Wipro Secures £500 Million Deal with UK’s Phoenix Group to Transform Pension Services
In a significant boost to its global operations, Wipro Limited has signed a £500 million (approximately $645.4 million) strategic deal with Phoenix Group, the UK’s largest long-term savings and retirement provider.
Meenu Rapria 
Announced on March 26, 2025, the 10-year agreement is set to revolutionize Phoenix Group’s ReAssure division, streamlining its life and pension business administration.
A Major Step in Business Transformation
Under this partnership, Wipro will leverage its FCA-regulated subsidiary, Wipro Financial Outsourcing Services Limited (WFOSL), to manage and enhance services for ReAssure customers. The scope of work includes policy administration, claims processing, customer service, data management, compliance, and advanced platform technologies.
Phoenix Group’s CEO, Andy Briggs, emphasized the impact of this collaboration, 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."
Harnessing Cutting-Edge Technology for Better Efficiency
Wipro will take charge of modernizing Phoenix Group’s core policy administration platform, ALPHA. The transformation will integrate AI, automation, cloud computing, and digital solutions to improve efficiency and enhance customer experience.
To further strengthen its presence in the UK, Wipro plans to establish new technology and operational service hubs, staffed by experts from both companies. As part of the deal, some Phoenix Group employees will also transition to Wipro, though specific numbers remain undisclosed.
Wipro’s Growing Global Footprint
This is Wipro’s second major deal in the current financial year. Back in June 2024, the company announced a $500 million contract with a U.S. communications provider, reinforcing its position as a global IT services leader.
Stock Market Reaction
Despite the positive news, Wipro’s shares dipped by 1.3% following the announcement. However, market analysts suggest that the long-term benefits of this deal will likely outweigh any short-term fluctuations.
This agreement solidifies Wipro’s foothold in the financial services sector and highlights its ability to drive large-scale digital transformations for major global clients.
