Wipro Share Price in Focus Following Strategic Deal with UK’s Phoenix Group

In a major development, Wipro Limited has announced a strategic £500 million, 10-year partnership with Phoenix Group, the UK’s largest long-term savings and retirement business, the company said in a press release on the stock exchanges.

This collaboration aims to modernise life and pension administration services for ReAssure, a Phoenix Group business, reinforcing Wipro’s growing influence in the UK’s financial services sector.

What Does This Deal Mean?

Under this agreement, Wipro, through its FCA-regulated entity Wipro Financial Outsourcing Services Limited (WFOSL), will provide key services such as policy administration, claims processing, customer service support, compliance and regulatory assistance, as well as data management and reporting.

These offerings aim to enhance operational efficiency and ensure a smooth experience for ReAssure customers as they manage their long-term savings and retirement plans.

Strengthening Wipro’s UK Presence

Beyond technology upgrades, Wipro is set to expand its presence in the UK by establishing additional technology and operational service hubs. These centres will be supported by experts from both Phoenix Group and Wipro, working together to optimise customer experiences.

As part of this initiative, a number of Phoenix Group employees will transition to Wipro, ensuring continuity and expertise remain intact.

Wipro’s Share Price Performance

Wipro Limited’s share price traded at ₹271.40 at 10:40 AM on the NSE as of March 27, 2025, reflecting a gain of ₹4 or 1.50% from the previous close of ₹267.40.

The stock opened at ₹270 and reached an intraday high of ₹273.55, while the lowest trading value recorded was ₹269.60.

Conclusion

Wipro’s £500 million partnership with Phoenix Group marks a significant milestone in the transformation of the UK’s life and pension sector. By integrating cutting-edge technologies such as AI, automation, and cloud computing, Wipro is set to enhance operational efficiency and customer experience for ReAssure policyholders.

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