Wipro bags $650 mn-10-year deal from UK’s Phoenix Group

Indian IT services firm Wipro Ltd on Wednesday said it has signed a 10-year, $650-million (£500 million) contract with ReAssure UK Services Limited, a part of Phoenix Group, UK's largest long-term savings and retirement business.

"Wipro Limited and “Wipro Financial Outsourcing Services Limited” (WFOSL), a fully owned subsidiary of Wipro has signed a 10-year deal to deliver platform-based life and pension-regulated Third Party Administration services for the ReAssure business of Phoenix Group, the UK's largest long-term savings and retirement business," the company said in a stock exchange filing.

The agreement, executed through Wipro and its 100% subsidiary, Wipro Financial Outsourcing Services Limited focuses on delivering platform-based life and pension third-party administration services, it added.

“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,” Andy Briggs, Phoenix Group’s CEO said in a statement.

Under the terms of the deal, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will "deliver comprehensive 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.

“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. “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.”

Nagendra Bandaru, Managing Partner and Global Head of technology Services, at 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. 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.”

Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. The recent deal will allow Wipro to expand its UK presence by establishing operations and technology hubs staffed by both companies. This win follows other significant deals for Wipro, including a multi-million-dollar agreement with Nokia in May 2024, a $100 million contract extension with Marelli in June, and a $500 million deal with a US communications service provider,

In November, the company also announced the appointment of Omkar Nisal as Chief Executive Officer (CEO), of the Europe Strategic Market Unit (SMU).