Wipro Shares Rise 2% on £500 mn Strategic Deal with UK Insurance Giant Phoenix Group
Following signing a £500 million strategic agreement with Phoenix Group, the most significant long-term savings and retirement firm in the UK, shares of IT giant Wipro rose 2.3% to reach their day’s high of Rs 273.60 on the BSE on Thursday, March 27.
The project aims to enable Phoenix Group’s operational transformation faster and offer life and pension business administration for ReAssure.
This 10-year contract was signed by Wipro and its wholly-owned subsidiary Wipro Financial Outsourcing Services Limited (WFOSL) to supply platform-based, regulated Third Party Administration services for Phoenix Group’s ReAssure business, which is the most significant long-term savings and retirement provider in the UK.
Leading technology services and consulting firm (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced that it has secured a 10-year strategic agreement worth £500 million with Phoenix Group, the most significant long-term savings and retirement provider in the UK. The project aims to expedite Phoenix Group’s operational transformation and provide life and pension business administration for the ReAssure business, the firm stated in an exchange filing.
Wipro is perfectly positioned to assist us in providing exceptional service and value for our ReAssure clients as they approach and navigate retirement, thanks to their technological and service experience. For this stage of our transformation journey, we are thrilled to have them as a member of our ecosystem of key partners,” Phoenix Group CEO Andy Briggs said.
Under the terms of the agreement, Phoenix Group’s ReAssure clients will get end-to-end life and pension administration services from Wipro Financial Outsourcing Services Limited (WFOSL), an FCA-regulated company. Policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies are some of the services that will be provided.
