Wipro's shares rose 2.3% to a day high of Rs 273.60 on the BSE on Thursday, March 27, after the company announced a £500 million strategic partnership with Phoenix Group, the UK's largest long-term savings and retirement company.
The project's goal is to provide life and pension business administration for ReAssure while also accelerating Phoenix Group's operational transformation. Phoenix Group's ReAssure business, the biggest long-term savings and retirement provider in the UK, has signed a 10-year contract with Wipro and its wholly-owned subsidiary Wipro Financial Outsourcing Services Limited (WFOSL) to provide platform-based, regulated Third Party Administration services.
The largest long-term savings and retirement company in the UK, Phoenix Group, and leading technology services and consulting firm Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced that they have signed a £500 million, 10-year strategic agreement. The project intends to provide life and pension business administration for the ReAssure business while expediting Phoenix Group's operational transformation, the company stated in an exchange filing.
"Wipro's expertise in technology and service places them in an ideal position to assist us in providing exceptional service and value to our ReAssure customers as they approach and enter retirement. "We are thrilled to have them join us as one of our ecosystem of strategic partners for this stage of our transformation journey," said Andy Briggs, Phoenix Group CEO.
As part of the agreement, Phoenix Group's ReAssure customers will receive comprehensive life and pension administration services from Wipro's FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL). Policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies are among the services offered. On Wednesday, Wipro's shares closed 1.4% lower at Rs 267.25 on the BSE.
