Landmark Deal with Phoenix Group for Life & Pension Administration
IT major Wipro has signed a 10-year strategic contract worth $650 million with Phoenix Group, the UK’s largest long-term savings and retirement business. This agreement will focus on providing platform-based, regulated Third-Party Administration (TPA) services for Phoenix Group’s ReAssure business.
Announced on March 26, 2025, the deal will enable Wipro’s Financial Outsourcing Services Limited (WFOSL) to manage policy administration, claims processing, customer service, compliance, data management, and regulatory support for ReAssure customers.
Phoenix Group’s CEO: “Wipro Ideally Placed for This Transformation”
Phoenix Group CEO Andy Briggs highlighted Wipro’s expertise in technology and services as a key factor in choosing them as a strategic partner.
“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.”
This deal marks an important phase in Phoenix Group’s operational transformation, aligning with its long-term strategy to enhance customer experience and streamline business processes.
Wipro Strengthens UK Financial Services Presence
Deepening Its Role in Life & Pension Administration
Wipro’s Omkar Nisal, CEO – Europe, emphasized the company’s growing role in the UK financial services sector:
“This engagement with Phoenix Group marks an important milestone in our work with UK financial institutions. It cements our position as a key player in the Life and Pension Third-Party Administration (TPA) provider sector.”
Additionally, Nagendra Bandaru, Wipro’s Managing Partner and Global Head – Technology Services, noted that this partnership will leverage cloud, data, and AI-driven transformation strategies to enhance Phoenix Group’s operational agility.
“This strategic engagement reflects our commitment to leveraging deep transformation expertise across process and technology to drive efficiency and operational agility for our financial services clients.”
Impact on Wipro’s Stock Performance
Despite securing this major deal, Wipro’s shares closed 1.4% lower at ₹267 apiece on the BSE on March 26. However, analysts believe that the contract strengthens Wipro’s positioning in the UK financial services sector, with potential long-term benefits.
This deal reaffirms Wipro’s commitment to driving digital transformation in financial services while expanding its global footprint in regulated Third-Party Administration (TPA).
