via their online account or banking app.
Improving claiming handling efficiency and communication
Not only will this integrate the travel insurance product into Lloyds Banking Group’s services, it will also improve the efficiency of current claims and communication processes, making a broader range of contact channels available to customers at the touch of a button.
Lee Taylor, Chief Sales Officer at Allianz Partners UK said:
“Although we have seen consumers start to take advantage of online services for some time, the rate of this shift has really accelerated over the past year as a result of the Covid-19 pandemic.
“With social distancing measures in place at bank branches and strict ‘stay at home’ guidelines enforced, even the least tech-savvy consumers have become more familiar with online banking.
“We are pleased to have been able to capture and incorporate these trends into our detailed offering to Lloyds Banking Group so that the brand is able to continue its strategic journey going forward, this being to remain at the forefront of digitalised delivery of quality customer service.”