Founded in 1861 in Britain, the Royal London Group began as a club to which people contributed to ensure they had funds for a proper burial. Today, with just under £120 billion in assets, the Royal London Group maintains its mutual status: Profits are returned to members and policyholders.
That ethos shapes its internal governance and extends to pursuing an investment policy that has a positive impact on society.
With award-winning workplace culture and high marks for customer satisfaction, the Royal London Group aims to bring fresh ideas to financial services. And in a nod to its roots, the company continues to give special consideration to underserved populations.
We set out with the objective of delivering twice as much, twice as often, in half the time. With Oracle, we’re now delivering that.Martin Lewis, Finance Chief Operating Officer, Royal London Group
Five years ago, the Royal London Group’s systems looked 20 years out of date. Meanwhile, shifting political and regulatory conditions meant the company needed flexibility, and that required a technology overhaul. The old systems could only account on a single basis, for example, but the Royal London Group needed a multi-basis ledger and better audit capabilities. Enter Oracle ERP Cloud. “Oracle Cloud provides us the confidence that the application is up to date, security is always maintained and there is disaster recovery capability in the cloud,” says Aman Siddiquee, service manager. Now, the Royal London Group better understands its capital needs and how they change as markets move. And insights from Oracle ERP Cloud’s expense module, for example, help the finance team find savings and synergies. All this has helped the company leap ahead in the market.
Oracle Cloud ERP
Two years into its transformation, the Royal London Group has automated nearly 50% of the manual journals it must process.