Image used for representation
| Photo Credit: Reuters
Wipro Limited, a technology services and consulting firm, on Wednesday (March 26, 2025), said it has won a £500 million, 10-year strategic deal with Phoenix Group, the U.K.’s largest long-term savings and retirement business.
Also Read | Wipro commits $200 mn to venture arm Wipro Ventures
The project was designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation, the company said in a communique.
As per the deal, Wipro’s existing CA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Group’s ReAssure customers. These services will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, as well as Platform Technologies.
“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the U.K.,” said Omkar Nisal, CEO – Europe, Wipro Limited and Non-Executive Chairman of WFOSL.
“This deal further underscored Wipro’s 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 U.K.,” he added.
As part of the engagement, Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, Automation, Cloud, and Digital transformation technologies.
Wipro would also strengthen its U.K. presence by establishing additional technology and operational service hubs. These hubs will be supported by a team of experts from both Phoenix Group and Wipro, who will work collaboratively to further enhance the customer experience. As part of this transformational initiative, a number of Phoenix employees will transition to Wipro, as per the communique.
Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Limited, said this strategic engagement with Phoenix Group reflected Wipro’s commitment to leveraging its deep transformation expertise around process and technology – including cloud, data, and AI to drive increased operational agility for clients in the financial services sector.
Andy Briggs, Phoenix Group’s CEO, said, “Wipro’s expertise in technology and service makes them ideally placed to help us deliver outstanding service and value for our ReAssure customers on their journey to and through retirement.’‘
Published – March 26, 2025 06:20 pm IST
