Bengaluru-based IT services company Wipro has signed a major deal worth £500 million (approximately USD 645 million) with Phoenix Group, the UK’s largest long-term savings and retirement company. The 10-year partnership aims to improve Phoenix Group’s insurance services, streamline operations, and enhance customer satisfaction.
This deal holds significance as it comes during a challenging time for Indian IT companies, where fewer large-scale deals have been closed due to reduced client spending. This agreement strengthens Wipro’s position in the UK financial services market and marks its entry into Phoenix Group’s ReAssure business, a key part of the company’s life and pension operations.
Insurance Services for Phoenix Group
Under the deal, Wipro will manage critical services for Phoenix Group’s ReAssure customers. These services include policy administration, claims processing, customer service, data management, and regulatory compliance. By upgrading these operations, Wipro aims to improve efficiency and offer better service to customers.
To handle this large-scale transformation, Wipro will leverage its Financial Conduct Authority (FCA)-regulated entity, Wipro Financial Outsourcing Services Ltd (WFOSL). This step will further ensure that the services meet industry standards and remain compliant with UK regulations.
As part of the transformation, Wipro will modernize Phoenix Group’s core insurance platform called ALPHA. This upgrade will include advanced technologies like Artificial Intelligence (AI), automation, cloud computing, and digital transformation tools. These changes will make the platform more efficient, improve processes, and deliver faster and smoother customer services.
Wipro Presence in UK
Wipro will also expand its UK operations by setting up new technology and service hubs. These centers will be supported by experts from both Wipro and Phoenix Group, who will collaborate to improve the overall customer experience. Additionally, some Phoenix Group employees will transition to Wipro as part of this agreement, ensuring seamless knowledge sharing and support.
Wipro leaders emphasized that this deal marks an important milestone for the company’s financial services work in the UK. Omkar Nisal, CEO of Wipro Europe, highlighted the importance of this partnership, noting that it strengthens Wipro’s role in transforming life and pension services through innovative technologies.
With this strategic deal, Wipro aims to boost operational agility, improve customer experiences, and reinforce its standing as a leading technology partner in the UK’s insurance and financial services sector.
