Wipro wins $646 mnn deal from UK insurance giant Phoenix Group

Wipro Ltd on Wednesday announced it won a £500 million (about $646 million) deal with UK insurance giant Phoenix Group.

The 10-year strategic agreement will support the administration of life and pension services for Phoenix Group’s ReAssure business and contribute to the company’s ongoing operational transformation.

Under the deal, Wipro Financial Outsourcing Services Ltd (WFOSL), Wipro’s FCA-regulated entity, will provide various services, including policy administration, claims processing, customer service, data management, compliance, and 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,” said Andy Briggs, chief executive officer (CEO) of Phoenix Group. “We are delighted to have them join us as one of our ecosystem of strategic partners for this phase of our transformation journey.”

Omkar Nisal, chief executive officer for Europe at Wipro and non-executive chairman of WFOSL, talked about the significance of the partnership.

“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK,” he said.

“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,” Nisal added.

The partnership will also see Wipro take over management of the ALPHA policy administration platform, integrating technologies such as AI, automation, cloud, and digital solutions to enhance efficiency and customer service.

“This strategic engagement with Phoenix Group reflects our commitment to leveraging our deep transformation expertise around process and technology – including cloud, data, and AI – to drive increased operational agility for clients in the financial services sector,” said Nagendra Bandaru, managing partner and global head – Technology Services, Wipro Limited. “We are thrilled to partner with Phoenix Group at this critical juncture of their transformation journey.”

As part of the agreement, Wipro will establish new technology and operational service hubs in the UK.

These hubs will have employees from both companies to ensure a seamless transition and improved customer experience. Additionally, a number of Phoenix Group employees will transfer to Wipro as part of the agreement.