Athira Sethu
Kochi, 27 March 2025
Wipro has secured a large 10-year contract worth about $650 million with Phoenix Group, the largest UK long-term savings and retirement business provider.
The initiative will help Phoenix Group’s ReAssure business through the delivery of life and pension business administration services. Wipro’s contribution will assist Phoenix in driving its operational transformation.
Andy Briggs, Phoenix Group’s CEO said, “Wipro’s service and technology capability make them the perfect partner to assist us to deliver excellent service and value for our customers as they reach and progress through retirement.” He added that Wipro will become a part of Phoenix’s strategic partner ecosystem during this period of transformation.
The agreement will have Wipro’s FCA-regulated business, Wipro Financial Outsourcing Services Limited (WFOSL), manage a broad spectrum of services for ReAssure customers of Phoenix Group. The services to be managed by WFOSL will include policy administration, claims handling, customer service, data management, reporting, regulatory services, and platform technologies.
Omkar Nisal, Wipro’s Europe CEO, mentioned that this acquisition is a critical milestone in the association of Wipro with the UK financial institutions. He further added that Wipro is proud to assist Phoenix Group in the makeover of its ReAssure business and the achievement of its long-term aspirations. Nisal further stated that the transaction fortifies Wipro’s status as a foremost provider of third-party administration solutions for the life and pension segment of the UK.
According to Nagendra Bandaru the Managing Partner and Global Head of Technology Services at Wipro, this transaction is a testament to Wipro’s undying devotion to their mission to help customers in the financial services sector. Thus, by using cutting-edge tools like cloud, data, and AI Wipro empowers Phoenix Group to reach out to more people and increase its digital courses.
