Tech company Wipro has secured a £500m ($647m) contract with Phoenix Group, a UK-based savings and retirement business.
The ten-year agreement will see Wipro’s financial outsourcing division, WFOSL, offer comprehensive life and pension administration services to Phoenix Group’s ReAssure customers.
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WFOSL will manage a broad range of services such as policy management, claims handling and customer support.
In addition, the contract includes services for data management and reporting, compliance and platform technology.
Included in the agreement is the upgrade of Phoenix Group’s core policy administration system, ALPHA, through the incorporation of AI, automation and cloud-based solutions.
Wipro said that its overhaul will ensure the platform remains ready for future demands.
Wipro managing partner and Technology Services global head Nagendra Bandaru said: “This strategic engagement with Phoenix Group reflects our commitment to leveraging our deep transformation expertise around process and technology – including cloud, data and AI – to drive increased operational agility for clients in the financial services sector.
“We are thrilled to partner with Phoenix Group at this critical juncture of their transformation journey and supporting them as they look to navigate an ever-evolving digital landscape.”
Wipro will also increase its foothold in the UK by setting up new technology and operations centres.
These hubs will be supported by a dedicated team of specialists from Phoenix Group and Wipro.
A number of Phoenix Group staff will join Wipro.
Phoenix Group CEO Andy Briggs said: “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.
“We are delighted to have them join us as one of our ecosystem of strategic partners for this phase of our transformation journey.”
