Wipro bags $650M deal from UK’s Phoenix Group

Wipro, a leading Indian technology services company, has bagged a £500 million ($650 million) 10-year deal from UK-headquartered insurance company, Phoenix Group.

This is the second large deal that Wipro has bagged in the current financial year. In June 2024, it bagged a $500 million order from an unnamed US corporation.

In the deal from Phoenix Group, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver life and pension administration services to Phoenix Group’s ReAssure customers. These services will encompass policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, as well as platform technologies.

Phoenix Group CEO Andy Briggs said, “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.”

As part of the engagement, Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, automation, cloud, and digital transformation technologies.

“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK,” said Omkar Nisal, CEO - Europe, Wipro Limited and Non-Executive Chairman of WFOSL.

Wipro will also strengthen its UK presence by establishing additional technology and operational service hubs. These hubs will be supported by a team of experts from both Phoenix Group and Wipro. As part of this transformational initiative, a number of Phoenix employees will transition to Wipro.

Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Limited, said, “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.”