Wipro Signs £500 Million Strategic Deal with Phoenix Group to Transform UK Life and Pension Services
Wipro Limited, a global technology services and consulting company, has entered into a £500 million, 10-year agreement with Phoenix Group, the UK’s largest long-term savings and retirement business. The deal covers platform-based, regulated Third-Party Administration (TPA) services for the ReAssure business and forms part of Phoenix Group’s operational transformation efforts.
Under the agreement, Wipro will deliver a full range of life and pension administration services via its FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL). These services include policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies.
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.”
Wipro will take over the management of Phoenix’s core policy administration platform, ALPHA, and plans to modernise it using AI, automation, cloud, and digital technologies. The update is aimed at making the platform more efficient and improving the customer experience for ReAssure policyholders.
“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.”
To support the agreement, Wipro will establish additional technology and operational service hubs in the UK. Staff from both Phoenix Group and Wipro will work jointly at these centres. As part of the transition, some Phoenix employees will move to Wipro.
“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 supporting them as they look to navigate an ever-evolving digital landscape,” said Nagendra Bandaru, Managing Partner and Global Head – Technology Services, Wipro Limited.
