Five-star success for Insurance integration

Last year Lloyds Banking Group set out to create an Insurance business to be reckoned with and announced plans to combine our Scottish Widows and Clerical Medical intermediary sales forces and product ranges. This week the new partnership has earned 5 Star Ratings from independent rating agency Defaqto for its Life, Pensions and Investment products.
Before the integration, each provider was highly regarded in their own right, but the new partnership has significantly strengthened the Group’s product offering.
Defaqto awarded each of our three flagship retail intermediary products for 2010 – the Retirement Account, Investment Bond and CMI Global Investor – five stars. We were one of only four providers to have a 5 Star Rated product in each category covered.

An important part of combining our Life, Pension and Investment businesses was bringing together the best products from each heritage range to launch a new single intermediary proposition.
Now sold primarily under the Scottish Widows brand, the intermediary investment product range comprises pension products from Scottish Widows heritage and onshore and offshore investment products from Clerical Medical heritage.
The independent recognition is a clear signal that we are delivering for our customers, said Archie Kane, Group Executive Director, Insurance. “It has been a challenging and complex programme, but Defaqto’s recognition shows that we are on track to deliver for our customers and achieve our vision – to be recognised as the best Life, Pension and Investment company. This is a great example of the how we can deliver better as One Bank.”

Defaqto ratings help customers to make better financial decisions by indicating the quality of a financial product. They allow consumers to identify products with the best features and benefits to suit their individual needs.
The criteria that is used in the annual analysis is compiled by Defaqto’s team of industry experts. Defaqto invites contribution from industry providers to ensure Star Ratings are current, coherent and relevant to today’s market.