Wipro secures $645Mn deal from British insurer Phoenix Group
BENGALURU, INDIA — Wipro, one of the largest IT services providers in India, has secured a 10-year deal worth $645 million from British insurer Phoenix Group.
The partnership marks Wipro’s second major deal this financial year, following a $500 million agreement with a U.S. communications service provider in June 2024.
The latest deal involves Wipro providing life and pension administration services for Phoenix Group’s ReAssure business.
Partnership details
Under the new partnership, Wipro will manage the ALPHA platform for Phoenix Group’s ReAssure business, enhancing customer experience through investments in technology. This allows Phoenix Group to maintain its partnership with TCS Diligenta while focusing on other key priorities.
“We continually review our operating model to ensure it meets the evolving needs of our customers… partnering with Wipro will ensure the service evolves to meet our customer experience ambitions,” noted Andy Briggs, CEO of Phoenix Group.
Although specific details on the number of Phoenix employees transitioning to Wipro were not disclosed, the move is part of a broader strategy to streamline operations and leverage synergies between the two firms.
Omkar Nisal, CEO of Wipro Europe, added, “Our new strategic partnership with Phoenix Group signifies an important step forward in establishing our presence in the UK financial sector. We’re committed to enabling our clients to realise their ambitions through cutting-edge and emerging technologies, and we’re delighted to be supporting Phoenix Group achieve their long-term goals for the ReAssure business.”
About Wipro and Phoenix Group
Wipro is a multinational technology company offering a wide range of services, including IT consulting, software development, business process outsourcing, and cloud services. It serves industries such as financial services, healthcare, and manufacturing.
Wipro is one of India’s leading tech companies, known for its expertise in digital transformation, artificial intelligence, and data analytics. The company recently ranked #3 in the OA500 2025, an objective index of the world’s top 500 outsourcing companies.
Meanwhile, Phoenix Group is the UK’s largest long-term savings and retirement business, managing around £290 billion ($375 billion) in assets and serving over 12 million customers. The company offers a variety of pensions, savings, and life insurance products through brands like Standard Life, SunLife, and ReAssure.
