Shares of Wipro Ltd were trading in the green and 2% higher on 27 March after the company announced a massive 10-year, $650-million deal with ReAssure UK Service, a division of Phoenix Group, the top long-term savings and retirement company in the UK.
The agreement was signed by Wipro and its fully owned subsidiary, Wipro Financial Outsourcing Services, to offer platform-based life and pension third-party administration services for ReAssure. The partnership focuses on life and pension business administration for ReAssure, aiding Phoenix Group’s operational transformation, the company announced in a press release.
As part of the agreement, Wipro Financial Outsourcing Services Limited (WFOSL), Wipro’s FCA-regulated entity, will oversee life and pension administration for ReAssure customers. The scope of services includes:
- Policy Administration
- Claims Processing
- Customer Service Support
- Data Management & Reporting
- Compliance & Regulatory Assistance
- Platform Technologies
Phoenix Group CEO Andy Briggs expressed confidence in Wipro’s capabilities, stating, “Wipro’s expertise in technology and services makes them the perfect partner to enhance service and value for our ReAssure customers throughout their retirement journey. We are pleased to welcome them as a key strategic partner in this phase of our transformation.”
At 12:51 pm, the shares of Wipro were trading 1.57% higher at Rs 271.60 on NSE.
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