One of the biggest tech companies in India, Wipro, has signed a $650 million, 10-year strategic partnership deal with the UK’s largest long-term savings and retirement business, Phoenix Group. Under the agreement, Wipro will provide its services to ensure enhanced life and pension business administration for the ReAssure business and drive Phoenix Group’s operational transformation.
Under the agreement, Wipro’s Financial Conduct Authority (FCA)- regulated entity, Wipro Financial Outsourcing Services Limited, will provide many life and pension administration services to the group, including but not limited to, policy administration, claims processing, customer service support, compliance and regulatory support, platform technologies, and data management and reporting.
The CEO of Wipro’s Europe business, Omkar Nisal, shared his thoughts on the deal and how it will work out by saying, “This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK. We are proud to support Phoenix Group in the transformation of their ReAssure business and help them achieve their long-term objectives.”
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As part of the agreement, Wipro’s job is to ensure that administration systems at the Phoenix Group are up to date by incorporating new technologies. Wipro will oversee the management and modernisation of the core policy administration ALPHA platform. The main purpose of this is to ensure efficiency and improve customer experience for Phoenic Group shareholders.
This is also an opportunity for Wipro to enter uncharted territory and expand its presence in the UK by establishing new technology and operational service hubs. Both Wipro and Phoenix Group will operate these to ensure great customer service.
