Wipro bags £500 mn strategic deal from Phoenix Group of U.K.

Wipro secures £500 million deal with Phoenix Group to enhance life and pension administration services in the U.K.

Wipro Limited, a technology services and consulting firm, on Wednesday (March 26, 2025), said it has won a £500 million, 10-year strategic deal with Phoenix Group, the U.K.’s largest long-term savings and retirement business.

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The project was designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation, the company said in a communique.

As per the deal, Wipro’s existing CA-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 U.K.,” said Omkar Nisal, CEO - Europe, Wipro Limited and Non-Executive Chairman of WFOSL.

“This deal further underscored Wipro’s 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 U.K.,” he added.

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.