Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth $650-million
By MYBRANDBOOK
The agreement, executed through Wipro and its 100% subsidiary, Wipro Financial Outsourcing Services Limited (WFOSL), focuses on delivering platform-based life and pension third-party administration services.
As part of its footprint expansion in the UK, Wipro Ltd. has inked a 10-year, $650-million (£500 million) agreement with ReAssure UK Services Limited, a subsidiary of Phoenix Group, the UK’s long-term savings and retirement business. The deal strengthens the Wipro-Phoenix Group partnership, underscoring Wipro’s commitment to delivering cutting-edge IT services and digital transformation solutions.
Executed through Wipro Financial Outsourcing Services Limited (WFOSL), a fully owned Wipro subsidiary, the contract focuses on platform-based life and pension third-party administration services. Under this agreement, Wipro UK will oversee policy administration, claims processing, customer support, data management, compliance, and reporting for ReAssure UK.
A key highlight of this partnership is the modernization of ReAssure’s core policy administration platform, ALPHA. Wipro will integrate advanced AI, automation, cloud computing, and digital transformation technologies to enhance operational efficiency and customer experience. This move aligns with Phoenix Group’s long-term strategy of leveraging technology to optimize business processes and improve service delivery.
"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 Phoenix Group agreement further solidifies Wipro’s position as a leading provider of IT services in the UK, particularly within the financial services and insurance sectors. It also reflects the growing demand for tech-driven business process outsourcing (BPO) solutions, which Wipro continues to champion through its expertise in digital innovation.
Wipro will handle important tasks like managing policies, processing claims, supporting customer service, organizing data, creating reports, and ensuring compliance. The company will also upgrade ReAssure’s main policy management system, ALPHA, by adding AI, automation, cloud technology, and digital tools. This agreement is a long-term contract, and Wipro will provide these services over the next 10 years.
This long-term engagement with Phoenix Group is expected to drive significant value for both companies, enabling ReAssure UK to streamline operations, enhance customer service, and ensure regulatory compliance while allowing Wipro to expand its presence in the UK’s insurance and financial services sector.
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