Wipro Ltd. has won a 10-year strategic deal worth 500 million pounds or over Rs 5,500 crore with Phoenix Group, the UK's largest long-term savings and retirement business.
Wipro Financial Outsourcing Services Ltd. will deliver comprehensive life and pension administration services to Phoenix Group's ReAssure customers and accelerate Phoenix Group's operational transformation, according to an exchange filing on Wednesday.
The services will encompass policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, as well as platform technologies.
As part of the engagement, Wipro will assume management of the core policy administration Alpha platform, modernising it with AI, automation, cloud and digital-transformation technologies, the filing said.
This modernisation initiative will ensure the platform is future-ready, enhancing efficiency and delivering superior customer experiences for Phoenix Group policyholders.
Wipro will also strengthen its UK presence by establishing additional technology and operational service hubs. These hubs will be supported by a team of experts from both Phoenix Group and Wipro, which will work collaboratively to further enhance the customer experience.
As part of this transformational initiative, a number of Phoenix employees will transition to Wipro, it said.
Shares of Wipro closed 1.33% lower at Rs 267.40 apiece on the National Stock Exchange, compared to a 0.77% decline in the benchmark Nifty. The stock has risen 11.45% in the last 12 months but fallen 11.41% on a year-to-date basis.
Nineteen out of the 45 analysts tracking Wipro have a 'sell' rating on the stock, 14 recommend 'hold' and 12 suggest 'buy', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 7.9%.
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