Experienced all-rounder Pollard and former captain Bravo were controversial exclusions from the party that will feature at the tournament in Australia and New Zealand starting later this month.
Neither player has been included in a one-day international for the Windies since the tour in India was abruptly cut short in October.
The choice to leave the pair at home has caused uproar, though, with Chris Gayle expressing his displeasure following West Indies' Twenty20 victory over South Africa on Sunday.
However, former Windies skipper Lloyd claimed that neither player had produced "exceptional performances", forcing the selectors to pick a squad with emphasis on the future.
"It was a very difficult decision. I can tell you [discussions] went on for two days," he told ESPNcricinfo.
"But then you get to a point where you sa, 'right, this is where we want to go'. It is very difficult for people to understand or to accept. But we want to move on.
"I don't think they have had any exceptional performances.
"They have been there and thereabouts. We really and truly want to pick people on what they have done for our cricket and not for anyone else."
Lloyd also dismissed any suggestions of discrimination against the pair from selectors and the West Indies Cricket Board.
"No, that is not the way I live," he added. "I don't believe in things in that nature at all. There is no axe to grind with these guys.
"This is the combination we came up with. And I am not one of those people who are going to direct to me what to do.
"I take orders from me, and nobody else. I am not into that situation where I will be worrying about what happened in India. That is past. That is gone. We are moving on."
However, former West Indies batsman Ramnaresh Sarwan - who played in 181 ODIs for the Windies - slammed the selectors and believes a better system must be implemented.
"I honestly don't understand when these people keep talking about rebuilding," he wrote on Twitter.
"I am starting to wonder what really we are building in the Caribbean. No one wants to accept the real problems facing WI cricket.
"They are going to chop and change until they find the right players, it's not a quick fix people, it has to be a process.
"We are so backward, we decided to drop two of our better players because of ego and because we want to show we are untouchable."