Wipro has signed a 10-year strategic partnership worth nearly $650 million (£500 million) with Phoenix Group, the UK’s largest long-term savings and retirement business. The collaboration aims to modernize life and pension administration for Phoenix Group’s ReAssure business while driving operational transformation.

Under the agreement, Wipro Financial Outsourcing Services Limited (WFOSL), Wipro’s FCA-regulated entity, will deliver a range of services, including policy administration, claims processing, customer support, data management, regulatory compliance, and platform technologies.

Omkar Nisal, CEO – Europe, Wipro, stated, “This partnership is a significant milestone in our journey with financial institutions in the UK. We are committed to supporting Phoenix Group in transforming their ReAssure business and achieving their long-term goals.”

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As part of the deal, Wipro will modernize Phoenix Group’s ALPHA policy administration platform, integrating AI, automation, cloud, and digital solutions to enhance efficiency and improve customer experience. Additionally, Wipro plans to expand its presence in the UK by setting up new technology and operational hubs, where experts from both companies will collaborate to enhance customer service.

The transformation will also involve the transition of some Phoenix Group employees to Wipro, ensuring a seamless shift in operations.

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