IT services giant Wipro secured a strategic 10-year contract worth £500 million with Phoenix Group, the UK’s largest long-term savings and retirement business. The agreement, announced on Wednesday, marks one of Wipro’s largest publicly disclosed deals since 2020.
Under the terms of the partnership, Wipro will manage life and pension business administration for Phoenix Group’s ReAssure business, reported Business Standard.
The collaboration is aimed at accelerating Phoenix’s operational transformation and enhancing customer experience. A number of Phoenix employees will transition to Wipro as part of the deal, although the exact figure has not been disclosed yet.
Phoenix Group CEO Andy Briggs emphasised the significance of Wipro’s expertise in technology and service delivery. “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,” he said.
Wipro’s FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will be responsible for providing a range of life and pension administration services. These will include policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies.
Omkar Nisal, CEO, Europe, Wipro Limited and non-executive chairman of WFOSL, highlighted the significance of the deal, stating, “This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK.”
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Phoenix Group has been actively transforming its technology landscape, making this its second major partnership with an Indian IT services provider. In 2023, it signed a $723 million deal with Tata Consultancy Services (TCS).
Phoenix also reaffirmed that Wipro will complement its ongoing collaboration with TCS Diligenta, which remains a key strategic partner.
According to Phoenix Group, “In the end-state, more than 8 million existing Phoenix policies will be on BaNCS, and TCS Diligenta will continue through their new business capabilities to play a critical role in delivering the long-term growth and customer ambitions of Phoenix.”
Wipro’s global head of technology services, Nagendra Bandaru, underscored the company’s commitment to leveraging cutting-edge technology. “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,” he said.
As part of the engagement, Wipro will take over management of the core policy administration ALPHA platform and modernise it using AI, automation, Cloud, and digital transformation technologies. This initiative aims to enhance efficiency and provide an improved customer experience for Phoenix Group policyholders.
To further strengthen its UK operations, Wipro plans to establish additional technology and operational service hubs. These hubs will be staffed by experts from both Wipro and Phoenix Group, working collaboratively to enhance customer service and drive digital innovation.
