• Wipro secured a 10-year, £500 million ($645.4 million) contract with British insurer Phoenix Group to manage life and pension business administration.
  • Wipro will expand its UK presence by establishing operational and technology hubs, integrating employees from both companies.

Indian IT services giant Wipro has secured a major 10-year contract valued at £500 million ($645.4 million) from British insurer Phoenix Group. Announced on Wednesday, this deal marks Wipro’s second mega agreement in the current financial year, reinforcing its presence in the United Kingdom’s IT services sector.

Wipro will oversee policy administration, claims processing, customer service support, data management, compliance, and regulatory functions for Phoenix Group.

The company will also take charge of the core policy administration ALPHA platform, integrating advanced AI, automation, cloud, and digital transformation solutions.

Phoenix Group CEO Andy Briggs emphasized the value of the partnership, stating,

“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.”

As part of the deal, Wipro will strengthen its UK footprint by establishing new technology and operational service hubs, staffed by teams from both companies. Some Phoenix employees will transition to Wipro, though the exact number has not been disclosed.

Omkar Nisal, CEO - Europe, Wipro Limited and Non-Executive Chairman of WFOSL, highlighted the significance of the deal, stating,

“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK.”

With this agreement, Wipro aims to further solidify its presence in the UK financial services sector while driving digital transformation for Phoenix Group.

This partnership aligns with Wipro’s broader strategy of expanding its footprint in key international markets. It also follows a previous $500 million deal in June 2024 with a U.S. communications service provider, signaling the company’s continued growth through large-scale contracts.

Edited by Harshajit Sarmah