Users can compare charges and service of insurance providers

Lloyds TSB has launched an online price comparison web site for insurance policies.

The service offers a range of policies from a pool of more than 35 firms providing car and motorcycle cover.

Consumers can compare prices and the level of service of insurance providers, as well as individual elements of the cover they need. It also offers a storage area where users can keep policy information.

Lloyds TSB is the first UK bank to launch its own comparison service. Rivals in the segment include Tesco Compare.com, a joint venture between the retailer and Royal Bank of Scotland.

Security of customer data is one of the main issues affecting the online comparison industry.

Companies from the sector are under scrutiny from the Financial Services Authority amid concerns that they are not taking the Data Protection Act seriously enough.