Wipro, India’s fourth-largest IT services provider, has secured a 10-year, £500 million ($645.4 million) tech deal with British insurer Phoenix Group.
This is Wipro’s second mega deal of the financial year, following a similar $500 million agreement with a U.S. communications service provider in June 2024, Reuters news report said.
Wipro generates nearly 34 percent of its annual revenue from the Banking, Financial
Services & Insurance (BFSI) segment. Wipro has reported $2.63 billion sales during the October-December quarter of 2024. Wipro has generated 26.7 percent of its sales from Europe.
Key Points:
Project Scope: Wipro will provide life and pension business administration services for Phoenix Group’s ReAssure business.
Operational Expansion: Wipro will establish new operational and technology hubs in the UK, employing staff from both companies.
Employee Transition: Some Phoenix Group employees will transition to Wipro, though specific numbers were not disclosed.
Strategic Importance:
Wipro’s Financial Outsourcing Services (WFOSL) will manage life and pension administration services, including policy administration, claims processing, customer service, data management, compliance, and regulatory support.
The deal strengthens Wipro’s position as a key player in the UK’s Life and Pension Third-Party Administration (TPA) sector.
Wipro will modernize Phoenix Group’s ALPHA policy administration platform using AI, cloud, automation, and digital transformation technologies.
Leadership Comments:
Andy Briggs, CEO of Phoenix Group, highlighted Wipro’s expertise in technology and service as key to enhancing customer experience.
Omkar Nisal, CEO – Europe, Wipro, emphasized the deal’s significance in expanding Wipro’s financial services footprint in the UK.
Nagendra Bandaru, Managing Partner, Wipro, stressed Wipro’s focus on AI, cloud, and automation to drive operational agility.
Wipro’s Mumbai-listed shares declined by 1.3 percent after the announcement, though it came post-market closure. The deal reinforces Wipro’s commitment to digital transformation and financial services in the UK.
