In a groundbreaking move to enhance its operational capabilities, Phoenix Group has appointed Wipro as a key strategic partner under a substantial £500 million, 10-year Business Process Outsourcing (BPO) agreement.
This partnership, announced on March 26, 2025, aligns with Phoenix Group’s broader IT strategy and transformation goals, marking a significant step in modernizing the UK’s largest long-term savings and retirement business.
Wipro and Phoenix Group
Under the terms of the deal, Wipro will take over the management of Phoenix Group’s core policy administration platform, ALPHA, which supports ReAssure, alongside essential life and pension services.
The collaboration aims to streamline operations and accelerate the ongoing ReAssure Transformation program. By focusing on AI, automation, cloud integration, and digital transformation technologies, Wipro will revitalize the platform, ensuring it meets the evolving needs of both the business and its customers.
“Our partnership with Wipro is an important milestone in achieving our long-term strategic objectives,” said Andy Briggs, CEO of Phoenix Group. “Wipro’s expertise in IT and operational management will help us transform the ReAssure platform, further enhancing the customer experience without the need to migrate or decommission existing systems.”
This partnership not only marks a key stage in Phoenix’s journey toward improving its services but also strengthens its position in the competitive UK retirement market.
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Wipro’s Role in Modernizing ReAssure’s Core Operations
Wipro will be responsible for managing a wide range of critical services, including policy administration, claims processing, customer service, data management, reporting, and regulatory compliance.
As part of the contract, Wipro is set to modernize the ALPHA platform, integrating cutting-edge technologies such as artificial intelligence and automation to improve operational efficiency and service delivery.
Omkar Nisal, Wipro’s Europe CEO, expressed his enthusiasm for the partnership, stating, “This collaboration underscores Wipro’s commitment to advancing the digital capabilities of financial services in the UK. We look forward to supporting Phoenix Group’s transformation efforts and contributing to their vision for ReAssure’s future success.”
A Comprehensive Strategy to Serve Over 8 Million Policyholders
The new agreement forms part of Phoenix Group’s broader strategy to modernize its platform and serve over eight million policyholders in the long run.
Once the transformation is complete, these policies will be transitioned onto the BaNCS platform, operated by TCS Diligenta, which will remain a key strategic partner for Phoenix.
“This deal with Wipro allows us to refocus on strategic priorities while simplifying our operations,” noted Phoenix Group. The partnership highlights a forward-looking approach, integrating advanced technological solutions into the very fabric of Phoenix Group’s customer-facing operations.
A Strategic Alignment with the UK’s Financial Services Market
For Wipro, this deal represents a significant leap in its presence within the UK’s financial services sector.
With the agreement set to span the next decade, Wipro’s role in the modernization of ReAssure’s operations positions the company as a key player in driving innovation and efficiency within the insurance and pension administration space.
The £500 million contract will also see Wipro’s subsidiary, Wipro Financial Outsourcing Services Limited (WFOSL), executing services as part of this long-term engagement, ensuring comprehensive management and operational excellence across all aspects of the platform.
Reference Article – Phoenix Group appoints Wipro as partner for ReAssure platform
Reference Article – Wipro inks $650-million, 10-year deal with Phoenix Group’s ReAssure UK