Shares of Wipro Ltd jumped 2% after the IT services giant announced a £500 million ($650 million) deal with Phoenix Group, the UK’s largest long-term savings and retirement business. This 10-year agreement aims to enhance life and pension administration for ReAssure, a Phoenix Group subsidiary, through AI-driven digital transformation.
Under the agreement, Wipro Financial Outsourcing Services Limited (WFOSL), a Financial Conduct Authority (FCA)-regulated entity, will manage key administrative services, including policy management, claims processing, customer service, compliance, and data management. The deal will also modernize Phoenix’s core ALPHA policy administration platform, leveraging AI, automation, and cloud technologies to improve efficiency and customer experience.
Additionally, Wipro plans to expand its UK presence by setting up new technology and operational service hubs. These will be staffed by experts from both Wipro and Phoenix Group, ensuring a seamless transition. As part of the shift, several Phoenix employees will transition to Wipro, reinforcing the long-term collaboration.
Wipro’s stock opened at ₹270.00 on Thursday, reaching an intraday high of ₹273.55 and a low of ₹269.60. The stock remains well within its 52-week range, with a high of ₹323.60 and a low of ₹208.50.
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