Wipro Bags 10-Year Deal Worth £500 Million from UK’s Phoenix Group
In a significant development, Indian IT major Wipro has announced that it has won a 10-year deal worth £500 million (approximately ₹5,520 crore) from British insurer Phoenix Group. Under the terms of the agreement, Wipro will deliver life and pension business administration services to Phoenix Group’s ReAssure customers. This massive deal is expected to further strengthen Wipro’s presence in the UK by establishing technology and operational service hubs.
The £500 million deal is one of the largest contracts Wipro has secured in recent times, and it marks a significant milestone in the company’s expansion plans in the UK. Wipro’s ability to deliver high-quality services and solutions has enabled the company to win over a prestigious client like Phoenix Group, which is one of the largest consolidators of life and pension businesses in the UK.
As part of the agreement, Wipro will provide a range of services to Phoenix Group’s ReAssure customers, including life and pension business administration, policy servicing, and customer support. Wipro’s experts will work closely with Phoenix Group’s teams to ensure seamless integration and delivery of these services, which will enable the insurer to focus on its core business and improve customer experience.
The deal is expected to create a significant number of jobs in the UK, with Wipro planning to establish technology and operational service hubs in the country. This will not only provide employment opportunities for local talent but also enable Wipro to tap into the UK’s skilled workforce. Wipro’s commitment to investing in the UK will also contribute to the country’s economic growth and development.
Commenting on the deal, Abidali Neemuchwala, Chief Executive Officer, Wipro Limited, said, “We are thrilled to partner with Phoenix Group and support their growth ambitions. This deal is a testament to our ability to deliver high-quality services and solutions to our clients, and we look forward to a long and successful partnership.”
The deal is also expected to have a positive impact on Wipro’s revenue and profitability. Wipro’s ability to secure large contracts like this has been a key factor in the company’s growth and success in recent years. The deal is expected to contribute significantly to Wipro’s revenue and earnings, and it will also provide a platform for the company to expand its presence in the UK and other international markets.
Phoenix Group, which is a leading consolidator of life and pension businesses in the UK, has been looking to outsource some of its non-core activities to free up resources and focus on its core business. The deal with Wipro is part of this strategy, and it will enable Phoenix Group to reduce its costs and improve its operational efficiency.
In a statement, Andy Briggs, Group Chief Executive of Phoenix Group, said, “We are pleased to have selected Wipro as our partner for life and pension business administration services. Their expertise and capability will enable us to deliver high-quality services to our customers and improve our operational efficiency.”
The deal is a significant milestone in Wipro’s expansion plans in the UK, and it marks a major coup for the company in the competitive IT services market. Wipro has been investing heavily in the UK in recent years, and this deal is expected to create a significant number of jobs and drive economic growth in the region.
In conclusion, Wipro’s £500 million deal with Phoenix Group is a major win for the Indian IT major, and it marks a significant milestone in the company’s expansion plans in the UK. The deal is expected to create a significant number of jobs, drive economic growth, and provide a platform for Wipro to expand its presence in the UK and other international markets.
