Mutual insurance services provider delivers at increased speed, accuracy, and agility via Oracle Cloud ERP and Integration and Migration.
“Oracle Cloud ERP is robust and reliable and offers an excellent return on investment. By combining it with Oracle Analytics Cloud and Oracle Integration, we process payments, claims, account statements, and reports much faster. That has generated a positive impact on the relationship with the policy holders and owners of some of the largest mutual insurance companies in the world that we manage.”
Tindall Riley & Co Limited is a mutual insurance service provider founded in 1855. With more than 250 staff globally, Tindall Riley manages three mutual insurance associations owned by the policy holders or members themselves—The Britannia Steam Ship Insurance Association (Britannia), The Griffin Insurance Association (Griffin), and The Wren Insurance Association (Wren).
Britannia is the second-largest marine insurer in the world for managing shipping risks, with a portfolio that comprises 241 ship owners and charterers, including some of the world’s largest shipping companies, such as Møller Mærsk from Denmark and CMA CGM from France. Similarly, Griffin is a mutual association of 40 Lloyd’s insurance brokers, while Wren represents 65 leading architecture firms based in the UK.
Through its management mandate, Tindall Riley delivers a wide range of financial services for these three mutual insurance associations in terms of claims handling, underwriting, risk management, as well as financial and administrative support. This puts Tindall Riley under constant pressure to meet the high technological expectations of its members. At the same time, the company needs to ensure flawless collaboration between its growing worldwide staff while empowering them to work more productively.
As a midsize company with big ambitions in a competitive, fast-paced market, essential elements to Tindall Riley’s long-term success are system integration, processing speed, and efficiency. The company needed to lower hardware costs and also required powerful analytics, automation, and integration solutions that offered real-time data access and transparency. The insurer also wanted more agility in accounting, procurement, risk management, and reporting processes, while ensuring data integrity.
The company needed a cloud-based financial solution on a collaborative platform, bringing together all the data of the mutual insurance associations it manages, with the possibility to apply advanced analytics to every process and interaction. The aim was to create complex customized reports, account statements, and dashboards in line with specific management member requests.
Oracle’s stability and openness to change toward enhancing processes and meeting Tindall Riley’s evolving busines needs were important differentiators for choosing the best cloud technology provider to partner with. From day one, we were impressed by Oracle's commitment to us. We were aware of SAP, but we didn't really look at other systems. We were very confident with Oracle. We've always felt valued by Oracle. In the 21 years since we’ve used Oracle solutions, every expectation that we had was met.
Why Tindall Riley Chose Oracle
Tindall Riley had run its financial processes and reporting on-premises for many years, using Oracle E-Business Suite and a third-party reporting tool. Via Oracle Soar, the company shifted to Oracle Fusion Cloud ERP as its tools and methodology in 20 weeks. This raised expectations for an even more powerful tool, which Tindell Riley found in Oracle Analytics Cloud, which offered visualization and dashboarding, smart data preparation and connectors, as well as visual machine learning features to help deliver proactive insights.
Using Oracle Cloud ERP with Oracle Integration and Migration and Oracle Analytics, Tindall Riley automated labor-intensive financial processes, ensured system compatibility and collaboration, as well as supported real-time data access and validation.
The move to the Oracle Generation 2 Cloud also helped eliminate hardware costs, avoid time-consuming upgrades, and minimize IT resource dependency, while offering increased reliability and enhanced functionality. “It’s not only more cost-effective to run Oracle Cloud ERP, but the system is getting more advanced by the month with the new features,” says Seren Halil, director of finance.
The company extended the functionality of Oracle Cloud ERP by ensuring complex system integrations, enhancing reporting, and automating processes and workflows. It reduced pressure on staff and enabled the company to deliver enhanced and prompt reporting and account statements for its members.
Outstanding performance and high availability around the globe are key factors for Tindall Riley. “Oracle Cloud ERP gives us unmatched speed and business continuity. I consider uptime being 100 percent since we've never had any downtime in Oracle Cloud in 18 months,” says Halil.
Oracle Analytics Cloud and Oracle Integration and Migration helped combine vast quantities of data from multiple applications, including the firm’s new insurance system. This makes payments, advanced credit control reporting, and budgeting faster and more reliable, thus adding flexibility.
“With Oracle Analytics Cloud and Oracle Integration and Migration, we’ve gained the ability to combine data from more than one system. We’ve created a data warehouse, taking information out of Oracle Cloud ERP and our insurance system and then merging it into an enhanced statement of account. We’re getting the benefits of a vast reporting tool, which looks and feels like a desktop reporting tool, but it's actually a lot bigger than that,” says Halil.
Tindall Riley worked with Version 1 and Oracle Consulting for its implementation.