Lloyds TSB Insurance has purchased the Screentrade brand and the Internet URLs Screentrade.co.uk, Screentrade.com and Insurance.co.uk from Misys for an estimated £750,000.
Lloyds TSB Insurance says the addition of the Screentrade brand will enable it to further expand its distribution capability for Internet sales to people who are not currently customers of the bank. Screentrade was launched in November 1997 as a destination site for consumers to compare and buy home, car and travel insurance over the Internet.
"We believe that giving customers choice and convenience is vital to succeed in this fast moving consumer environment," says Sally Jones Evans, customer management director, Lloyds TSB Insurance. "Screentrade provides a valuable extension to our insurance distribution capability and enables us to offer customers an additional way of buying products on the Internet."
Screentrade customers will initially be directed through to the Lloyds TSB insuredirect site where they will be able to purchase home insurance from an independent panel of ten leading insurance companies. Lloyds TSB says the offer will continue to be enhanced and it is expected that later in 2001 an independent standalone branded site will be launched under the Screentrade banner.
Misys pulled the plug on its business-to-consumer portals in mid-June following a failed attempt to find a suitable partner to share the expensive ongoing development and marketing costs of the business.
Jone Evans comments: "The Screentrade brand has established itself as one of the best independent consumer brands for insurance products in the UK and we believe it will thrive with the backing of Lloyds TSB."