Wipro and Phoenix Group Sign $650M Deal to Transform ReAssure business

IT firm Wipro announced it has obtained a nearly $650 million (£500 million) decade-long strategic alliance with Phoenix Group, the largest long-term savings and retirement enterprise in the UK. The agreement aims to improve the life and pension business administration for the ReAssure business and propel the operational transformation of the Phoenix Group.

According to the agreement, Wipro's entity regulated by the Financial Conduct Authority (FCA), Wipro Financial Outsourcing Services Limited (WFOSL) will offer various life and pension management services. These will encompass policy administration, claims handling, customer service assistance, data management and reporting, compliance and regulatory support, and platform technologies.

Omkar Nisal, CEO – Europe, Wipro, said, “This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK. We are proud to support Phoenix Group in the transformation of their ReAssure business and help them achieve their long-term objectives.”

Under the terms of the agreement, Wipro will manage and enhance the core policy administration ALPHA platform, integrating AI, automation, cloud, and digital transformation technologies. The program intends to boost efficiency and elevate customer experiences for policyholders of Phoenix Group.

Furthermore, Wipro plans to increase its footprint in the UK by creating new technology and operational service centers. Experts from both Phoenix Group and Wipro will collaborate to improve customer service. During the transformation, several employees from the Phoenix Group will move to Wipro.