Wipro bags 500 million pounds decade-long strategic deal with UK’s Phoenix Group

Tech giant Wipro on Wednesday, March 26, said that it bagged a 500 million pound (or $644.7 million) deal from the UK-based Phoenix Group.

The 10-year strategic contract is designed to deliver life and pension business for Phoenix’s ReAssure business and accelerate its operational transformation, Wipro said in a regulatory filing to the stock exchanges.

According to the terms of the blockbuster deal, Wipro’s Financial Conduct Authority (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 include policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, along with platform technologies, Wipro added.

Additionally, it will manage the core policy administration of Phoenix’s ALPHA platform, moderninsing it with AI, automation, cloud and digital transformation technologies.

The modernisation initiative will ensure that the ALPHA platform is future-ready, enhancing efficiency and delivering a “superior customer experience for Phoenix Group policyholders”.

Wipro 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.

Furthermore, several Phoenix employees will transition to Wipro, the press release said.

Andy Briggs, CEO of Phoenix Group, 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."

“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. We are thrilled to partner with Phoenix Group at this critical juncture of their transformation journey and support them as they look to navigate an ever-evolving digital landscape,” commented Nagendra Bandaru, the Managing Partner and Global Head -Technology Services of Wipro.

Wipro share performance

Shares of Wipro closed in the red at ₹267.40 apiece, down 1.33% on the National Stock Exchange (NSE) on Wednesday, March 26.

The stock has risen 1.17% over the past three days but has lost 3.69% since the beginning of March. It slumped 11.41% on a year-to-date basis.