Wipro wins £500m deal with UK insurance giant Phoenix Group

Wipro Ltd has announced that it has won a £500 million, 10-year strategic deal with Phoenix Group, one of the UK’s largest long-term savings and retirement business. The project will deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation.

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. We are delighted to have them join us as one of our ecosystem of strategic partners for this phase of our transformation journey.”

Under the terms of the deal, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver 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, and platform technologies.

“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK,” said Omkar Nisal, CEO – Europe, Wipro Ltd, and Non-Executive Chairman of WFOSL. “We are proud to support Phoenix Group in transforming 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.”

As part of the engagement, Wipro said it will assume management of the core policy administration ALPHA platform, modernising it with AI, automation, cloud, and digital transformation technologies. This initiative will ensure the platform is future ready, enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders.

The company said it will also strengthen its UK presence by establishing additional technology and operational service hubs, which 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, several Phoenix employees will transition to Wipro.

Wipro’s stocks closed at ₹267.25 on the BSE, down by 1.42 per cent today.