Wipro bags £500 million strategic deal from UK insurance giant Phoenix Group

New Delhi: IT services company Wipro on Wednesday announced that it has clinched a £500 million, 10-year strategic deal from British insurer Phoenix Group.

Announcing the blockbuster deal, Wipro said the project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group's operational transformation.

As per the contours of the deal, Wipro's existing FCA-regulated entity Wipro Financial Outsourcing Services Limited (WFOSL) will deliver comprehensive life and pension administration services to Phoenix Group's ReAssure customers.

As part of the "transformational" initiative, a number of Phoenix employees will transition to Wipro, the release said but did not divulge the exact numbers.

"Wipro Limited, a leading technology services and consulting company, today announced that it has won a £500 million, 10-year strategic deal with Phoenix Group, the UK's largest long-term savings and retirement business," the release said.

These services will cover policy administration, claim processing, customer service support, data management and reporting, compliance and regulatory support, as well as platform technologies.

"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. We are delighted to have them join us as one of our ecosystem of strategic partners for this phase of our transformation journey," Andy Briggs, Phoenix Group CEO, noted.

Omkar Nisal, CEO - Europe, Wipro Limited, and Non-Executive Chairman of WFOSL, said the "landmark deal" further underscores the company's commitment to helping financial institutions deliver exceptional client experiences and further cements its position as a key player in the Life and Pension Third Party Administration (TPA) provider sector in the UK.

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.

The modernisation will ensure the platform is future-ready, enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders, Wipro said.

Wipro will also strengthen its UK 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.