Lloyds TSB pulls plug on Insurance Shop format
Lloyds TSB has scrapped plans to launch a chain of shops selling insurance products after tests revealed limited interest from shoppers.
Two Insurance Shops located inside Asda stores have been on trial since the beginning of last year. But Lloyds says the “offering is too narrow”.
Products include health, travel, motor, home contents and personal loan insurance. Shoppers can get on-the-spot insurance quotes and immediate cover.
But Lloyds has confirmed it plans to expand its Easibank format. It is in discussions with Asda to introduce the format at a further 30 superstores, on top of the existing 18.
Easibank is a mini Lloyds TSB branch which offers a slimmed down product range.
Lloyds TSB UK director of retail banking Gordon Pell says: “Our Easibank format has performed much better than our Insurance Shop brand because it has a much wider offering. We are not going to take the Insurance Shop any further, but could retain the existing branches to trial new ideas.”
In recent years all the major supermarkets have set up banking operations. But it remains uncertain whether customers want to make decisions on financial services when they are shopping at a supermarket.
Tesco Personal Finance recently scrapped its 12 in-store branches and launched a service online (MW October 21).