Indian IT behemoth Wipro has signed a £500 million (roughly ₹5,200 crore) deal with the Phoenix Group of the United Kingdom, one of its largest international agreements in recent years. The 10-year agreement is anticipated to significantly increase Wipro’s footprint in the UK, especially in the fields of digital transformation and financial services.
This landmark deal marks Wipro’s biggest publicly announced contract since 2020. Under the agreement, Wipro will deliver end-to-end digital, customer experience, and operational services for ReAssure, a subsidiary of Phoenix Group. Services will include policy administration, claims processing, customer service, data management, regulatory compliance, and the integration of advanced digital technologies.
To further its commitment to domain-specific excellence, Wipro intends to drive this change in its subsidiary organization, Wipro Financial Outsourcing Services Ltd (WFOSL). Certain Phoenix Group staff will be relocating to Wipro with the deal, although the number of staff members is not specified.
Phoenix Group CEO Andy Briggs welcomed the partnership, calling it “a critical step” in their digital overhaul. “Wipro’s expertise in cloud, data, and AI will enable us to enhance customer service and streamline our core systems,” Briggs said.
The deal underscores a growing trend of UK insurers leaning on Indian IT giants for technological agility. Notably, Phoenix Group had inked a $723 million agreement with TCS in 2023, which will continue in parallel. Over 8 million Phoenix policies will still run on TCS’s BaNCS platform, indicating a multi-vendor IT strategy.
Nagendra Bandaru, Global Head of Technology at Wipro, emphasized that the project will drive innovation through AI, automation, and cloud-based modernisation. “This is not just a deal — it’s a leap toward next-gen insurance operations,” he noted.
As part of the deal, Wipro will also set up new technology and service centers in the UK to serve the Phoenix account, supporting local employment and partnership.
As competition in the IT services segment increases, this victory marks Wipro’s strategic comeback in high-value deals. For a company aiming to reassert its global footprint, especially post-pandemic, this deal could serve as a critical pivot.
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