IT company Wipro has announced that it has entered into a strategic partnership valued at nearly $650 million (£500 million) with Phoenix Group, the largest provider of long-term savings and retirement solutions in the UK. This 10-year agreement is designed to improve the administration of life and pension services for the ReAssure segment and facilitate operational transformation within Phoenix Group.

As part of this Technology partnership, Wipro’s Financial Conduct Authority (FCA)-regulated subsidiary, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver a comprehensive suite of life and pension administration services. These services will encompass policy administration, claims processing, customer service assistance, data management and reporting, compliance and regulatory support, as well as platform technologies for productivity and efficiency. Omkar Nisal, CEO – Europe, Wipro, said, “This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK. We are proud to support Phoenix Group in the transformation of their ReAssure business and help them achieve their long-term objectives.”

Under the terms of the agreement, Wipro will take charge of managing and modernizing the core policy administration platform, ALPHA, by integrating AI, automation, cloud solutions, and digital transformation technologies. This initiative is designed to boost efficiency and elevate the customer experience for policyholders of the Phoenix Group. Furthermore, Wipro plans to strengthen its footprint in the UK by setting up new technology and operational service hubs. These hubs will be staffed by specialists from both Phoenix Group and Wipro, collaborating to improve customer service. As a component of this transformation, several employees from the Phoenix Group will move to Wipro.