Wipro to Support UK’s Financial Services Firm, Phoenix Group in $650 Million Deal
India’s top IT company Wipro has announced a $650 million deal with Britain’s largest long-term savings and retirement giant Phoenix Group. According to Reuters, the Wipro Phoenix Group deal is a 10-year strategic partnership, it is one of the largest deals the tech company has closed in a long time.
Supporting Financial Services
Wipro’s new deal will also see some Phoenix Group employees transition to the Indian tech company. The company did not immediately disclose how many people will be making the transition. The new deal is aimed at supporting the ReAssure business in Phoenix Group to deliver on life and pension administration functions. It is also designed to fast-track the company’s operational changes.
“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,” Phoenix Group CEO Andy Briggs said.
Wipro has a unit called Wipro Financial Outsourcing Services Limited (WFOSL). This is regulated by the UK’s Financial Conduct Authority (FCA). WFOSL will be responsible for providing pension and life administration services to Phoenix ReAssure customers under the Phoenix Group insurance deal. These services include processing of claims, policy administration, data management and reporting, platform technologies, customer service support, and compliance support.
Wipro’s Global Expansion
Wipro sees its latest deal as critical for its revenue growth and global expansion. Big deals such as the one won by Wipro are critical revenue earners for IT service firms. The new deal with Phoenix Group serves as an important step in the expansion of its work in Europe.
“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK,” Wipro’s CEO for Europe Omkar Nisal said.
Mid last year, Wipro, unveiled a $500 million deal with a US-based communications service provider. Its latest deal will boost its presence in the UK where it will establish operations and tech hubs. A team of experts drawn from the two companies will work together to support these hubs and enhance customer experience.
“We are proud to support Phoenix Group in transforming 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”, Nisal added.
Integrating AI
As part of its deal with Phoenix Group, Wipro will also take up tasks relating to the management of the company’s policy administration platform called ALPHA. Wipro will be modernising the platform with digital transformation technologies such as artificial intelligence and cloud computing.
Modernization of this platform will make it future-ready. This will enhance its efficiency, allowing Phoenix Group to deliver superior customer experiences to its policyholders.
“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 support them as they look to navigate an ever-evolving digital landscape,” Wipro’s Global Head for Tech Services Nagendra Bandaru said.
Wipro is the fourth largest IT service provider in India. The mega deal with Phoenix Group is the second for the tech giant this year. Listed in India’s Mumbai Stock Exchange, its stocks closed 1.3% down on March 26.
