Wipro Bags £500 mn Strategic Deal with UK Insurance Giant Phoenix Group As part of the 10-year deal, Wipro will also strengthen its UK presence by establishing additional technology and operational service hubs.
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Bengaluru-based IT services major Wipro has bagged a £500 million (about USD 645 million), 10-year strategic deal with Phoenix Group, the UK's largest long-term savings and retirement business.
The deal comes at a time when mega deals over USD 500 million have been few in the Indian IT services sector that has been under pressure due to a slowdown in discretionary spending from clients.
The 10-year project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group's operational transformation.
"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," said Andy Briggs, CEO, Phoenix Group.
Under the terms of the deal, Wipro's existing FCA-regulated entity, Wipro Financial Outsourcing Services Ltd (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."
Analysts at Kotak Institutional Equities said the deal is "net-new" and would start to ramp up gradually from Q3 FY26. "The deal is notable since it marks Wipro's entry into an account that has been a stronghold for TCS. This is the second mega deal over the past four quarters for Wipro and highlights the improvement in GTM and large deal focus under the current leadership," Kotak said.
"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 and Non-Executive Chairman of WFOSL. "We are proud to support Phoenix Group in the transformation of 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."
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 modernisation initiative will ensure the platform is future-ready, enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders.
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, who will work collaboratively to further enhance the customer experience. As part of this transformational initiative, a number of Phoenix employees will transition to Wipro.
"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," said Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro.
