Had England scored 11 more points against the Azzurri in Rome, a first RBS 6 Nations crown under Lancaster would theoretically have been theirs but Wood believes it was their opening 26-24 defeat to France that cost the Red Rose.
In Paris, England found themselves 16-3 down after just 22 minutes after two somewhat fortuitous tries for Yoann Huget, and while Lancaster's men battled back to take the lead, they eventually slipped to a last-gasp defeat.
"We will look back and kick ourselves about that French result," said Wood.
"If it hadn't been for the nervous start and bounces of the ball there, it could have been different at the end, but on the whole we've played really well.
"We're really proud of the way we've performed and the results.
"We played some good rugby, a really good blend with attacking interplay between forwards and backs.
"We developed some more youngsters who have come into the side and done really well, so on the whole it's been a really successful campaign."