Wipro shares surge over 2% on winning deal with UK insurance firm Phoenix Group

Shares of the Bengaluru-based information technology company, Wipro, rose as much as 2.37% on the BSE to hit an intraday high of ₹273.60 after the company informed exchanges that it has won a strategic deal with UK insurance giant Phoenix Group. On the National Stock Exchange, Wipro shares rose as much as 2.29% to hit an intraday high of ₹273.55.

The company has won a £500 million, 10-year strategic deal 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, the company said in a press release.

“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,” said Andy Briggs, Phoenix Group’s CEO.

As part 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, as well as PlatformTechnologies," Wipro said.

“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,” Nisal added.

Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, Automation, Cloud, and Digital transformation technologies. This modernisation initiative will ensure the platform is future-ready, enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders, the Bengaluru-based company added.

As of 11:39 am, Wipro shares traded 2% higher at ₹272.70, outperforming the NIFTY50 index which was up 0.44%. Wipro shares have so far this year declined 9.4% compared to 0.2% decline in the National Stock Exchange benchmark NIFTY50 index.