Wipro has secured a $500 million contract with the UK-based Phoenix Group to manage life and pension services for its ReAssure business. This deal will help Phoenix improve its operations and customer services.
Under the agreement, Wipro’s Financial Outsourcing Services (WFOSL) will handle key tasks such as policy management, claims processing, customer support, data management, compliance, and regulatory services. The company will also use advanced technology, including AI, automation, and cloud solutions, to modernize the core administration system, ALPHA.
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To strengthen its presence in the UK, Wipro will set up new technology and service centers. Experts from both companies will collaborate on this project, and some Phoenix employees will move to Wipro as part of the transition.
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Wipro is a global technology and consulting company. In the last quarter (Q3 December 2024), the company’s net profit grew by 4.51% to ₹3,353.8 crore, while its revenue increased slightly to ₹22,318.8 crore compared to the same period in 2023.
