Wipro wins $650-million deal from UK insurer Phoenix Group

Wipro gets 10-year contract worth $650 million from ReAssure UK Services

IT major Wipro on March 26 announced that it has secured a 10-year strategic deal worth approximately $650 million with Phoenix Group, the UK's largest long-term savings and retirement business.

"The project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation," said Wipro in a stock exchange filing.

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 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 UK,” said Omkar Nisal, CEO - Europe, Wipro Limited and Non-Executive Chairman of WFOSL. “We are proud to support Phoenix Group in the transformation of 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.”

Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Limited said, “This strategic engagement with Phoenix Group reflects our commitment to leveraging our deep transformation expertise around process and technology - includingcloud, data, and AI to drive increased operational agility for clients in the financial services sector. We are thrilled to partner with Phoenix Group at this critical juncture of their transformation journey and supporting them as they look to navigate an ever-evolving digital landscape.”

On March 26, Wipro shares on BSE closed 1.4% lower at Rs 267 apiece.