Wipro Limited has recently informed exchanges that the company has signed a 10-year deal with Phoenix Group, the UK’s largest long-term savings and retirement business. This deal, valued at £500 million ($650 million), aims to revolutionize life and pension business administration for ReAssure, enhancing Phoenix Group’s operational efficiency and digital transformation.
Under this agreement, Wipro Financial Outsourcing Services Limited (WFOSL), a Financial Conduct Authority (FCA)-regulated entity, will manage core administrative services. These include policy administration, claims processing, customer service, data management, compliance, and regulatory support. Wipro will also modernize the core policy administration ALPHA platform using cutting-edge AI, automation, cloud, and digital transformation technologies. This initiative will improve efficiency, optimize operations, and elevate customer experiences.
As part of this engagement, Wipro will expand its presence in the UK by establishing new technology and operational service hubs. These hubs will be supported by specialists from both Wipro and Phoenix Group, ensuring a seamless transition and continuous enhancement of customer service. Additionally, several Phoenix employees will join Wipro as part of this strategic shift.
Omkar Nisal, CEO – Europe, Wipro Limited and Non-Executive Chairman of WFOSL, emphasized the significance of this deal, saying, “This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK. We are proud to support Phoenix Group in the transformation of their ReAssure business and help them achieve their long-term objectives. This landmark deal further underscores our commitment to helping financial institutions deliver exceptional client experiences and further cements our position as a key player in the Life and Pension Third Party Administration (TPA) provider sector in the UK.”
In the meantime, Wipro shares closed at ₹267.20 on Wednesday, slipping from the opening price of ₹272.00. The stock hit an intraday high of ₹272.25 and a low of ₹266.75. Wipro remains below its 52-week high of ₹323.60 but above its 52-week low of ₹208.50.
