IT company Wipro said it has secured a nearly $650 million (£500 million) 10-year strategic partnership with Phoenix Group, the UK’s largest long-term savings and retirement business. The agreement aims to enhance 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 (WFOSL), will provide a range of life and pension administration services. These will include policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies.
Omkar Nisal, CEO – Europe, Wipro, said, “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 will oversee the management and modernisation of the core policy administration ALPHA platform, incorporating AI, automation, cloud, and digital transformation technologies. The initiative aims to enhance efficiency and improve customer experiences for Phoenix Group policyholders.
Additionally, Wipro will expand its presence in the UK by establishing new technology and operational service hubs. These will be supported by experts from both Phoenix Group and Wipro, working together to enhance customer service. As part of the transformation, a number of Phoenix Group employees will transition to Wipro.
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