Lloyd hopes to be involved in finding a new head coach when Michael Cheika leaves at the end of the season, but does not feel sweeping change is needed.
Leicester climbed to third place in the Premiership, with six games left, after thrashing defending champions Northampton on Friday.
“If you look at what the team have been producing this year under Michael, I don’t think we’re that far away from being where we feel we should be as a club,” Lloyd said.
“Things need to change and things need to evolve, but I don’t think it’s a case of throwing everything out of the bathtub and trying to figure out where to go from there because things are in a good spot.”
Injury forced Lloyd to retire aged 30, shortly after his move to Gloucester, and soon after that he turned down three offers of coaching roles, including with Leicester.
“I loved playing the game and contributing in that way, but I knew that coaching, to get that close and not be able to influence it the way I would like to influence it, wasn’t for me,” he said.
“It’s taken a long time for me to fall back in love with the game.
“I’ve just finished some major commitments, including a PhD, and the timing for this opportunity to come along at a club which shaped who I am as an individual, it just seems like a great time.”
