Wipro Seals Huge $650 Million Partnership with Phoenix Group, Enhances UK Footprint

Wipro Limited has inked a groundbreaking 10-year contract with Phoenix Group, which is the biggest long-term savings and retirement company in the UK. The 10-year, £500 million ($650 million) deal is set to deliver Wipro to the doorstep of every Phoenix customer as an administrative provider, profoundly boosting its business presence in the UK insurance marketplace.

 

Highlights:

1.£500 million ($650 million), 10-year deal

 

2.Wipro to manage services for Phoenix Group's ReAssure business

 

3.Expectation of digital transformation to get a boost as well as improving customer experience

 

4.Supports Wipro in its standing within the UK financial services and insurance sector

 

Wipro has had a partnership going on since 2018 with Phoenix Group and now expands their deal under new terms with regards to bolstering digital transformation as well as overall efficiency to boost the customer experience for Phoenix Group's customers.

 

Thierry Delaporte, CEO and Managing Director, Wipro, said, "This long-term agreement demonstrates the ongoing faith Phoenix Group has in Wipro's capabilities and our vision for the future of the insurance sector. We are dedicated to bringing innovation and excellence to drive Phoenix Group's strategic priorities."

 

The transaction is announced as Wipro continues to register robust performance in its financial services business, contributing 35.1% of the revenue of the company during Q3 FY2025.

 

Sources: Wipro Limited Press Release, Economic Times, March 26, 202