Wipro Limited, a expertise companies and consulting agency, on Wednesday (March 26, 2025), stated it has received a £500 million, 10-year strategic deal with Phoenix Group, the U.Okay.’s largest long-term financial savings and retirement enterprise.
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The mission was designed to ship life and pension enterprise administration for the ReAscertain enterprise and speed up Phoenix Group’s operational transformation, the corporate stated in a communique.
As per the deal, Wipro’s current CA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will ship complete life and pension administration companies to Phoenix Group’s ReAscertain prospects. These companies will embody Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, in addition to Platform Technologies.
“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the U.K.,” stated Omkar Nisal, CEO – Europe, Wipro Limited and Non-Executive Chairman of WFOSL.
“This deal further underscored Wipro’s 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 U.K.,” he added.
As half of the engagement, Wipro will assume administration of the core coverage administration ALPHA platform, modernising it with AI, Automation, Cloud, and Digital transformation applied sciences.
Wipro would additionally strengthen its U.Okay. presence by establishing extra expertise and operational service hubs. These hubs will probably be supported by a staff of specialists from each Phoenix Group and Wipro, who will work collaboratively to additional improve the shopper expertise. As half of this transformational initiative, a quantity of Phoenix workers will transition to Wipro, as per the communique.
Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Limited, stated this strategic engagement with Phoenix Group mirrored Wipro’s dedication to leveraging its deep transformation experience round course of and expertise – together with cloud, information, and AI to drive elevated operational agility for purchasers within the monetary companies sector.
Andy Briggs, Phoenix Group’s CEO, stated, “Wipro’s experience in expertise and repair makes them ideally positioned to assist us ship excellent service and worth for our ReAscertain prospects on their journey to and thru retirement.’‘
Published – March 26, 2025 06:20 pm IST
