Royal London Plus
The systems and services that ensure more than 1.6 million customers see financial sense.
Royal London Plus looks after 3.4m life and pension policies for more than 1.6m customers, including the majority of Royal London members.
We provide a high quality administration service for Royal London Group’s direct business. This includes customers of Refuge Assurance and United Friendly which became part of the Group in 2000, and Phoenix Life Assurance Limited which became part of the Group in 2008.
We also sell new business to existing customers on a non-advised basis, via our Sales Contact Centre and through a range of provider partners.
Our aim is to treat customers fairly and constantly meet their expectations, including the fulfilment of promises made during the policy lifetime.
This means being as efficient and effective as possible, so we continually strive to enhance our customer proposition by developing and improving our systems and services.
Products available through our Sales Contact Centre
- With-profits bonds
- Savings plans
- Life assurance
- Home,car and pet insurance
- Funeral plan
Highlights of 2010
- Re-branded to Royal London Plus bringing our logo in line with the Royal London Financial Sense brand launched by the Group in 2010.
- Introduced ‘lifestyling’ to our investment strategy for with profits policies in the Royal London with profits fund. This means that the investment return of each policy now varies according to how long the policy has left until its maturity or pension date. This is because for each policy during the 10 years before it’s maturity or pension date we now change the investment mix, reducing the proportion invested in company shares and property and increasing the proportion invested in government bonds, other bonds and cash.
- Closed our cash collection service (completed in March 2011) as it no longer made financial sense for us to offer it
- Over 70% of customers now pay premiums by direct debit
- Provided customers with the opportunity to pay premiums at local PayPoint outlets or at Post Offices
- We are continuing to consolidate our operating systems to ensure we continue to administer customer policies as efficiently as possible.
- In 2010, we outperformed against budgets and provided good quality service, maintaining business retention above targets. We will continue to look for opportunities to generate value for the Royal London Group and our customers throughout 2011.